Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1902-10-01
MARKET NAKES RECOVERY
Prices ImprOv. At Opening and Grew Better
Every Hour,
COAL STOCKS GIVE WHOLE LIST A LIFT
RumOr of Strike settlement EIectrines
Exchange About the Timefthst
shaw Gives Money Market
Helping Hand.

/
tions and other unfavorable consequences,
made a sensational recovery today. The
chief cause for the complete reversal was
the action of Secretary Shaw in removing
the restraint on bank reserves, and per-
sistent reports from various quarters that
the coal strike had at last reached the
point where negotiations for settlement
were under way. For this last rumor
there appeared little or no foundation, ac-
cording to the individual and collective
statements of the leading operators made
! after the regular weekly meeting.
Another influence for better prices was
the decline in call money rates, though
during the morning loans were made as
high as 10 per cent. A large part of the
days loans was made at around 10 per
cent, and the rate at the close went down
to 2, but this was really nominal, no money
being placed at that figure.
Opening prices were better all the way
from a fraction to FIVE points. Wide OPP
erations in which blocks Of 1000. 5000 and
5000 shares changed hands we're numerous.
! The greatest gains we're in the standard
railway shares. notably St. Paul. Louisville
& Nashville, which bore the brunt Of the
previous days pounding. Missouri Pacific,
Union Pacific, the coalers and a number
of specialties.
Strenuous Hours on the Floor.
On the floor Of the stock exchange the
greatest excitement and activity prevailed
| during the first hours Brokers on the
short time were covering with all possible
speed, and the bull faction was in absolute
control The list manifested a vacillat-
ing tendency soon after the first bulge,
and many of the active stocks whose initial
gains had been largest receded from one
to three points
The opening rate for call money was IL
per cent, but this soon advanced to Is, Gre
ating general confusion among those COM
mitted to higher prices. The most sensa-
tional operations developed in the after
noon on news from Washington that the
president and his cabinet had taken steps
70 terminate the coal strike. la spite Of
the absence Of any confirmation, the mar
ket seized upon this announcement and
with the coal stocks in the lead, the entire
| list shot upward. The market developed
buoyant tone in the last hour, though
operations were confined largely to the
coalers, which were heavily traded in and
at practically the best prices OF the day.
The days operations were in excess of
81, 200, 900 shares.
| Secretary Shaws visit to the street and
| helped in no small way to restore con-
| hdence. Local banks loaned moderately.
shaw Feels Pleased.
Secretary Shaw was an early visitor at
the subtreasury today. Mr.. Shaw came to
the financial department for the purpose
Of discussing the financial situation with
the bankers. His calls included George
Banckers and Vice President Vanderlip Of
the National City bank. The secretary ex-
poets to remain down town the greater part
OF the day. He expressed himself as being
much gratihed at the improvement shown
by the monetary outlook.
In an interview the secretary said that
all savings bank securities accepted by the
treasury department in place Of government
bonds would be of the highest class panic
proof and as good in London as in New
York.
The secretary said he had been assured
that fully $4,000, 900 cash will be released
today as a result OF his action. Among the
secretary's other callers were W. Nash,
president of the Corn Exchange bank, and
chairman of the clearing house committee;
Joseph Hendrix president OF the National
Bank Of Commerce; w. H. Perkins, presi-
dent Of the Bank OF America, and James L.
Blair The representatives Of two leading
bond houses conferred with the secretary,
who will leave for Washington tonight.
Action of Shaw Commended.
Chairman Elbert H. Gary OF the United
States Steel corporation, and James Still
man OF the National City bank, called in
the early afternoon.
Il simply called to congratulate the
secretary" said Mr. Gary. I'm my opinion
he has shown good judgment and firmly
believe his plan will go a great ways to-
ward easing the situation"
Mr.. Stillman remained with Secretary
Shaw for some time. Upon taking leave
he said: II think the secretary's act is
very commendable."
Mr. stillman declined to say whether he
thought the financial situation would show
more than temporary improvement.
Comptroller Of the Currency Ridgley met
the secretary at the sub-treasury. Mr
Ridgley said he came to town "just to look
around"
II. w. Cannon, president Of the Chase
National bank, and United States Senator
John Kean Of New Jersey, spent a briel
time with the secretary. who is reported
to have requested the bankers to increase
their circulation without delay. Several
of them. It is understood promised that
they would do so.
President G. G. Williams Of the Chem.
ieal National bank. and President Delahelt
Of the National Park bank paid their re-
spects to the secretary.
Wild scenes in Wall street.
There were wild scenes for an hour OF
the stock exchange this morning OWNS
to the violent rebound in prices from yes.
terday's panicky closing. Opening gain
over last nights prices were from a frac.
tion to 4 and points.
First sales were OF 1000 TO 5000 shares
simultaneous prices varying as much as
points in the case OF Missouri Pacific
which made the maximum gain OF 81
points. Eventually buying by distressed
shorts played an important point in tn
buoyant upward rush. as there was
prompt relapse. Buyers in yesterday
slump hastened to take profits at the ex
pense Of the market. Prices ran on fron
i to III for important stocks. Louisville
lost all Of its rise and Missouri Pacih
rslapsed Sh.
Fluctuations were wild and trading yer!
excited. Loans on call at 10 TO IS per cen
helped 10 unsettle the trading again. bu
the market steadied and became quiet b
II o'clock. with prices at about the lowest