Omaha daily bee., 1902-10-07
YORK LIVE STOCK MARI0ET.
R-eactiOnary stock Market Typical of
Well Ordered uida

NEW YORK, Oct. 6-Today's reaction
airy stock market was typical of a well
and aggressive all day to take away the
market from the long interests, but they
ket by the frequency. with which they
bought to cover their short contracts. This
operation caused a number of checks to
the downward course of prices and of rail-
lies reaching from l to 2 points in a few
stocks. Reading was twice lifted above
rumor was busy in Wall street all day re-
garding the next developments in the coal
strike situation. The continued manifesto
ton of interest in the subject by President
Roosevelt gave rise to the expectation Of
new steps to be taken by him. There
were many Inconsistent reports as to the
intentions of Governor Stone of Pennsyi-
Vania concerning the use of the military,
IL,nne hm'nraeIte srOup was Incine1 10 re
count. st. Paul also made a visible re-
sistance to the, decline and shared in the
occasional rallies. The determination of
the stockholders is to issue new stock to
the extent of $4,000, 600 and the subscrip-
ton rights thus implied helped the stock.
entirely escaped the prevailing pressure to
sell, which carried the general list down
| sprinkiing of APPOINT losses. The south
western cotton and corn carriers were
notable sufferers, doubtless on account of
un1avorable crop re2oIGs. There were
some heavy declines In the inactive list.
Wells Fargo and United States Express
dropped 10 points, New York Air Brake
10 points, Northwestern nearly 8 points,
Lackawanna IN points and Brooklyn
Union Gas and Rock Island 8 points each.
rally which was in progress at the close
of the market, due to the covering by
shorts. Today's money market reflected
clearly enough the policy of the banks In
recalling loans from the stock market, as
was foreshadowed by the action of the
clearing house committee on Sunday in
abstaining from availing themselves of the
proffered release of the reserves against
UP to Il per cent at midday and again to
that level before the close. There was
| strict discrimination also In accepting col
lateral for loans. This policy by the banks
is a peremptory announcement of neces-
sity for stock spectators to take in sail:
1T is a well recognized tenet of financial
policy to accord credits very freely in a
period of distrust or panic In order to
The emergency issue of credit is consid-
cred justilled in such a crisis. That the
banks should insist on the contrary upon
liquidation proceeding at this time is evil
of the general situation and the absence
of fears that any substantial ana legiti-
mate business will be harmed by the liqui-
dalton of loans employed in the specula-
1--WE holdings of stocks. ~ is eminently
true that the present stringency of money
is not due to distrust or discredit at amy
point, but to the fact that available ready
money for the imperative, needs of the cir
c~ulation is absolutely lacking and car
only be secured by diverttng funds now
placed in loans.
Bonds were weak. but in less degree
than stocks. Total sales, par value, 1895,
600. United States IS coupon advanced y
per cent on the last call. Sterling con
tinued to advance today in spite of the
renewed stringency of money here anc
lessness of Immediate relief by gold i'm
ports.