Omaha daily bee., 1899-10-15
MOVEMENTS OF STOCKS AND BONDS.
No Relief to the Speculative Money
Market Yet in 9iult


NEW YORK, Oct. 1.-THE days stock
market reflected nothing more than a con-
test of professional operators and those not
OF very large caliber. There were small
buying orders at the opening for London
account on rumors of a reverse for the
Beers at the hands of the British in Natal
which seemed to help prices to move up-
ward The bear campaign against Brook
lyn Transit was successfully prosecuted
and the stock was at one time forced %.
under last night. Metropolitan and Man
haitian seemed to sympathize but recov-
sea II in dsSne rnhs Th the na n bS o
added more points to its price and Great
Northern preferred 3t. Gains were pretty
of the bank statement but covering by the
bears brought some prices a fraction above
last night again. The decrease of over
million In cash reserves of the banks was
disappointment, as experts had figured
on an increase of about that much. Had 1t
not been for "a larger loan contraction
than had been looked for the surplus re-
serves would have been wiped out. Extra
disbursements by the government during
Postotfice department and on account of
pensions had offset the drain on account
OF revenue payments, so that the banks
have lost nothing to the subtreasury on
routine operations This is not expected
to continue next week and not much con-
fdence Is felt that the government interest
| to be paid on Monday in anticipation of it's
maturity will avail to offset the drain into
the subtreasury on account of the surplus
| duplicating this weeks receipts of gold,
| which amounted to rather over SS,0O0OO0
ha gith foreign mS gold Fro small from
| out look is for further depletion of bank
| cash and additional contraction of loans.
| The public has kept aloof from Wall
| street during the week and the professional
| trading element has Iretted and fumed
over the dullness of the trading and their
| inability to cause any movement of prices
| sufficient TO afford profits for turn
1T Is well recognized that =. speculative
relaxation in the money rate as has oc-
CURED and a renewal of money stringency
would be likely to quickly follow. any
which has developed between England and
the South African Republic was of very
Thoroughly discounted that the he markets et OF Of
the whole world have adjusted Themselves
to the conditions. There was a sharp re-
was made that the Treasury department
had decided to offer to pay in advance An
terest terest fort Tor the 1 whole 9seal fi year on govern,
plan brought conviction that 1t offered nc
assurance of actual ease of money, such as
Wall street wants for the speculative
campaign The merit in the plan from
the standpoint of its projectors is that II
insures a, general distribution of relief
through the money market centers of the
from the Wall street standpoint Th,
money markets of the rest of the country
have had more money to lend in New YorS
thus far when the call loan rate scared L
20 and 30 and 40 per cent. large part o
the total customs and internal revenue pay
ments are made through New York bank
and the direct drain thus made upon thei
resources will be only indifferently relieved
by the anticipated interest payments a
other points in the country Besides tn
large amounts of governments held else
where than in New York, II is believed tina
some very large holders In New York itsel
viii not be disposed to give up the require
rebate G @ OF gGyeTnment % Interest and take tn
This is notably true of savings bank
which are restricted to high grade bond
for investment, which offer only low re
turn, The insurance companies and trus
companies are also unlikely 10 avail them
alton of the money market in the nauDtr p4r
] at large were as stringent as In New Yur
doubtless the proffered relief would b
, | more generally taken advantage Of TIL
Treasury department, however, has give
II to be understood that II is not dispose
ecnSr 70 sGress a STOCK mafKet Circle IN
so long as money is to be had for CONNER