The semi-weekly messenger., 1902-09-26

be hoped to have reached its limit for
the present
The news OF the sighting or the
Steamship Majestic which had on
board n consignment OF nearly sIsoe,-
600 in gold. was 4 strong sentimental
influence upon the market. as was the
sha. hreSh in sterling. The opening
break in prices. which ran from one
10 three points. : the active leaders,
was aggravated by the unexpected
news OF President Roosevelts disabll-
ity. The reports given out from the
presidents train served 10 reassure
fears on that score. There was a sus-
picion also that yesterdays late heavy
liquidation had been due 10 some ad-
vance Information OF the operation on
the president. The consequence was
that prices recovered pretty generally
during the first hour.
The opening rate for call loans was
announced at Is per cent. and after a
momentary reaction TO Is per cent. the
rate scared TO % per cent. Stocks Were
then unloaded in enormous volume.
with the demand apparently reduced
to nothing. There was heavy slump
Of prices throughout. which carried
prices OF many leading stocks from
to 5 points below last nights level. be
fore any resistance was shown To the
decline
The banks were cutting down ac-
commodations on call to brokerage firms
and proceedings with The drastic meas
ures which were inaugurated yesterday
for recuperating their reserves. AS
surances were heard from all sides.
that abundant resources were available
for all regular business purposes. but
nothing further was heard OF the sooth-
ing assurance that there was no dan
ger of money fiurries.
The great speculative combinations
.zt-N %1lrz Loo NN.NN.x IN
stocks on margin on this assurance.
for some time past, had nothing to do
but to sell out their stock and repay
the loans. Various estimates are cur
rent and the extent OF these loans, for
speculative purposes and the cloSSness
OF the combination amongst the spec
ulative interests which acted together.
is not clearly defined. but IL is believed
that resources to the extent Of s60. .OOo,-
600 have been subject TO centralized
direction in the speculation campaign
which was undertaken.
The action of the banks this week,
marked the abandonment of the hope
that had been entertained, that meas
ures of relief by the treasury depart
ment and the automatic relief Of gold
imports would save the situation
through the crop moving period. An
effective agency In the rally. was the
changed attitude Cf the brokers for a
speculative SbiN
thousands OF shares yesterday. but
which turned 10 the buying side at the
low level today. Their operations
were centered in - Gould stocks and
resulted in carrying Western Union
IS and Manhattan "a over last
nights level. The smallest of the net
changes generally marked the ehse-
tiveness of the second recovery "a
market
Bonds suffered quite severely in the
liquidation, but rallied vigorously in
sympathy with stocks. Total sales,
par value. were ss.170.O00. United
States 2's declined Is and the old As
advanced IA per cent, on the last call.
Total sales of stocks today were 1.371,-
900 shares, including Atchison $500;
do preferred 1920: b. & o. 29,100;
Great Western 1880: Erie 3s.400; do
first preferred 5000: Illinois Central
1880; L. & N 11.100: Manhattan $4,000:
Metropolitan 5000: Missouri Pacific
1885, 600; NJ. K. & T. 1880: do preferred
81 900: New York Central 14.400: n. &
W. 263O0: o. & w. 10000: Pennsyl-
vania 1900: Reading $4,000: st. Louis
Southwestern preferred S,700: st. Paul
II, 300: Southern Pacific 72. 400; Southern
railway 1920: Union Pacific 99.450;
Wabash 1880; do preferred 21,90o:
Copper 2S. 600; Ger Foundry $500; B. r.
T. 10000; G. F. I. 1920: Sugar 1900:
T. c. I. 1900; Leather 1900. United
States Steel 40,450: do preferred 29.3e0:
Western Union 300