Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-10-01
| OSSES OPENED WIDE
srocr< MARKET BECOMES ExcIr-
EpLf RISING TOWARD THE END.
CLOSE EXCEEDINGLY BUoYANT
eurion. Acsisits in Final Dealings.
ON Largest snlanc OF Dealings OF
thc Dny-wcH-Dcnncd numorx al.
settlement of Coal Strike.

NEW YORK. September zSa.-The losses
sustained in the prices OF stocks yes
serdnY. which reached practically panic
proportions. were moro than wiped out
Today There were remaining traces of
tevcrishncss in to-day's trading, after
The spasmodic recovery at the opening.
hut as The day progressed the trading
rcttIed down INTO q growing buying
movement which became fur.ously active
In the final dealings. and made the clos
ins. exceedingly buoyant ON the largest
volume of dealings of The day. The
measures Of relief for the money market
offered by tho secretary of the Treasury
were The primary causes of the sudden
reversal of sentiment. but well-defineG
rlrlors Of a settlement of the coal strike
assisted The buorant outburst at the
close, the Soalers taking the lead Of
The excitedlv rising market The money
market showed none OF >the excessive
et:Ui-encE OF yesterday, but rates for call
loans went as high as 10 per cent. in the
forenoon, in spite of the relief ut hand.
Preparations for the October 1st dis
bGrseInents were n conaplicating factor
hui dirin- the afternoon the forces of
relief began TO make an impression upon
ihe market Apparently the necessary
r. paratians for the October payments
la'l also been completed Call loan rates
fell away rapidly and helped the very
bunvant tone towards The close
Sf1AN'S MEASURE O FRELIEF'.
II has been very persistentiy main
tanned that the stringcncy Of the money
market was the only cioud upon the
speculative horizon. and the only draw
back TO the upward course of the prices
Of securities. il was but natural. there
fore that the news Of the cutie drastic
1neasliress proposed by the Secretly of
the Treasury for the release of surplus
government funds to the money market
should have quickly checked the dcmor-
allied sentiment of yesterday. The re-
mission of the requirement upon national
banks To maintain their % per cent. cash
reserve against government deposits
promises to afford upwards of $50. 600 600
IF bank reserves for other purposes, or
10 follow the argument OF the Secretary
OF the Treasury, TO permit additional
credits to The amount OF four times the
cash reserves thus made available. This
would equal si30. 600 900 Of additional cred
IFS for The country a large. The amount
Of government deposits in New York
banks amounts to some sal ,630.0 0) which
would also be the amount of the addi-
iionai credits Immediately available to
The New York stock market That is
10 say. over $lO,o0o0 1o OF New York bank
rash is released from the reserve re
ruIrenent. There WAS no nlistaliing the
stimulating effect of his possibility upon
the speculative sentiment The extent OF
the effect of the other measure proposed
Ivy the Secretary was considered more
open 10 question.
CnAL STRIKE SETTLE
The action of the late market raises
come question as 10 The exclusive part
played by the money strittgency in the
stock market depression. The sudden re-
fponsa 10 the expectation of Il coal strike
rettlemcnt indicates that the growing
lad effects of that struggle upon indus
Try IN gcneral-wer becoming an increas-
ing influence upon tho values of securi-
ties. Reassuring animation that the
Louisville and Nashville settlement was
1 7 also helpsq9 " ESsttore conf
Bonds recovered. in company with
stocks. Total sales. par value. 1920. coo
United States bonds were all unchanged
ON the last call.
She total sales of stocks to-day were
121S. 200 shares.
MONEY AND EXCHANGE
Close: Money ON call firm at 3@2o per
cont; closed offered at 5; prime mercan-
Tile paper, per cent.
Sterling exchange firm. then easy. with
actual business in bankers hill at 4S5.625
@4S575 for demand, and at iS2.5o for
s5iXtY-day bills: posted rates, ASSOC and
sSlAh; commercial bills. ASP 1-S67-S.
Bar silver. sos: Mexican dollars. 40
Government bonds steady: State bonds
Inactive: railroad bonds strong.