The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-10-01
SETTLED DOWN
TO BUSINESS
FevefiShneSS and Panic Over
in the Stock Market.
STOCKS CLOSED BUOYANT
On Account of Rumor Fore
casting Strike Settlement.
STOCKS CLOSED BUOYANT

New York. Sept. sa-The losses sus-
tanned in prices OF stocks yesterday,
which reached practically panic proper
tions, were more than wiped out today.
there were remaining traces of fever
ishness in today's trading after the spas.
ricdic recovery at the opening. but as the
Gay progressed the trading settled down
into a growing buying movement. which
became furiously active in the nnal deal
iigs. the market closing exceedingly buoy
ant on the largest volume OF dealings of
the day. The measures OF relief for the
money market offered BY the secretary OF
/ the treasury were the primary causes
or The sudden reversal OF sentiment. but
vell defined rumors OF a settlement OF the
coal strike assisted the buoyant outburst
at the close. the coalers taking the lead
OF the exeitedly rising market The
money market showed none OF the ex-
cessive stringency OF yesterday. but rates
for call loans went as high as g per
cent in the forenoon. in spite Of the relief
az hand. Preparations for the October
disbursements we're a compHcatiug fac
tor. but during the afternoon the forces
or relief began 10 make an impression
upon the market Apparently the necessa-
r. preparations for the October payments
had also been completed. Call loans fell
away rapidly and helped the buoyant
tone toward the close. II had been very
persistently maintained that the strin-
ciose. Upon the speculative horizon and
the only drawback 10 the upward course
Of prices OF securities. II was but nat
ural, therefore that news OF the quite
drastic measures proposed by the secre-
tary of the treasury for the release OF
surplus government funds TO the money
market should have quickly checked the
demoralized sentiment Of yesterday. The
remission of the requirement on the ma
tional banks to retain their per cent
cash reserve against government depos-
its promised 10 afford more than $50. 600 90
Of bank reserves for other purposes. or.
to follow the argument of the secretary
o. the treasury, to permit additional cred
It's TO the amount OF four times the cash
reserves thus made available This would
equal sl30. 90 OF additional credit OF the
country at large. The amount OF govern
ment deposits in New York banks
amounts to some s41 500. 900. which would
also be the amount OF the additional cred
its Immediately available TO the New
York market. This is TO say. over $1,000
800 Of New York banks IS released from
the reserve requirements. There was no
nistaking the stimulating effect Of this
possibility upon speculative sentiment.
The extent of the effect of the other meas
ures proposed by the secretary was con-
sdered more open to question. The &c
tion Of the late market promises some
questions as to the exclusive part played
by the money stringency in the stock
market depression The sudden response
to the expectation OF a coal strike set
Element indicates that the growing bad
effects of that struggle upon industry in
general were becoming an increasing in
fuencs upon the values Of securities. Re
assuring intima tions that the Louisville
Nashville settlement was progressing also
helped TO restore confidence.
Bonds recovered in company with stocks
Total sales. par value. s4.24o.0oo
United States bonds were al unchanged
On the last call
Closing quotations Of stocks were as