Omaha daily bee., 1902-10-04
NEW YORK STOCKS AND BONDS
Csnard starts Furry and Long Drop
In Active stocks Follows.

NEW YORK. oct. a-The principal news
In today's stock market turned out to be
untrue, but the false report was effective in
breaking the market and throwing It in
stantly into a state OF confusion as great
as that OF last Monday.
TIL report which was circulated imme-
diately after 2 o'clock that the controller
OF the secretary OF the treasury TO release
the cash reserve held by the banks against
government deposits offered a dire pros
pect to SPECTATORS. Such a decision would
throw the money market situation back
into as strained a condition as that which
threatened a panic last Monday. The situ-
alton in fact would have been worse, in
that the forces of depletion of bank re-
the week, while some advantage has been
taken In the loan market of the better con-
ditions resulting from the treasurers meas
ures. Today especially there was som
conspicuous resumption of speculative ac-
tlvity on the part Of various pools, notable
ton ordered by the court will settle the
next question OF control of the property In
St Paul by the same interests which
caused its recent advance and in the coal
ers on the circulation of constant rumors
regarding the outcome OF the conference at
thus attained seemed TO aggravate the
drop when the canard was put out regard
Ing the alleged action of the controller of
the currency. The fact that the controller
was present and In consultation with the
secretary OF the treasury during his visit
was lost sight of, and the speculative pub
lie seemed to swallow the story without
question. The drop ran all the way from
l to nearly 6 points in the active stocks.
The market closed with a violent rally In
progress, caused by the denials or the
story. Tomorrow's bank statement will
contain an additional item TO show the
government deposits with the banks in
order to .diferentiate the other deposits
against which a Is per cent cash reserve is
required. 1t is supposed that the item Of
government deposits will be In the neigh
borhood of $40, coo, 900, thus reducing the re-
serve requirement and benefting the sur
The preliminary statement of cash move
ments indicates that the banks have lost
nearly H,000,OO0 to the interior on the direct
express movement. and $4,000 to the sub
treasury. The subtreasury operations in
clude deposits for transfer TO the interior,
except $4,000 to New Orleans and 10000 to
purpose today. and also the payment of
through the Rev York subtreasury. The
payments of anticipated government, inter
est due after October /, and the application
to substitute other than government bonds
to release consol 2 per cents for the pur-
pose of additional circulation seemed to
promise little relief to the situation thus
lar. The heavy demand for exchange today
for next Tuesdays steamer showed the
small prospect of any movement OF gold
gold was drawn from the Bank Of England
today for shipment abroad.
The weekly exhibit of the Imperial Bank
of Germany showed a loss Of over 81, OOO,O 900
marks in gold, a loan expansion of over
GO, 900, 900 marks and an increased note Issue
Of about 100000 marks, thus filing out
the heavy requirements of the money mar
ket. The bond market was steady, except
for the furry in the last hour ce Of 6od the mar;
States bonds were all unchanged on the
The following are the closing prices OIL
a. 49, UapNr- CNnrH. a~rhonga