Omaha daily bee., 1902-11-06
NEW YORK STOCKS AND BONDS
disappointed Hopes Lead 10 Lively
Selling Movement Mt Close.

NEW YORK. Nov. 5.-The hopes deferred
of some Of the large speculative holders of
stock market. And the renewed disappoint-
ment of these hopes was reflected In the
lively selling movement with which the
market closed and before which prices re-
ceded from 1 to 4 points lower than Mon
days closing level. In the morning squirt
fractional advances were very general and
reached a point or more In one or two
prominent stocks. This buying was clearly
based on the sup1osition that the elections
being over active interest in the stock
market was TO be revived. There has been
a well defined assumption among a certain
speculative class that the recent stagna-
ton In the market has been due to an UNI
certainty over the outcome of the elections.
This class was made up mostly Of the mem
bers Of large speculative pools, which have
constituted themselves the champions OF
various prominent stocks, of which, they
have taken on heavy lines with the inten-
ton of pushing their prices to a higher
level and then selling out at a profit. The
history of the stock market has been made
up of the letting go of successive parcels
of these large holdings by the pools. The
administrative buying at the opening this
morning evidently came from these sources
and was intended to signalize the supposed
passing of the period of depression.
The liquidation, however, that met the
dvances was of a character to discourage
e el GT0r Sem TO Rqf SdP t PTltes the aP recent N w Ges
preston of the market was due to other
causes than election uncertainties. These
causes are of so general a character and
have been so widely discussed as not to
require charging upon here. AS to one of
the most important of them, the prospect OF
gold exports, today's immediate develop
ment moved against export probabilities
Sterling exchange at Paris, which Is the
real center OF the pressure for gold, adj
vanced a fraction, and money and discounts
were easier In London. Call was signify
hrmer in New York. The consequence was
that no engagements for export were made
for shipment by tomorrow's steamer, as
had been expected by good authorities, but
1t Is believed that the autumn's demand on
the great banks for the circulation of money
for purposes of trade will ultimately result
in Withdrawing considerable sums from the
United States. The fact that gold continues
to come In from Australia to the Pacific
amounted to s., 400, 900, with s., 5O,OOO addi-
tional in transit, with a probable outgo
from New York. The question of increas-
ing labor cost both in transportation and
manufacture, which has been brought UP
by the anthracite labor trouble, keeps at
tention liked upon the problem of the Gull
minating of the period of prosperity. When
the rise in prices reaches a point where
consumption demand is checked the culmi-
mating period of Industrial activity is to be
expected. Speculative attention just now Is
keenly alive for symptoms of this condi-
ton. The pressure to sell was felt in the
bond market, but In less degree than In ac-
tive stocks. Total sales, par value. $3.50,
600. United States bonds were all I'M
changed on the last call.
The following are the closing prices or