Omaha daily bee., 1902-11-11
NEW YORK STOCKS AND BONDS.
Close Steady, with wide Value Break.
Completely Restored.

NEW YORK. Nov. 1O.-Today's stock
market absorbed a heavy volume of liqui-
dalton, and worked'off a'large amount of
excited sentiment. AS a net result the clos
Ing tone of the market was quiet and
steady, with many wide breaks in values
completely restored and all of them much
reduced. The days business ran over
100000 shares for the first time in many
weeks and there were times during the
market was furiously active. The motives
of the selling were mostly of a general
character, such as have been at work for
some time toward Crystallizing q. sentiment
that prices were too high and credits too
greatly expanded for financial health. Sat
urdsy's sharp drop in prices had the result
of spreading a wave of doubt all over the
country, so that the wires brought into
commission houses a large accumulation of
selling orders to be thrown upon the mar
ket. Many commission houses also had
sent out notices to customers that they
must widen their margins or sell their
holdings. Thu bears were also active in
raiding the market to uncover stop loss or
ders. The dissemination of a rumor of J..
p. Morgan's illness was traceable to the
bear element and was promptly denied and
followed later by Mr.. Morgan's appearance
at his office. The troubles of one of the
securities Of one of the newly formed COM
bines were ventilated on saturday and
seemed to be taken quite seriously as an
object lesson, but not regarded as impor-
tant in themselves. The fact that II was
found necessary in effect to u~ndervrite an
underwriting syndicate was regarded as a
NAAt NgtANohA mi ~ u vi IOl-
eign subscribers to pay their subscriptions
to the syndicate was advanced as the cause
of condition. Nobody has any doubt that
a large part of the expansion of the bank
credits has gone toward the underwriting
of new securities. With this large transfer
of credits into fixed capital has come the
growing appreciation that there is a slow
market for these new securities at home,
while foreigners show no disposition to take
over the new securities even where they
have lent money to the syndicate promoting
them. The new issue OF bonds In the Sc
curity Of stock, both railroads and indus
trial, which have been purchased for con-
troll at very high rates, run into the hum
dreds of millions.
The Saturday episode is evidence that not
all of the ventures have prospered.
The fact that large loans have been made
on many of these new securities, while
their prices have received artificial gains
in the market, sometimes with the proceeds
of these loans, is making a growing impress
sion on public sentiment. The process
which went on in today's stock market
goes to cure the evils in the situation, both
In reducing the volume of credits and by
bringing the price level to a substantial
basis. 1t is felt that the year end demand
for money the world over must be prepared
for. 1t is evident that only sustained
heavy outgo of gold. Sterling exchange
was somewhat lower today, but was offset
by a sharp crop in sterling at Paris. Money
here was also firmer. The subtreasury is
again taking large sums from the banks.
The most important development in the
money situation was a rise to 10 cents pre-
MUM of New York exchange at Chicago
indicating a turn in the tide of money FROM
the interior. Prices at the low level this
morning were generally from 2 to over 3
points below last weeks close. The latter
substantial recovery was helped by rumors
that a settlement had been secured by the
demands of the Chicago freight handlers.
Bonds were not so much affected by
weakness as stocks, but their recovery was
also less marked; Total sales, par value,
"a, $780, 900. United States Is and old IS de-
clined 4 per cent on the last call.
The following are the closing prices on
the Nav York Stock evchan1as