The Washington times., 1902-10-04
The Coal Strike Conference
and Comptroller Ridgely's
Statement Factors in the
Days Dealings.
Industrials Score Gains
Money Rates Nearing Nor
mal-Bank Figures Ex-
peeted to Be Favorable.

NEW YORK, Oct. 3.-Wall Street was
unsettled today by the circulation oi
reports emanating from Washington OF
q conflict Of authority between Mr.
Rideely, Comptroller of the Currency
and Secretary Shaw regarding the ex-
emption of depository banks from the
rule that had hitherto been enforced re-
ouiring them to maintain a reserve OF
25 per cent on public deposits. 1t was
this provision that constituted the
principal feature d Secretary Shaw S
plans for averting a serious monetary
disturbance.
The unfavorable point of the rumor
was the distrust that was Immediately
excited regarding the probable effect
upon tomorrow's bank statement. The
general impression in the street was
advantage of their increased loaning
powers, so that if the generally as
sumed authority exempting the banks
from maintaining the reserve on Gov
ernment bonds was rescinded the banks
would inevitably Show considerable
decrease in surplus reserve.
Good Showing Expected.
The opinion was general in banking
circles that tomorrow's bank statement
will make a very favorable showing.
Some institutions have loaned consid
cradle sums. but others have material
ly strengthened their resources. One
feature of the monetary situation, as
indicated by the known movements of
money. is the falling OF in the direct
shipments of cash. The banks, how
ever, have sustained a greater loss Of
funds than will be reflected in tomor-
rows statement Of averages.
The collections for customs today ag-
gregated nearly 100000 and the cur
rency transfers amounted to $3.50, 900.
In addition there was withdrawn $780,
900 for transfer to Canada, and s25o, 900
was shipped to Cuba. The bank de-
posits yesterday on account of customs
amounted to s1.4oo.ooo, the largest to-
tai in a long time.
Internal revenue collections are in
creasing to considerable extent, but
under Secretary Shaw's recent ruling
this money can be temporarily deposited
in the banks. The banks continue dis
posed to restrain, as far as is practica-
BILE, extravaganza in the stock market.
Call Money Lower.
The call money market today touched
the lowest figure in some time-5 per
cent, but the ruling rate was 7iR per
cent. The foreign exchange market re-
dected the nearer approach of the money
market to a normal basis by an ad-
vancing tendency. Demand sterling sold
at 4S6.1064S6.15 for tomorrow's mail,
and at 4S6k G4s6.4o for next Tuesdays
steamer.
Preference was given to next weeks
vessel, as It is swift one and the conse-
Quent saving of interest is quite an OBJ
ject TO drawers of exchange with money
at current rates. The demand for ex-
change next week is quite active, and is
due to desire to cover maturities and
London's recent considerable sales of
stocks in this market.
The point of all this is that we are
placed further away from the prospect
OF relief to the money market through
imports Of gold from Europe.
Stock Market Erratic.
The stock market was erratic, an in
terval of positive sluggishness being
followed by hardening tendency, which |
was due to the hope that the outcome of
the conference at Washington regarding
the coal strike would be the resumption
OF mining. whatever action might be
taken regarding the differences between
the miners and the operators.
About o'clock the report in refer
ence to Comptroller Ridgely caused i'm
mediate and violent declines in prices.
ranging from to per cent in a ma
,ority OF the usually active railway list.
ST. Paul fell over 6 per cent Almost
partial rallies from the low
points occurred and in some cases prices
were worked up to points showing net |,
gains as compared with yesterdays final /,
dgures
In the lete afternoon slump previously
to large blocks of stocks we're
thrown over by pools and by traders and
there was heavy selling for the short
account.
lndustrials Score Gain.
The industrials scored a net gain of Q
per cent. The special feature in this
department. however. was Colorado Fuel
md Iron. which closed SN per cent :,
higher than yesterday on transactions
II $1,000 shares. The advance was due
% the judicial decision denying the or ,
Ter of Judge Caldwell
An incident Of the day was The receipt
Il the Government cotton report, which
'howed q reduction OF condition. Tho Y
'esult was to decrease dealings in the
% called cotton roads. rather than to
weaken their market prices
The curb market was in the main firm, !
be greater part Of the day. although the
olume Of the dealings was light. Sub
however. prices broke sharp
y and recovered later. ,
The market closed unsettled. !
lew York Stock EXCHANGE. ()ctoher 4