The daily morning journal and courier., 1902-09-16
THE STOCK MARKET.
A Rally Toward ,he Close of the Du

Rally Toward the Close of the Day.
 New York, Sept. 15.-To-day's stock market showed itself very sensitive to the money situation and the pricemove ments throughout the day were closely related to the developments in the mon ey market. The firm opening of the stock market was obviously due to the hope that the measures of relief an- nounced by the secretary of the treas ury would result in forcing down the rate for call loans. The opening rate of 15 per cent. enumerated this infiu- ence and induced a general spilling over of stocks all around the room. Money lenders reported that the funds offered at 15 per cent. were mostly for account of out-of-town institutions. Several millions reported shipped from Chicago on Saturday were presumably included in these funds. Mainline the local banks were holding for 20 per cent. rate, which some of them got lat CT in the day, when the out-of-town supply had been absorbed. When the demand for loans had been satisfied some Of these banks found themselves with funds still on hand, which they offered in the market and helped to break the rate to 6 per cent.
 The maturity of a $15,000,000 install ment on subscriptions to the Oregon Short Line bond issue greatly aggra- yated the situation and necessitated considerable calling and shifting of loans. At the time the previous similar installment was paid the funds were immediately reloaned at the stock ex- change and the presumption is thus warranted that the same thing was done to-day. This would account for the large supply of money which came into the market late in the day. The small requirements left unsatisfied at the time emphasized the weakness. The sharp decline in sterling exchange en- couraged the hope that the engage ments of gold for import are near at hand, the rate for sterling at the close being within small fraction of the point at which gold imports are reck- oned profitable. Posted rates for ster- ling sixty-day bills were twice reduced, bringing the price down a full cent in the pound, while for demand sterling the poSLeu Fdle was uldlAeu ooNA oAS- half cent.
 The London money rate was not af- fected, but the stock market there was disturbed by fear that the Bank of England would advance it's minimum discount rate this week in order to help divert New York's demand for gold upon Paris, whicpis generally believed to be best equipped at present to meet the demand. Toward the close of the stock market there was a substantial rally, which wiped out earlier losses in a number of important stocks, but still left fractional net losses in the major ity of cases.
 No one is heard to express any ap- prehension that there is danger of a money crisis in commercial or indus trial affairs. It is pointed out that the present stress for funds centers very largely about the stock exchange and is local to New York. The general opinion this evening was that the best hope of relief for the money market lay in the prospects of gold imports. An upward movement in Sugar was slightly sustaining influence in to-day's weak market.
 Bonds moved narrowly in sympathy with stocks. Total sales, par value, $3,- 050,000.
 United States bonds were unchanged on the last call.