Omaha daily bee., 1902-09-24
NEW YORK STOCKS AND BONDS
General Letting Loose by specuIRtOrs
ON the street

NEW YORK, Sept 2S.-The stock market
was subjected to drastic liquidation today
and spectators of all classes from the
smallest to the greatest threw over their
holdings, with increasing signs of dis
order.
but when the bears began bidding for the
stocks in the fear that they were over
extending their short account 1t proved so
easy to get stocks that the Offering down
or prices was constantly renewed, with a
constant uncovering OF fresh stopLloss or
ket In heavy volume. The closing was
furiously active and with prices still pur-
suing a rapidly downward course. The
growing difficulty of borrowing money to
carry speCulat tive holdings OF stocks on
margin was the root OF the, trouble Yes
terdays moderate calling of loans by the
banks instead of relieving the trouble
seemed to aggravate IT. The disturbance
of the money market was due in some part
to the operation of the forces of relief,
which were through new and unaCCuStOmed
channels. Thus the high rate for money
offered an inviting opportunity for all who
had available deposits in the banks to draw
in the stock market. This was done by
many classes OF depositors all the way
from those with private accounts up to
the large banks of the interior which keep
many millions on deposit with New York
banks This process, If carried out In a
thoroughly systematic and orderly man
ner, would constitute simply n transfer of
book accounts. No increase or decrease of
the supply Sbf loanable funds Is involved
but the deposits withdrawn from the banks
to be loaned had to be replaced by heavy
calling of loans put out by the banks. This
shifting process was largely responsible for
the continual furries in money. The senu-
ment in the street was decidedly upset by
diately available for the stringent condi-
ton of the supply of money. The early
contribution Of nearly a,oOOOOO to the mar
ket through the subtreasury operations was
nearly wiped out by yesterdays customs
collections, and today there was deposited
at the subtreasury S25O,0OO for telegraphic
transfer to Chicago and $4,000 for New
Orleans While part of the Withdrawals OF
deposits by interior banks were reioaned
here other sums were shipped away by eX-
press to meet the crop requirements; The
drop in New York exchange at Chicago
| increasing pressure upon this center for
| funds, notwithstanding the higher level OF
money rates. II was noheeaoie s =. als9 ld that az
| any material extent The jump in the
prices of wheat and cotton has checked the
| changes. Private discount in London rose
| above the bank rate today and 1t is gen.
| orally expected that the bank rate will be
advanced to 4 per cent on Thursday and
such other obstacles interposed to the
| acted by brokers for time loans are grow
| ing and there are complaints of scarcity In
| other departments of the money market
owing to the Withdrawals to take advan-
| tage of the high rulings for call loans The
considerable shrinkage today In the prices
of securities involved calls for additional
| collateral on loans, which was further
| factor in the pressure in the money mar
! ket The confidence in values which has
| been so persistently maintained received
| a decided setback in face or tnis combina-
| ton of circumstances. At least one power
| full speculative combination liquidated ac-
| counts to the extent of between $1,000 and
| 10000 shares of various stocks, most
| largely of Missouri Pacific. One of the
! most important mainstays of the recent
market was thus withdrawn. An opening
| lift of points in st. Pau was the only
| important attempt to contest the declining
| tendency from the start. Last prices show
| that the most important stocks are from
| to over points lower than they were last
| night. The downward Impulse to stocks
| caused some additional weight to be given
! to the reports of disorders In the coal re-
gion, unfavoTable crop reports both for
grain and cotton and the strained relations
| between Great Britain and Venezuela, but
| the money situation overwhelmed all other
| conditions.
Bonds were active. Total sales, par
| value, S5,545OO United States Is, coupon,
! and the 3s advanced u per cent and the Is,
| registered, declined ~ on the last call.
| The following are the closing prices on
the New York Stock exchange: