Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-09-24
FINANCE AND TRADE
Tight Money Caused Stocks
to Decline.
RALLY IN AFTERNOON
COAL ROADS SHARES WERE PAR
TICULARLY HEAVY.
London Bought Americans Literally
at the Close Of That
RALLY IN AFTERNOON

Special Dispateh to The Evening Star.
NEW YORK. September 24.-Call money
at % per cent and a further shifting OF
loans resulted In a vigorous liquidation
movement in today's stock market. Prices
yielded to the over-supply OF stocks and
substantial declines prevailed in all depart
ments. Commission houses sold freely and
the several pools were again tightening bur-
dens in the hope Of buying back at a lower
level.
Opening prices reflected declines varying
from 1 to 2h per cent and later dealings
detracted further from last nights closing
level Declines equal to s per cent from
yesterdays weak closing were recorded In
few instances. London sent over a lower
range Of prices, and foreign houses were at
loss to determine just what was the net
result Of foreign trading.
There was a period of good buying by
London. and that market closed with a
sharp rally In the American department
Foreign exchange, after period of pro-
nounced firmness, broke sharply during the
afternoon, and there was a good supply of
bills offering. This suggestion that gold
imports were less remote helped sentiment
The Presidents slight surgical operation
was construed to be more serious for the
market than would have been the case I'm a
normal money situation. The forenoon
trading was conducted in an atmosphere Of
extreme depression Secretary Shaw's sud-
den return to Washington was favorable
development inasmuch as he is expected to
take some step toward relieving the money
market.
The present plan under consideration pro-
VlueS 1or increasing the amount of govern
ment money on deposit with the national
banks to the market value of the bonds
pledged to secure such deposits. The treas
ury has now on deposit some $121. 600 900 Of
government In annrOyed denoaf-
tories, and the proposed action would In
crease the amount Of the deposits to some
$142. 10000
This increase would be distributed
throughout the country and only q mod
crate proportion would come Immediately
into the local banks. The general condition
by the two days liquidation in the stock
market. but the full beueft Is not retained
because of the drain at the subtreasury.
Iodays deposits for shipment to interior
ceipts still operate against the banks. The
best feature OF the situation Is the effort Of
all concerned to find some remedy for ex-
listing evils and to avoid the recurrence Of
misrepresentation In defiance Of banking con-
ditions.
The Gould stocks were under pressure
during the early trading and were the larg-
est sufferers in the morning decline Mis-
souri, Pacific and the Wabash shares were
thrown over in round amounts Later in
the day the brokers for inside interests
ceased selling.and turned buyers to the ex-
tent Of some 25,OO0 shares. All Of the Pacific
issues and Atchison were sold by western
houses. and the Illinois Central pool allowed
that stock to decline some per cent be-
fore sending In supporting orders New
York Central. Canadian Pacific and Penn
sylvania all reflected substantial declines.
but rallied with some snap later in the day.
The coal shares sold down easily and
were given almost no support until the gen.
eral rally set in during the afternoon, but
at this time they responded with conspicu-
Gus promptness. The Industrial list was
heavy, the Steel stocks in particular Con-
sidering the nervousness of the morning.
the net result Of the days trading was not
so discouraging as might have been ex-
pected.