Omaha daily bee., 1902-06-04
NEW YORK. STOCKS AND BONDS.
Speculative Market Most ~stagnant
Known for Years.

NEW YORK. June at would be use
less to seek for anythin but a negative
Inference from the operations in todays
stock market, owing to the smallness OF
the dealings and the lanquid movement OF
prices. Variations of as much as a point
are rare and must be sought among the
obscure portions of the list. An exam
pie of the curb market Is onered by 81.
Paul, usually an active leader of the mar
ket, but in which there were only three
transactions up to 2 o'clock today. 1t Is
necessary to go back nearly two years 70
e%IeotRFo eriq TO ERT rSce snT su che s iaSS Pgee Of stag
nant speculative interest. The undertone
was rather firm, as the immediate news
developments were favorable to. buyers.
The buying was entirely by small profess
sional traders and the market was so mar
row that they were obliged to concede all
of the advance in price caused by their
bidding in order to close out a contract.
The traders bought during the first hour
thracite operators in keeping their mine
pumps going in spite of the strike, would
presage a rise in the value of anthracite
stocks. Importance was also attributed to
the notable increase in the receipts OF
corn and the resultant decline in the corn
market. The immediate, benefit Of in
receipts was considered of much less con-
sequence than the obvious inference that
belief of planters tina the coming crop
would be abundant. The higher rate for
money was probably the most Influential
factor in REFRESHING. speculation. Rates for
call money ruled about last weeks maxi
mum throughout. The syndicate opera
tons last week, which resulted In the $l5,-
100000 loan expansion by the banks. are
liable to be repeated in kind at almost any
time and the effect on the money market In
the present narrow state of surplus re-
serve is an object lesson against free spec
ulative commitments.
The question is beginning to be cam
vassed whether the tax reduction bill.
which goes into effect on July 1. will af-
ford the expected relief to the money mar
ket by relaxing the governments surplus
revenue requirements. The fiscal opera
lions for May show that In spite Of a de-
crease of over 100000 In internal revenue
collections. the governments surplus FOR
the month was fully equal to that of the
year before. The available cash balance
In the treasury was brought up to above
1896, 100000 and the increase of government
deposits in national banks was less than
$4,000, 900. 1t Is probable that the decrease
in internal revenue is due to measures for
Withholding traffic until 1t can get the
benefit of the July reduction of taxation,
On the other hand, the reduction In. gov
eminent expenditures more than Keeps
pace with the decrease In revenue and
the order for a reduction In the force OF
the army will ~accentuate this tendency
The most notable factor In maintaining
the surplus OF the government, however
is the cessation of bond redemptions
which were a continuing source of relief
to the money market after July l of last
year. The policy of tha new secretary OF
the treasury has not yet provided a sub
stitute for this relief and his intentions
in the matter are not known to the public
There was an active demand for Con,
solidated Tobacco As; otherwise the bonC
market was dull and irregular. Total sales
par value, $S,46 900. United States bonds
were all unchanged or the last call.
The following are the closing prices or
The Naw York Stock exchanRe.