Omaha daily bee., 1902-11-22
NEW York STOCKS AND BONDS.
Easy Time Money Induces Marked
Improvement on Market.

NEW YORK, Nov. 21.-The marked i'm
provement shown by today's stock market
was doubtless due In a great measure to
the greater ease of time money. There was
no apparent reduction In the rate. but the
Willingness of certain large banking In
terests to lend for long' periods was ac-
cepted as proof that financial conditions
hereabouts have once more been placed on
a substantial foundation. There were indi-
cations also that the flow of money to
interior points is at an end. Although
another transfer was made to San Fran
cisco. this was more than offset by re-
turns from western and southern points
and the preliminary statement of money
movements show a material loss to the
sub-treasury, with resultant gains to local
banks. While much of today's business
was really In the nature of short covering,
there is little doubt that the solid interests
were heavy buyers.
For the first time this week. the move
ment In Manhattan was overshadowed by
that of another stock, namely, st. Paul.
That stock, which was dealt in to the
extent of over 100000 shares, rose to 1870,
and closed at that figure, making a net
gain of 6$ points. No plausible explanation
for the rise was advanced, other than that
an carly announcement of an extra stock
issue may be made
The opening was again irregular, with
Manhattan in the lead, though the other
fractions were over. st. Paul made early
Improvement and Louisville & Nashville
was also strong; The reported deal in
Manhattan, which still lacks official con-
firmation, but is generally believed, doubt
less eXerted some influence on the buying
SIDE, altnouBh Manhattan moved trregu-
larly throughout the day and scored a net
loss of IA points.
The movement in the railway shares
gathered greater force before the end of
the first hour, st. Paul.. Rock Island. Mis-
souri, Pacific, Kansas City Southern, To-
ledo, st. Louis & Western and more OBJ
scure issues all making substantial i'm
~provements. In the industrial group Sugar,
Amalgamated Copper, Tennessee Coal and
Iron and United States Realty issues were
the principal features. 1t was clear that
the shorts were running to cover, especially
in Copper. The heaviness of Manhattan
was probably due in part to proit-taldng
by pools.
The Improvement shown during the morn
Ing session was more than sustained later
and with st. Pau still the leader, the
general list continued to move upward until
at times the movement was almost buoy
ant. Buying of such stocks as st. Paul,
Louisville g. Nashville, some of the Pa
ciics, Baltimore & Ohio, Pennsylvania,
Reading and Copper was reported to be of
the very best character, and board room
sentiment was more cheerful than for some
days. The closing was very strong and
active. with prices very generally at the
best.
London was a heavy seller and bought
very little on the rise. Sentiment in Lon
don and on the continent con-
tinues rather bearish.
sharp advance, due in part to further
sales for European account in this mar
ket. Thu price was fully 10 points above
yesterday, but as sterling at Paris also
same position so far as the export of gold
was concerned.
Bonds sympathized with the rise in
stocks, but only to a slight extent outside
sales, par value, $2,97O,OO0. United States
new As declined u and the old As 4 per cent
on the last call.
The following are the closing prices on
A. - VAplr GNnAlr