Omaha daily bee., 1902-09-26
NEW YORK TOoKs AMI BONDS.
Relaxation In Money Pressure Brings
Relief TO Operators.

NEW YORK, Sept. 25.-The stock market
reflected decided relief from the. process OF
putting the screws on speculative borrow
ers which has been in effect this week.
Money rates still ruled high, running up to
% per cent before midday. Prices ran on
at that time to a level between l and 2
points under last night, but the money rate
then relaxed and prices started a slow re-
cOvery. 1t was apparent that no very plen-
tiful supply of funds was available to spec
ulative borrowers for use in rebuying of
stocks, but the actual loan contraction and
consequent forced liquidation was much
lighter. 1t was reported also that payments
on account Of United States realty merger,
amounting to over slO,OOo,O0O was reloaned
in the stock market and helped TO break
the money rate. The general understand
ing that the secretary of the treasury was
to make a statement and offer additional
relief was an argument for the recovery.
There was a momentary setback after the
publication of the statement, but prices
but below the best. Net gains are the rule
1t cannot be said that the offer of the sec
rotary of the treasury to anticipate the
payment Of all government interest due up
to the end of the present fiscal year gives
great hope of relief to the money stringenCy
in Wall street, but the evidence afforded of
the secretary's observant care Of money
market conditions had a reassuring intu-
ence upon sentiment. 1t is recalled that
Secretary Gage adopted the same device
on October 10, 1899, when the outbreak of
the Boer wal and the cutting off of the
South African gold supply had checked the
import movement of gold to New York and
forced liquidation on our stock exchange,
then in a condition of over-specuiation in
newly foated Industrial securities. Call
loans went to IS and 30 per cent during
the first week of the month and after be-
coming easier advanced TO IS per cent again
at the end of the month. Yet between Oc-
tober 10 and November 1 applications had
been made at the subtreasury for the pay
ment of only $685., SSS Of government interest,
not due until after November 1. During
November there was the same lack of re-
suit from this offer and II was decided that
this eXpedient for releasing the treasury
surplus had failed, although money con-
serves Of the banks had reached a deficit
of s.. $50 on November IL, In spite of
heavy loan contraction. On November Is
the secretary issued a circular offering to
Ofers to anticipate government interest
have failed to meet with important re-
Spouse In other periods of st-ingency. To-
days immediate developments were that
the process of depletion of New York bank
reserves was shown to continue. Yester-
days deposits at the subtreasury for tele-
graphic transfer to the large customs col
lections and the diminishing pension pay
ments resulted In a loss by the banks to
that institution of S1,541 900 for the day,
bringing the loss for the week to S2,029. 900.
Against this is the receipts of $1,000, 900 in
gold, which arrived on Majestic yesterday.
Today S35O,OO was transferred through the
subtreasury to New Orleans, while that In
posted at Pacific coast points $439, 900. II is
evident, however, that the position OF the
clearing house banks has been so far
strengthened by the loan contraction that
the necessity of further drastic contrac-
ttnn IL over for the present.
Early weakness of bonds gave place to
irregularity. Total sales, par value, 5000
900. United States old Is advanced u and
the Is declined u per cent on the last call.
The following are the closing prices on
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