Omaha daily bee., 1902-10-03
NEW YORK roc AND BONDS
Speculative EFFORT Is Abandoned and
Business f. Quiet.

NEW YORK. oct. 2-There was an in
creasing tendency to dizziness in the stock
semi-stagnant at times. There was an OBJ
vious readiness backed by powerful re-
sources to support the market at
such as occurred at the opening,
but there was an equally obvious dis
position to keep advances within mod
crate limits and not induce any renewed
outbreak Of extensive speculation. The
adoption of This policy in stock market OPP
erations by well equipped forces, served to
reinforce the admonlshing policy of the
banks to restrict the speculative employ
ment OF funds until after the money out
look has cleared w entirely. The desire
to await the result of tomorrow's confer
ence OF coal operators. and miners repre-
sentatives With President Roosevelt was
also a restraining influence on speculation.
As a consequence speculation fiattened out
almost completely, and this development
was regarded with genuine relief and salts
faction by the best opinion in the financial
world. IL Is realized that the relief offered
TO the money market by Secretary Shaw's
action averted a crisis that promised to
become dangerous, and the determination
10 manifest not to allow the resources thus
provided To be prodigally used for the pur-
pose of renewed speculative imitation of
securities. There are various developments
TO show also that there are abundant re-
sources yet to be met, and that some of
the possible sources of relief have been
shut off for the present by the possession
Of the additional facilities afforded by the
release OF reserves against government de-
pOsltS. 1neTe was a uepOSlt at the SUD-
treasury today of $4,000 for telegraphic
transfer to New Orleans and the movement
of currency by express is against New York
on balance. Today's advance in the Bank
of England minimum discount rate and the
weekly exhibit Of that institution and of
the Bank of France are clear indications
that no gold is likely to be spared by either
of those institutions at present for ship
ment to New York. Sterling exchange adj
vauced sharply here and a later decline was
due purely to the fact of the postponement
Of the sailing of tomorrow's steamship for
of nglan this week reached over $7,54O,UUO
and that of the Bank of France some S4,-
10000. The English Institution expanded
its loan account 1851 900, bringing the
proportion of reserve of liability down to
44.6S per cent, compared with 1887 per cent
last week, while the bank increased it's
note issue G24, 10000 and it's loan G3,1 65, 900.
Such movement as there was today Is con-
fined to a few stocks. Advance in Norfolk
q Western In expectation of an increased
dividend caused a sympathetic response in
the pennsylvania group and a rise in Colo
RADIO Fuel was ostensibly based upon the
decree of a Colorado court providing for
the holding of the annual election. Some
of the independent stocks followed this
movement. The few gains were much cur
tailed and last prices showed few net
changes.
The course of the bond market was halt
ing and irregular. Total sales, par value,
1892, 900. United States new A declined u
per cent on the last call.
The following are the closing prices on
the New York Stock exchange: