Omaha daily bee., 1902-09-09
NEW YORK STOCKS AND BONDS
Market Holds Strong, Despite Ten Per
Cent Money.

NEW YORK, Sept. S.-Persistent strength
in the face of continued high money, which
further draining of local resources was the
most striking feature of today's stock mar
ket. Under London's lead the list ignored
last weeks bank statement, opening with
but the slightest trace of irregularity, al
though this condition became rather acute
mand loans were quoted at s per cent. APP
p~arently the buying, movement, which was
again largely SPECULATIVE, Vas osse "a qp9hh
money would bring gold imports. Reading
common advanced about 2 per cent in the
gain, only to more than recover Its loss at
the close other early features in point OF
eiac, ST. Paul, Baltimore & Ohio, Wabash
issues, Canadian Pacific, Pacific Coast, Pa
cihc Nail and some other, railway issues,
very material gains in the Independent
steel and iron stocks, American Smelling
and Amalgamated Copper. New high rec
Paul, Minneapolis & Sault Ste. Marie, Pa
cifc Coast common and second preferred;
American Car and Foundry, Pressed Steel
Car preferred, Republic Iron and Steel COM
mon and preferred, Castiron Pipe and Rail-
way Steel Spring selling higher than at any
previous time; In the outside market heavy
dealing In Northern Securities advanced
that stock to liS1s, q new high record and
Rock Island issues. Recession of the early
market were clearly due to proft-taking,
monetary outlook, but from start TO close
the market maintained a firm undertone.
Reference has already been made to the
dominance of the speculative element I'm
today's transactions and 1t is a fact that
commission houses report little increase of
is 1t, however, that much of the days buy
Ing came from strong quarters, Missouri
bought in large blocks by brokers who were
said to represent the so-called Standard Oil
interests. Western advices' reiterating
promises of bumper crops of corn in Mis-
souri, and Kansas, are supposed to have
stimulated the buying of the railway stocks
/ erately in the market, selling about 500
shares on balance out of a total of $500
shares. A significant feature was the un,
usually heavy demand for stocks in the
loan crowo.. especially Union Pacific, fol-
immediate delivery. Rumors of the pur.
quette by Pennsylvania interests were no
confrmable. Further lndica lions of tht
disintegration of the soft coal strike were
at hand, but no news bearing on the an.
thracite situation was heard. In the las
hour the market br~oadened and grew
stronger in many directions, the transcon'
t%inental stocks leading with sharp gains II
Atchison, Missouri Pacific, Southern Pacific
st. Paul and Rock Island, the latter max
that time. Transfers of sS56,COO to New
Orleans for crop purposes were reported
100000 at the clearing house as a result o
heavy internal revenue collections. Cal
money declined to 6 per cent, closing at
per cent. There were further declines II
sterling exchange. The closing was In tn,
main nrm.
The bond market was active and firm
with a 3-point rise In the Wabash deben
ture BIS on enormous dealings. There WA
no news TO account for the eXtraordinar,
activity In this Issue, but the opinion wa
expressed THAT II was In the nature of
speculative movement based Upon tn
strengthening of the system. Total sales
par value, S4,550,OO0. United States old A
declined y per cent and the new As, regis
tered, advanced l5 and the coupon ~ pc
cent on the last call.
The ~followins are the closing prices OIL
the New. York Stock exchange: