Omaha daily bee., 1902-10-01
NEW YORK sToCKs AND BONDS
Wall street BuOyantIy from
Mondays Condition.

Mondays Condition.
NEW. YORK, Sept. So.-The losses sus-
tanned In prices Of stocks yesterday, which
reached practically panic proportions, were
more than wiped out today. There were
remaining traces of feverishness in today's
the opening, but as the day progressed the
trading settled down into a growing buy
Ing movement, which became furiously ac-
i've In the hnal dealings and made the
closing exceedingly buoyant on the largest
volume Of dealings Of the day, The meas
ures of relief for the money market offered
by. the secretary of the treasury were the
primary causes of the sudden reversal of
sentiment, but well defined rumors of a
settlement Of the coal strike assisted the
ouoyant outburst at the close, the coalers
aking the lead of the excitedly rising mar
ket.
The money market showed none of the
excessive stringency of yesterday, but
rates for call loans went as high as 10 per
cent In the forenoon, in spite of the relief
at hand. Preparations for the October /
disbursements were a mpt ting factor,
but during the afternoon the forces of
relief began to make an impression upon
the market. Apparently the necessary pre-
parations for the October m had
been completed. Loan rates fell away
rapidly and helped the very buoyant tone
toward the close. It has been very per-
sistently maintained that the stringency of
the money market was the only cloud upon
the speculative horizon ana the only draw
back to the upward course of prices of Sc
curities. 1t was but natural, therefore, that
the news of the quite drastic measures pro-
posed by the secretary of the treasury for
the release of surplus government funds
to the money market should nave quickly
checked the demoralized sentiment of yes
terday. The remission of the requirement
upo national banks to maintain their
Is per cent cash reserve against government
deposits promises to afford upward OF
$3O,OOO,OO of bank reserves for other pur-
poses, or to follow the argument of the
secretary of the treasury. to permit addi-
tional credits to the amount OF four times
the cash reserves thus made available. This
would equal $3.50, 900, 900 OF additional credit
for the country at large. The amount OF
government deposits in New York banks
amounts to some $1 500, 0O0, which would
also be the amount of the additional credits
Immediately available to the New York
market. This is to say. over $40. 5000 900 OF
the reserve requirement. There was no
mistaking the stimulating effect OF this
possibility upon speculative sentiment. The
extent of the effect of the other measures
proposed by the secretary was considered
more open to question.
The action of the late market raises some
question as to the exclusive part played by
the money s:ringency in the stock market
depression. The sudden response to the
expectation OF a coal strike settlement in
dicates that the growing bad effects OF
that struggle upon industry in general were
becoming an increasing influence upon the
values of securities. Reassuring intima-
lions that the Louisville e. Nashville set
cement was progressing also helped to re-
store confidence.
Bonds recovered in company with stocks.
Total sales, par value, A,240.0 900. United
States bonds were all unchanged on the
last call.
The following are the closing prices on
the New York Stock exchanges: