Omaha daily bee., 1902-09-16

Expectations Built on shHw's Plans
WELD the Market.

NEW YORK, Sept. 15.-Today's stock
market showed itself very sensitive to the
throughout the day were closely related to
the developments in the money market.
The firm opening in the stock market was
ures of relief announced by the secretary
of the treasury would result i'm forcing
down the rate for call loans. The opening
rate of Is per cent counteracted this infu-
ence and induced a general splitting over
Of stocks al along tha line. Money lenders
reported that the funds loaned at 10 per
cent were mostly for the account of out
of-town Institutions. Several millions re-
ported shipped from Chicago on Saturday
were presumably included In these funds.
Meantime the local banks were holding
for a 20 per cent rate. which some of them
got later in the day when the out-of-town
mand for loans had been supplied SONS
OF these banks found themselves with
in the market and helped to break the
rate to 6 per cent. The maturity Of a
3l5,OO0.00O installment on subscriptions to
the Oregon Short Line bond issue greatly
aggravated the situation and necessitated
considerable calling and shifting of loans.
At the time the previous similar Install
ment was paid, loans were Immediately re-
loaned at the Stock exchange. and the
presumption Is thus warranted that the
same thing was done today. This would
account for the large supply of money
which came into the market late in the
day. The small requirements left unsat-
isfied at the time. emphasized the weak
ness. The sharp decline in sterling ex-
change encouraged the hope that the en-
gagements of gold for import are near at
hand, the rate for sterling at the close
being within a small fraction of the point
at which, gold imports are reckoned proita-
BILE. Posted rates for sterling 6O-day bills
down a full cent in the pound, while for
demand sterling the posted rate was
rate was not affected. but the stock mar
ket there was disturbed by a fear that
the Bank OF England would advance its
| rnAnH.atana 1farntnf rate NhId uraoK IN nRIor
gold upon Paris. which is generally be-
lieved to be best equipped at present to
meet the demand. The stock market closed
without any actual engagement being an
nounced. The low prices of the day in the
stock market followed closely upon the
easing In the money rate resulted In a
substantial rally, which wiped out earlier
losses in a number of important stocks,
but still. left fractional losses in the ma
jorlty of cases. No one IS heard to ex-
press any apprehension that there is dan
ger of a money crisis in commercial affairs,
for the purpose OF holding securities on
margin is believed to be somewhat clouded.
The indications are that the heaviest de-
mand from the interior is yet to come.
1t is pointed out also that the present
stress for funds centeTs very largely about
the stock exchanges and is local to New
department will be widely scattered with
respect to the government deposits. Pre-
vious experience has shown that offers to
pay government interest in advance are
not largely aYailed of even in periods of
equal stringency. The general opinion this
evening was that the best hope for relief
In the money market lay I'm the prospects
for a gold demand. An upward movement
In sugar was a slightly sustaining influence
In today's market.
Bonds moved in sympathy with stocks
total sales. par value, 8,O25,O0O. Govern
ments were unchanged on the last call.
The following are the closing prices on
the New York Stock exchange: