Omaha daily bee., 1902-09-23
NEW YORK STOCKS AND BONDS.
Unsteady and Somewhat Feverish Day
on the street.

NEW YORK, Sept. 22.-There was a
spasm of liquidation In the STOCK MARCY
this morning and a somewhat tevetlsn ~
irregular movement during the rest OF tne
day, This was inevitable, after the snow
ing made by the banks. on Saturday OF q
deficit of over 81. 100000 in the reserves re.
GrIired hut the comparatively small erect
in the market and the persistence wv
which efforts were renewed TO sdyanee
prlces the moment there was the snShtest
relaxation in the selling pressure were
again a surprise to all observers. me sell
ing was somewhat scattered IN IIs Hiis si1s,
of the selling orders. The buylng orueLs,
however, were concentrated and IN many
cases were for 1000 shares ana upWafu'
Indicating the large resources of the in
terests supporting the market. ConslueraDIe
inroads were made upon prices neVertne-
sufferer, with a loss of 3h, but during the
latter part of the day that stock scored
a full recovery. and st. Paul was at one
time over last week. Another furry IN the
money market to 20 per cent sent prices
off at the last and made the closing neaHy.
A feature, of the trading was ChS s,n uyittbss
out bringing out any. offerings as praG-
tically all the stock has been retired IN
exchange for the joint bonds The last
sale was in April at 1s4A. The advance IN
the bid today seemed Intended as an addl-
tional demonstration or the comparative
cheapness of st. Paul
The money market was decidedly fever
ish all day. as might have been expected.
A small amount loaned at the openihs az
A ~ 6II Jul liz u = A1AA
Is per cent, reacted to 10 per cent and then
rose again to the highest, at 20 per cent:
The banks are under practical necessity OF
contracting their loans, in order to repair
the deficit In their reserves, but the process
of contraction seems to be done reluctantly.
There was no apparent purpose to pushing
the process beyond the actual necessities
of the situation created by the reserve
deficit and preparations for additional fu-
ture inroads upon cash reserves were not
perceptible. There was no symptom OF dls-
trust or lack of confidence in credits ana
the disposition of lenders, including banks,
seems to be to keep at loan every aVailable
dollar they can muster, trusting to future
contingencies to check or offset the actual
drain on reserves. The sub-treasury state
ment today showed some slight relief, from
the drain in the shape of a contribution or
several hundred thousand dollars by that
institution to the banks. This was due to
a decline from the recent average OF Gus
toms collections to large pension payments
and the additional disbursements OF gov
eminent interest. Small parcels of k!on-
dixie gold arriving on the Pacific coast are
made Immediately available by t~elegraphlc
transfer and the 81 100000 shipment from
London is expected to arrive by the middle
OF this week. on the other hand. 100000
was transferred today through the sub
treasury to New Orleans. the sharp fall in
sterling exchange was met by a rise In the
price of gold and in discount rates In Ion
don. From interior centers reports are
advancing money rates. Effective measures
OF relief of the local money situation re-
main, in short, to be found.
Bonds were easy, but not very active:
Total sales, par value. $4,025, 900. United
states rs, coupon, advanced Il and the
registered l per cent on the last call.
The following are the closing prices on
.Ao Man VOrE GtnTk aXNhanRas