Omaha daily bee., 1902-09-13
NEW YORK STOCKS AND BONDS.
Call Money TO 20 Per Cent
Mt the Close.

NEW YORK, Sept. 12.-Call money ad-
vanced to 20 per cent shortly before me
had been heavy throughout, closed with
marked declines. Opening prices were
unsettled tone which characterized the
days comparatively moderate transactions
was apparent from the outset LONDON
came lower in the absence of New YORK
support, though later there was consider
able Improvement and a better demand for
Pacific was the chief sufferer in the early
rading, selling of about 2 points ana max
ing no recovery. The decline in the gran
gers and Pacihcs was in part due to re-
ports of frost in the corn belt. The selling
of Baltimore (, Ohio was accompanied by
extra stock issue. st. Paul received better
support soon after the opening, but. in the
main stocks which, then held their own
were of the so-called pool class. There
was no great pressure against any partic-
ulaT stock, but the early high rate for call
that some of the banks were showing dis
elimination in the matter of collateral,
added to the increasing uneasiness. Louis
Vile q Nashville and Rock Island were
among the few stocks that reflected firm
ness at this Juncture, the latter selling ex-
dividend. Trading received another check
in the second hour, when call money ad-
vanced some more, but no great amount of
long stock seemed to be offered. Neverthe-
less 1t was clear that a number of 'feak
accounts were shaken out. There was a
rally In the granger group on reports that
the frost had done little damage and at the
same time Manhattan also selling ex-divi-
dend was being absorved in small lots on
rumors of closer relations with New York
The United States Steel shares were
heavy with little or no evidence of sup
st. Paul was suggestive of pool support,
while the weakness of Chesapeake & Ohio
was attributed to inside selling. A fur
Their reactionary movement set in during
the second hour of the afternoon, when
money advanced to 10 per cent.
Declines at that time embraced practic-
ally all the active issues and brought prices
TO the lowest level of the day. Maximum
declines Of 2 pei, cent were registered by
eTn and Northwestern, with a %-point de-
cline In. Louisville & Nashville and even
greater losses In the speCialties. Announce
ment Of the 20 per cent rate on call money
was the signal for another selling move
ment but partial reco1yeries were made by
st. Paul and Louisville & Nashville. The
final dealings brought some more liquida-
ton and the closing was heavy and I'M
ready mentioned net declines of a point or
over We're made by Atchisor, Baltimore &
Ohio. Chicago & Northwestern. Reading
Sault Ste. Marie preferred, North Amer
ican, Westinghouse, New York Airbrake,
Carolina Chemical issues, the cop
per stocks and numerous others. Net gains
were the exception. and mostly fractional.
London traded In about 1,5OO shares, mostly
on the buying side during the decline.
Aside from the squeeze in the money mar.
ket the monetary outlook generally was
heavy losses of cash by the banks, the
greater part of 1t to the subtreasury, which
paid out over $4,000 for pensions and al.
most 10000 600 for gold, also transferring
$16O,OQ TO New Orleans for crop purposes
but these operations will not show In to.
stood that the heavy loss in the surplus re.
serves had been met by a calling In OF
loans. Reports of approaching imports OF
S6,OO,OO0 to this center and Boston were moi
confirmed.
The bond market was less active today
and In sympathy with the depression ir
stocks. Total sales, $500, 900. United State.
bonds were all unchanged on the last call
The following are the closing prices OF