The Washington times., 1902-09-26
Early Material Declines Give
Place to Substantial Re-
coveries, and, in Many
Cases, Net Gains at Close.
Nominal Figure in the Last
Hour, But the Majority of
Transactions During Day
Are Made at IS fer Cent.

the stock exchange today showed con-
traction of approximately half million
shares, rejecting the effect of an unex-
pected continuation of high money rates,
because of the precautionary attitude of
the banks and the restraints placed upon
their clients by the generality of brok-
erage houses.
The street was somewhat confused
early in the day by conflicting rumors
Of probable financial relief measures,
but finally the official announcement that
the Secretary of the Treasury would
rebate equal to "a per cent per annum,
interest on the public debt for the re-
mafnder of the Government fiscal year,
caused a general cheerful sentiment.
Accordingly, the early material declines
In share prices were followed by sub
stantial recovery and at the close the
majority OF the list showed net gains.
Beneficial Effects.
Whatever may be the net result of the
Secretary's offer, the immediate effect
undoubtedly is beneficial, If only for
sentimental reasons. The all important
point in Mr. Shaws announcement is the
frank statement that the Treasury will.
to the extent of its ability, stand by the
banks in their efforts to protect all
legitimate financial interest.
Initial prices for most stocks showed
fractional declines, and shortly after the
opening the absence of confirmation of
yesterdays reports of relief action by
the Secretary of the Treasury started
the market generally downward The
reactionary movement became acute,
owing to opening rates for call money at
10 per cent, which were quickly followed
by an advance to % per cent.
The early decline in share prices ex-
tended in q number of cases to per
cent and over. A tendency to rally fol-
lowed the announcement that the shift
ing of accounts incidental to the pay
ment of s11 1.000, 900 to the United States
Realty Company syndicate this morn
ing would be counteracted by the imme-
diate redistribution of the money by
large banking firms interested.
Call Money Recedes.
Call money then began to recede, and
under the influence of the proposed offer
of Secretary Shaw to anticipate Govern
ment interest the rate. declined steadily
in the afternoon. The closing rate for
call funds was simply nominal and the
ruling figure was Is per cent. 1t is
known that some of the largest broker
age houses after the close of business
today recommended conservative
course to their clients. The foreign ex
change market again failed to reflect
high rates for money beyond a slight
early drain from which rally about
yesterdays closing figure followed later
in the day.
The volume of dealings was well dis
tributed, although a few of the recent
leaders approached yesterdays records.
Atchison common was the most promi-
nent in extent of trading, and after an
early decline of nearly points the
stock recovered to within a slight frac
tion of the highest figure, and left off
with small net gain. The movement in
Missouri Pacific, which was only about
half as active as yesterday, was fairly
typical of the course of most of the more
prominent railway shares. 1t fell an
extreme 22s points, recovered subse-
diulOSl all VI tIe loss ana ClOSeu
q shade above yesterdays final figure. |
Illinois Central on light dealings sus-
tanned loss of nearly points, but |
closed al about the highest price and !
Slightly better than yesterday.
Advances Recorded.
In the usually active railway shares |
net advances were recorded in Canadian j
Pacific. New York Central. st. Paul, |
Erie. Norfolk and Western, Pennsyl-
vania, Southern Pacific, Southern Rail-
way, Wabash preferred and many other
stocks, ranging from small fractions to
about point. Baltimore and Ohio and
Union Pacific rose 1ss and IL per cent.
respectively. On the other hand. Brook
lyn Rapid Transit, Manhattan Railway
and Reading sustained final losses ap-
proxfmating a full figure in the first
Final improvements of point or less
were recorded in number of less ac-
tive railway stocks.
In the afternoon buying of the railway
list was noted for account of some sub
stantial financial interests.
The railway bond market was in the
main firm, ON sales of about $4,000 900
par value.
The curb market was inactive and
prices moved irreguIarly.
The stock market closed rather quiet
and strong in tone.
New York Stock Exchange, Sept. IS.
The following table shows the highest.
lowest, and last prices Of all stocks sold