The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-10-05
STOCK MARKET ENDS WEEK
IN MIDST OF CONFUSION.
MONEY CONDITIONS NOT YET
ENTIRELY CLEAR.
Europe Is in Strong Need of Cash
aud Not Inclined To Extend
Credits To New York.

aud Not Inclined To Extend
Credits Ia New York.
New York. OCT. {-Tisr, g.s as.-h ,1r-
f-silH and excitement go Che stocA
market again to-day which resulted Do
last prices ~ a lever from 10 . pu.c's
lover thsn last uEht FOR mos, - :ls prom
liuent active s;ocE Tie GaI.r, o. ~.
coal conference ~ W4sr'1stun 80 ,C-et -
settlement prevented the recover. with
would naturally have f.rowai fr1m tr-
refltat'ou 90 yesterdays fa.-- Tur.o4s that
the Comptroller G. The Cufr-1-y had over
ruled the decision " Secretary Sl1T o.
feHit th- requirement upon national LarEs
10 maintain q = Ger cent rra--vr against
Got sTln.at deposits. After IN r~-Utiy-
shock from the appearance ~ the hank
statement without change in ass form 10
Indicate the reduction "a r-s-Tv- r~-.uir--
merits Permitted by Secretary shaw That
- 20 say. Government deposits are san in
cluded with the deposits and reserve re-
%quiremeut estimated at = per cent u the
total. With the result tnat e decrease ~
the surplu- l. Indicated 81 N.I- +-5 trinE-
ing down that item % Nslt-h Ihe clear
rag house comniss-pE va. long ur session.
before the bank statement was gives ont
and no statement accompanied q 20 show
what policy dictated il. \ f~cutnote 10
The bank statement gives tue amount or
GcveTnmcnt deposits with clearinghouse
tlnK-- Whatever may Be tie motives ism
p'ltcE The action 90 the clearing house. thu
operators ~ stock Jumpet L. IN" cJ-c-u-
sion that fer stoc: market purpose dne
IusItiun u the New YORK ranks IS 20 De -
Lsi0ti a. though Secretary Sra%s rIiins
was mot On force.
AID AVAILAELr
The fact remains that Ja. s,crvtars
peTtni--iv- istltutv upon Jc- tarAa
available b. case 90 q determination SO DE"
c-css.nz-h1.s fo clIugs - d-u son vy ru
re.aN Its Fuls az at own 4se-rtn' The
marked strength o. tor-iEI -NcnluEa Is
q result 81 tht weeks rs-s muu-S l4arN-l
imports. tr even with some Hppgrh-usis.
cf possible demand Tor g1-l export. prob
trly lunuenccd tae ci-ei-rg hou-- au;lcri-
ur~ iE= Imperial Bank u 1r4lsHft t1.-
lowed tne example 81 tCc Bark % Eusiaud
Hut advanced it, .-.srfuut rake J per cent
To-day. Inc Luuguu Sttt~t mahfs ATE
point that pulitlCGl uura~iEess Iva France j.
LuuciuS the Withdrawals 20 savings banks
deposits. and sgs1vatrTE the pressure TOT
men'y. icsuIng 90 withdrawals Il French
credits placed Ulth fcrcisnerS BIukirs
conditions had hsruUc Sucu at TIE OPENING
20 the week That a considerable luJu CON
traction Was imperative ant loan places
H. the stock market wsr- called iu susH
large volume a. To r.u th- cef loan rate uu
10 - Ter cent and F~reripitate - crisis iu
the stock market MouGay evening tbs
market c'ossi g. e. state - eemIraizzt-u
AMI there were grave tgar- that Ct panic
MNA.N FN-Nr NL AAE~fAaN- AsAAL AAE ny
morning the anstunccUsnt har b,ru ma1e
~ the drastic measures ~ RELIEF % -th-
money situation offered ty Srnrefafy .f thc
Treasury Shaw lit taeie vss . EFulsFe
Isbound in priC~s III stock which rather
ir"-e than WIPED out the semi-panic i-cli1e
OF NUuGty.
Thc nervousness and excitement % ,he
tguoing decreased from tsy tv Jay until
IN. market settled down .uto duHu-ss to-
ward jt- end OF The week tn- level -
prices had reached about that OF last week
closing and was higher g. some case -
much Tor Lae s~tock-aafkrt EJECT - abe luI-
E1r;aut steps taken by the Secretary 81: The
Treasury
EFFECT Oh MONEY.
TIE effect on tho mouey mar-,, vas
gQuelly marked buJ not 50 prompt. TIE
extreme st-ingency ~ the market wGS re-
llsved and a stop was pa. 10 tins forced
liquidation IA the stock market. but rates
continued high in al departments CALI
loan rates settled down 10 about an : peg
cent basis and time loans up % four m0nths
commanded a premium over she " per c-It
legal sa.e. The conviction emerged that
nigh money rates Sr= likely TO De main
tHlned for the remainder OF the yeaC Il b.
t-lt that a prodigal replacement % ire r.
lief u IN stock-e2charS- loans viouic err
LANCER the situation again. and the TOLGy
u, banker and large financial power has
been enough e. discourage any renewal 81
speculative activity FOR the present The
steT = taken by the Secretary 81 the Treas
tIry are too well known 10 need rec4plfuls-I
ton. Undoubtedly The most effective was
the remission Of The requirement upon ma
uonal banks 10 maintain A x Ter cent cash
~ aEaAlEL NuNhrAAfA.NfNE N~Na<.E. Na
their vaults. a. those deposits are held 70
be amply secured bv the Government bonds
placed to custody OF the Government
A. the Government deposits In the banks
are over y31cSl0V u was stimated that
this would release Ga0NeeQ o. over. ~
cash 70 the money market. % which ne
eaoepg would b IN vaults II New York
hanks II WIS estimated from this that =
bass would be established FOR additional
upon the banks grcws out Of the expanded
needs OF th- circulation which cannot be
met by credits.
MOVING THE CROPS.
. The crop-moylRg period brings a large
Increase IN the need for money 10 pass
rom hand 10 had in the payment os
IN cash The withdrawal u cash on de.
posit with the banks FOR these purpo~es
necessitateS a contraction OF loans in the
pro portion OF = fer every dollar withdraw
from bank surplus reserves A. the credits I
~ the Ranks we're already placed up 10
their utmost available limits. this drain Z
upor reserves left no alternative but the
drastic loan contraction wh'Ch was threat
enins the stability CT the financial fabric.
stu remains % be met. there T. a disincim-
aticn on the part OF the bankers To put Sut
loans ogsin>; the newly available cash. up-
on which further calls may yet De made.
The easing OF the local money market has
el-o met with a prompt response IN the -0~-
-e!gn cxchange market. showing the large
extent OF the outstanding ~ohilgatl0ns 20 for
cIen lenders and their disposition 10 reduce
them Reports from London. Paris aud
ce1ters are not disposed 70 .'xtend th5lr
credits Ia New York any further at present. .
and sGme dissatisfaction has been *.
pressed With American collateral FOR loans. !
Tbs weekly exhibits % the hanks OF Eli
gland. France and the imperial Bank u
Germany show that they have LOST gold jr
arse amount and have been called upon
FOR large amounts OF credits. The advarce
in the Bank Of England discount rate from
: 20 I per cent h the index OF the straft-nsd
OF the money marke. and the I'M
w~iiinGness 10 psrt with any ofJheir gold
MONEY FOR LONDON
Next Week tho final - per cent f1stalmen-
on the BrftEh Ccn7cl issue calls for ahat.
.-S.0oQV1 IN the London money markc. The
proposed TTansvaal loan looms in the per-
rpecuFe and l. expected 10 be FOR So fa-a-
% a japanese loan. a French loan. Il Rrs-
StFu lean and loans 10 various small Et-
governments are in the hscl-rorud
10 prompt the conservation OF resource I'M
the European Centers.
Our Imports Tor Sept. were OF record
proportions. Cotton has gone out ruite
freely. but the high price u wheat. OWN
10 the sept speculation and the slow
OF corn 10 market. has kent
down the exports o. these staples an ~.
srppiy or eXchamg- bills TO meet mafr-i-e
'hiEatiors- The probability Of further i'm
pcrts q gold heycnd an expected arrival
10000 at san Francisco next week IS !
lot counted upon, Tbs careful hushaud-
nE hank resources H. believed 10 a. i'm
leratlye 10 conserve the safety Of the mar
<cts Tor the present II "a very notable
inWevsr. th1t ccuhoerce IN the urosperitg
q general conditions IL unimpairrd SforS4
Fsre not sold Willingly. even when mo-ey
'nter were highest end only the exfvrnrtaa
lpon the banks themselves suflced - FORE
liquidation. The determination h. srV 4
strongly manifest 70 keep all the re-1urra=