Omaha daily bee., 1902-09-30
MOVEMENTS IN STOCKS AND BONDS
Market opens Weak and Liquidation
Continues Through the Day.

NEW YORK, Sept. 29.-The stock market
opened weak this morning, and the liqui-
dalton continued in varying degree. Dur
ing the last hour of business belated Dor
rowers found the supply of available funds
quickly TO, 30 per. cent. Meantime, there
was a wholesale throwing over of stock all
round the room, and the aspect of things
was rapidly taking on. an appearance of
a panic when the presidents gavel fell and
trading ended for the day. Prices were
still! tumbling rapidly in all directions,
and one or two feverish rallies where the
bears were scrambling to take quick profits
alization of the market. Some of the prin-
cipal losses were Louisville III, st. Paul
9%, Atchison SIS, Illinois Central 6Ss, Penn
dian Pacific 6, Northwestern ga, General
Electric and Westinghouse Electric IA.
throughout the list The local banks were
entirely out of the money market, and the
trust companies were very small lenders
in the market. Individual lenders made
up the available supply. IT was very evil
dent that there was a large number of Sc
curity holders who hoped that rates. would
tla notable recuperaton achieved by
the banks last week and the considerable
margin of surplus reserves revealed by
Saturdays bank statement.
This class held off during the early part
hoping that they could maintain the Sc
renity of the market by refraining- from
quiet up to noon at Is per cent. 1t Hurried
during the noon hour to 20 per cent, when
the demand again became less urgent. The
consequence was a wild scramble during
the final hour to secure loans. and a gem
eral sacrifice of holdings on the part Of
those who could not, secure accommodate
zion. The events of the latter part of last
week admonished the banking community
that there was a speculative element alb
solutely persisting in a determination to
place all the funds they could secure in
marginal holdings Of stocks.
were peremptorily refused by the banks.
The effects of this determination developed
closed. The liquidation commenced in Lon
don before the opening here and this chad
the effect of throwing about 10000 shares
for sale on, the local market at the open
Ing on arbitrade account. This was sup
posed to account for leading American
Gently active speculative pools ana com
before the day closed. 1t cannot be said
velopments in the money situation. There
was a common recognition of the future
and the inadequacy of any available source
of replenishment to meet these require
banks had the eject this morning of stiff
ening the foreign exchange market and
cutting Off the hope of further relief by
gold imports but yielded no relief to spec
ulative borrowers. The anticipation or Oc-
tober interests and the dividends by some
very large corporate interests and all other
means that have been tried have been sim
ply served to demonstrate that the money
and credits licked up IN speculative com.
80 go 'N1NN $3.50 ANLH> -
enough to meet the interior demand of
circulation and the subtreasury demand
for customs payments. 1t is evident that
the heaviest interior demands are to be
met.
1t is apparent that all interests were con-
centrated to take the short way by selling
out stocks and paying off loans.
Only tomorrow's developments can prove
how far the necessary work has been &C
complished. The disappointment over the
failure of the st. Paul directors to pro-
pose a stock increase, the uneasiness of
the Louisville minority stockholders as TO
how they are to be treated In the transfer
of control, and the further surgical treat
ment necessitated of the presidents
wounded leg intensified the movement in
the stock market. But all other considera-
lions were eclipsed by the difficulty of Dor
rowing money TO carry stocks.
The pond market was weak. but to a less
degree than stocks. Total sales, par value,
SO, $4,000.
u. S. bonds were all unchanged on the
last call.
The following are the closing prices on
the New York Stock exchange: