Omaha daily bee., 1902-10-09
NEW YORK STOCKS AND BONDS.
show of strensth in Early Hours, hut
Enthusiasm Does Not Last.

NEW YORK, oct. S.-There was decided
relief today from the pressure of the credit
contraction by the banks ana the result
was a sharp recovery in the prices of
stocks. The demand to eyer short con-
tracts by the bears was a considerable fac
tor, as the recent heavy rains nave made
operators on that side of the market quite
In the early buying and considerable gains
were established. The enthusiasm, now
ever, did not last the day out and the bears
regained some confidence and ceased their
efforts to cover. Some points of strength
persisted to the last, notau,y Union Pa
ciic, but the market generally became
J somewhat apathetic ana closing prices
were generally below the best. A stiffening
In the money rate late in the cay to 10 per
cent and a heavy selling movement in
Amalgamated Copper served to unsettie the
late dealings. The weakness of Amalga-
mated Is due to the decline In price of cop
per both in New York and London. The
considerable strengthening of the position
OF the banks as a result of the weeks
liquidation and several developments today
tending to replenish their cash resources
gave rise to the query whether the corner
had been turned in money stringency; that
some confidence might be felt that forced
liquidation OF stocks had come to an end.
The earlier view was that sails might be
hoped for with some confidence, but the
wavering. course of prices later in the day
showed that this opinion was shaken The
ran to but little over 5OO,OOO shares com
pared with an average OF a1out l,OOO,UJO
during, the recent days of weakness shows
that the recovery was lacking in strong
impetus. The banks also allowed no as
position to deviate from their recent deter
mination not to extend credits to stock mar
ket customers tor the present.
There was a payment due today of nearly
SIS, 100, 900 on account of the subscriptions to
the syndicate for taking over the Louisville
& Nashville. This represents a per cent
payment and the remaining % per cent is
payable a week from today. A 80 per cent
lnstallment has been called by the ship
combine syndicate, calling for about Sl5,-
CeGVW ana paya4le t9i is week riIty per 4
Ohio stock calling for 81, 250,OOO are pay
able on October IL. These large syndicate
requirements may be the cause of the con-
tinued unsettlement In the ;noney market
in spite of the relieving factors at work.
The $1,000, 900 of Australian gold at San
Francisco was made payable at the sub
treasury here today. Large requirements
for the payment of New York taxes have
been met and ate returning to the chan
nels of the market. Reassuring reports OF
the health of Russell Sage were a quieting
! influence IN the money MARKER.
Foreign exchange continued fits DOWN
ward course and some loan bills were sold
in that market. 1t is believed also tnat the
morning strength shown by Americans Ia
American sellers in this market to get the
benefit of the cheaper money rate fol
carrying stocks. But there was some buy
ing here today for London account. which
helped to weaken exchange. The continued
diversion of government receipts eXcepI
customs into bank deposits Affords relic
from the subtreasury drain. $nere were
some hoS>l expressions current over the
coal strike outlook today, which helped
sustain the market. Union Pacific was sup
ported with determination and closed at thu
highest price.
The bond market was more irregular
than stocks and developed points of weak
ness as the day progressed. Total sales
par value, 1896, 900. United States new 4:
advanced nc on the last call.
The following are the closing prices OF
| the Nauy XnFR Stock RNphAnRas