Omaha daily bee., 1902-10-08
NEW YORK rocks AND BONDS.
Days Results show substantial Losses
Throughout List.

NEW YORK. oct. There were many
shades of sentiment reflected in the stock
acute depression in the late dealings, and
the day shows substantial losses through
out the list, Very large pool LIQUIDATION
was accomplished during the day under
cover of the earlier strength and in the
heavy selling on the break. The character
Of the manipulat ion and the special stocks
which were most affected by that and by
the liquidation pointed to the individuality
OF, the best know operator in the street,
who has espoused the long side since a re-
cent return from Europe and who has been
supposed to be intrusted with the market
interests of some of the largest financial
powers, including the United States Steel
stocks. Southern Pacific was very conspic-
uous in the dealings. A recent decision
publicly announced to issue SIS, 00O,0O0 of
bonds with a view to providing funds for
betterments and allow the Inauguration of
dividends out of earnings was the occasion
stock. The directors have caused the an
nouncement to be quietly made this week
that the time Is not now considered pro-
pitious for the Southern Pacific bond issue.
This Is believed to be not in accord with
the view of the large speculative holder of
the stock. who liquidated his holdings to-
day. Pennsylvania WAS also heavily sold.
presumably by the same large operator.
The early advance In prices offered excel
lent opportunity for this liquidation. The
upward rush of prices at the opening was
supposed to point to the completion of the
liquidation which the money situation
able demand from shorts and from bargain
hunters who have been watching for bot
tom prices. Much has been made of the
orders of the governor of pennsylvania to
place the entire militia of the state in the
held. A strong influence was eXerted by
the announcement from Washington that
the secretary of the treasury would buy
government bonds If any were offered at
satisfactory prices. This was not consid-
cred a very promising prospect. on further
consideration, and 1t is believed that prep
parations are being made to offer a block
OF bonds to the treasury is designed to
test the official Idea of prices rather than
with the hope OF effecting an advantageous
sale. When the market opened lenders of
funds were demanding Il per cent for call
loans. and the market promptly took a
downward course. 1t was not until after
midday, however, that the selling pressure
gained great force. Thu drop from the
top to the bottom level covered a wide
range. but the days net declines are much
and the final rally, which made the closing
steady. Money became easier during the
day. both by reason of the relief afforded
by liquidation of loans and by the reported
announcement of the arrival of SO, 700,0 600 OF
Australian gold at San Francisco, which
can be made available in New York by
Geographic transfer through the Treasury
department. 1t Is argued that the liquida-
ton has been accomplished the nearer the
end of decline In prices must be at hand.
Money was easier in London and Berlin
today and sterling exchange reacted here
with the departure of a fast steamer for
Europe and a relaxation in the urgent de-
mand for r~emittances.
Bonds were weak in company with stocks
Total sales, par value, S2,9l0,000. United
States 3s, registered, advanced n, the new
As y and the old As and 5s Il per cent or
the last call.
The following are the closing prices on
| the New York Stock exchange: