The Washington times., 1902-09-14
Steps Taken by Mr.. Shaw
Reflected in Recovery
of Prices.
SLIGHT ADVANCES SCORED
Heavy Tone of the Opening Hour, How
ever, Responsible for the Small Ag-
gregate of Dealings-Industrial List
Comparatively Neglected.

NEW YORK, Sept. 13.-The feature o
the stock market today was the quick
ness with which a rallying tendency IL
tangible indication of financial relief
Secretary Shaw shows that he is not un-
mindful of the desirability of the Gov
ernment restoring to circulation a large
proportion of the money now being con-
veyed into the United States Treasur,
for customs and other accounts, as is
practicable. The Secretary of Agricul'
ture was responsible for the statement
that danger to the corn crop from frosts
is practically over. and that the crops
generally are remarkably good-the
grass crop exceptionally so.
A Natural Measure.
The anticipation of the October / in
terest is the most natural and immediate
financial relief measure. and, together
with the proposed increase in deposits
of Government money in the national
banks. will, in the aggregate, represent
about $4,000, 600 20 100000 that can a,
bank reserves in this city, making up in
part for the Si3.000,00 or thereabouts
locked up by the subtreasury in the last
three weeks. Up to the close of busi-
ness rumors of gold import arrange
uents. including a circumstantial report
of probable shipment of about s5.Ooo.-
coo from Paris. had not been confirmed.
'ra tot ,nr1r ,f Of st,
sociated banks shows a decrease in cash
of s7,o39,200. Loans decreased s6.S75 .O0O,
and deposits decreased $14, ,62s, $50. The
statement was unusually consistent. and
the net result is a decrease in surplus
reserve of $3.3s1,9 ,915. This leaves the
banks total surplus reserve of s715, 5,075.
compared with s7,110,550 last year. and
$40, ,S36, 175 two years ago.
The Opening Heavy.
The stock market opened heavy and
with prices showing disposition to con-
tinue- the reactionary movement which
had been in progress at the close of
business yesterday. The threatening
monetary outlook and yesterdays high
rates had encouraged quite little SELL
ing by the traders yesterday afternoon.
and a scramble to cover Immediately
followed the announcement of Secretary
Shaw's financial relief action.
TIE result was a hardening of prices
all around, and in the latter part of to-
days short session dealings became
fairly active. The uncertainty in the
first hour, however, had caused business
to shrink to very slim proportions, SO
that the aggregate transactions did not
exceed 20n, ,0Do shares.
The only railway stocks that could be
fairly termed active were Atchison COM
mon, Union Pacific, Southern Pacific,
Missouri Pacific, ST. Paul, and Baltimore
and Ohio. and. after early hesitation,
The stocks mentioned made sharp re-
coveries. and closed at net advances ex-
tending to a point or more. Similar
improvements occurred on light deaf
ings in the Wabash issues, Illinois Cen
trail. Erie common. Rock Island, St.
Paul preferred. and Reading first pre-
ferred, and other issues.
The news OF the day included the pub
lication of the pamphlet report of the
Colorado and Southern Railway Com
pany for the fiscal year ended June 80,
which showed an increase in surplus of
5451 per ceht. a number of favorable
railway statements for July were pre-