Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1902-10-02
$4O,00O,0OO IN CASH
TO Be TURNED OUT
SECRETARY SHAW FASTENED TO
NEW YORK TO FURTHER RE-
LIEVE FINANCIAL PRES
SURE.

NEW YORK. September SO.-secretary
Shaw was an early visitor at the
sub-treasury today. Mr.. Shaw came
TO the financial district for the purpose of
discussing the situation with bankers.
His early callers included President
George f. Baker, Of the First National
bank; Fancis L. Hine, vice president of
that bank and Vice President Vanderlip,
OF the National City bank. The secretary
expects to remain down town the greater
part Of the day He expressed himself
as being much gratifed at the improve
ment shown by the monetary outlook.
In an interview the secretary said that
all savings banks securities accepted by
the treasury department in place of gov
eminent bonds would be of the highest
class, panic-proof and as good in London
as in New York.
The secretary said he had been assured
that fully $4O,OO0,OO0 cash will be released
today as a result of his action. Among
the secretary's other. callers were w. A.
Nash, president of the Corn Exchange
bank, and chairman of the clearing house
commissioner; ]. c. Hendricks, president
Of the National Bank of Commerce; w.
III. Perkins, president of the Bank of
America, and James A. Blair. The repre-
sentatives of two leading bond houses also
conferred with the secretary, who will
leave for Washington tonight.
Chairman Z. II. Gary, of the United
States Steel corporation. and James Still
man, of the National City Bank, called
in the early afternoon.
IT simply called to congratulate the
secretary" Mr.. Gary said. I'm my opin-
ION he has shown good Judgment and
firmly believe his plan will go a great
way toward easing the situation"
Mr.. Stillman remained with the secre-
tary for some time. Upon taking leave
he said:
Il think the secretary's act is very COM
mendable."
Mr.. Stillman declined to say whether
he thought the financial situation would
show more than temporary Improvement.
Comptroller Of the Currency Ridgley met
the secretary at the sub-treasury. Mr..
Ridgeley said he came to town ''just to
look around"
H. w. Cannon, president OF the Chase
National bank and United States Senator
John Kean, of New Jersey, spent a brief
time with the secretary, who is reported
to have requested the bankers to increase
their circulation without delay. Several
of them, IL is understood promised that
they would do so.
President o. G. Williams, of the Chem
ical National bank, and President Della
field, of the National Park bank paid
their respects to the secretary.
WILD SCENES ENACTED
WHEN EXCHANGE OPENED
NEW YORK, Sept SO.-There were wild
scenes at the opening of the stock ex-
change, owing to the violent rebound in
prices from yesterdays panicky closing.
Opening gains over last nights prices
were from a fraction up to four and over
five points.
First sales were of 1000 to 5000 shares.
simultaneous prices varying as much as
four points in the case of Missouri Pa
cifc, which made the maximum gain of
IA points. Evident urgent buying by
distressed shorts played an important part
I'm the buoyant market as there was ap-
parent relapse. The sellers yesterday has
tened to take profits at the expense of
the shorts Prices ran OFF from l to l Ia
for important stocks. Louisville and
Nashville lost all it's rise and Missouri Pa
cifc relapsed IL. Fluctuations were
wide and trading excited.
Loans on call at 10 to Is per cent helped
10 unsettle the trading again but the
market steadied and became quiet by II
o'clock at prices above the lowest. The
subsequent decline was much more or
derby.
The principal cause Of the rebound this
morning was the announcement OF Sec
rotary Shaw's intention to remit the re-
quirement on national banks to maintain
a cash reserve against the government de-
posits which are secured by government
bonds in government deposits where it
would release the two per cent. bonds for
the purpose of taking out additional bank
notes.
Authoritative statements from Mr.. Nor
gan relieved the fears Of a miscarriage of
the plan for transfers Of control of the
L. & n.