The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-09-23
STOCKS AID soNDs.

New York, Sept. 22.-There was a spasm
OF liquidation in the stock market this
morning and somewhat feverish and
Irregular movement during the rest OF
the day. This was inevitable after the
showing made by she banks on Saturday
OF deficit Of over s. G00.e00 IN the re-
serves required but the comparatively
small effect in the market and the persis-
tence with which efforts were renewed
TO advance prices the moment there was
the slightest relaxation in the selling
pressure Were again a surprise 70 all oh
servers. The selling was somewhat scat
tered in lis origin as Shown by the COM
paratively small size Of the selling orders
The buying orders Were concentra ted
however, and in many cases were for a
thousand shares and upward indicating
the large resources Of the interests sup
porting the market Considerable iuroads
were made upon prices nevertheless Mis-
souri, Pacific being a conspicuous sufferer
with q loss of Sic. During the latter
part of The day that stock scored a full
recovery, and st. Paul was at one time
over last week
Another furry in the money market
70 % per cent sent prices of at the last
and made the closing heavy. a feature
of the trading was the bidding up Of the
old Burlington stock 70 210 without bring
ing out any offerings. as practically all
the stock had been ~etired in exchange
for the joint bonds. The last sale was in
April at 1914. The advance in the bid
today seemed Intended as an additional
demonstration Of the comparative cheap
ness Of st. Paul
The money market was decidedly few
erish ali day. as might have been ex-
pected. \ small amount loaned az the
opening at : per cent. but the rate ran
up quickly 20 Is per cent, reacted To 10
per cent and then rose again TO the
highest, at % per cent. The banks are
under practical necessity Of contract
ing their loans in order TO repair the de-
felt in their reserves, but the process
Of contraction seems 20 be done reluc-
family. There was no apparent purpose
70 push the process beyond the actual
necessity of the situation created by Che
reserve deficit and preparations for adj
diti0nal future inroads upon cash reserves
We're not peTceDtible. There was no
symptom Of distrust or lack Of confidence
in credits and the disposition Of lenders.
including the banks. seems TO be 10 keep
AT loan every available dollar they can
make stock. trusting TO future contin-
gencies TO check or Offset the actual drain
upon their reserves. The sub-treasury
department today showed some slight re-
lief from this drain IN the shape Of
contribution of several hundred thousand
dollars by that institution 10 the banks.
This was due 10 a decline from the re-
cent average Of customs collections 70
large pension payments and the additional
disbursements of the government interest.
Small parcels of Klondike gold arriving
on the Pacific coast axe made immedi-
ately available by Geographic transfer
and the one million dollar shipment from
London is expected 10 arrive by the mid
die OK this week. ON the other hand &09
600 vas transferred today through the
sub-troasury 20 New Orleans and the
sharp fall in sterling exchange was met
by q rise I'm The price 81 gold and Ia dis
count rates in London. From interior
centers reports are OF advancing money
rates Elective measures Of relief of the
local money situation remain in short,
to he found
Bonds were easy. but not very active
Total sales par value. 81 125 coo United
states 3. coupon. advanced ]. per cent.
and the 3s. regular, ] per cent.
New York Money Market.
New York Sept. 2-Close. Money on
call strong nj 7G2o per cent. closing of-
fered al 70 per cent. Prime mercantile
paper. 5Ge per cent. sterling exchange
steady at the decline. with actual busi-
ness iu bankers bins at sass for demand
and s4s1.11fs $3.50 Tor ea DAYS Posted
rates. StSsl ~ st. Commercial bills.
4S2GtS
Bar silver. -lizc: Mexican dollars. f'izc-
Government bonds firm: state bonds
firner railroad bonds easier.