The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-09-16
COMMERCE
AND MONEY
Prove TO Be Closely Connected
in Wall Street.
STOCKS OPENED FIRMLY
But the Money Rate Caused
Them to Spill Everywhere.

| New YORK sept 15.-Today stock mar
ket showed itself very sensitive 10 the
money situation and the price movements
throughout the day were closely related
to the developments of the money market.
The firm opening in the stock market was
obviously due 10 the hope that the meas
are Of relief announced by the secre-
tary Of the treasury would result in put
ting down the rate for call loans. The
opening rate OF Is per cent counteracted
this influence and induced a general
splitting over of stocks all around the
room Money lenders reported that the
funds offered at Is per cent were mostly
for account Of out OF town institutions.
| Several millions reported shipped from
Chicago on Saturday were presumably in
cluded in these funds. Meantime the
local banks were holding for a per cent
rate which some of them got later 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 hands, which they could not make
and helped TO break the rate 10 per
cent The maturity of $4,000 install
ment on subscriptions TO the Oregon
Short Line bond issue greatly aggravated
the situation and necessitated much cali
ing and shifting Of loans. At the time
the previous similar instaliment was paid
the funds were Immediately reloaded at
the stock exchange and the presumption
is thus warranted that the same thing
was done today This would account for
the large supply OF money which came
into the market late in the day The
small requirements left unsatisfed at the
time emphasized the weakness. The
sharp decline in Steel exchange encour-
aged the hope that eagag ements 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 import
is reckoned profitable. Posted rates for
sterling e0-day bills were twice reduced.
bringing the price down 10 full cent the
pound, while for demand sterling the
posted rate was marked down &c The
London money rate was not affected. but
the stock market was disturbed By a
fear that the Bank OF 7ngland would ad-
vance its minimum discount rate this
week in order to help divert New York's
demand for gold from Paris, which is gen
orally believed to be best equipped at
present TO meet the demand The stock
market closed without any actual en-
gagement being announced. The low pri-
ces Of the day In the stock market fol-
h..
for money and the late easing in the mon
ey rate resulted in q substantial rally.
which wiped out earlier losses in a num-
Der OF important stocks. but still left frac
tional net losses in the majority Of cases.
No one expressed any apprehension that
there is danger Of a money crisis in com
mercial or industrial affairs. but the out
look for speculative borrowers for the
purpose Of holding securities on margin is
believed TO be somewhat clouded The
point is made that the recent depletion OF
the New York bank reserves is largely
on account Of sub-treasury requirements
due 20 heavy customs payments and not
or account Of interior demand for mon
~. This would indicate that the heaviest
demand from the interior IS yet 70 come
1t is pointed out also that the present
stress for funds centers very largely
about the stock exchanges and If local
To New York. The plan OF relief OF the
treasury department viii be widely scat
tered in respect 70 the increase OF gov
eminent deposits Previous experience
has shown that offers TO pay government
interest advances are not largely awaited
of. even in periods OF actual stringency. I
The general opinion this evening was that
the best hope Of relief from the money /
market lay in the prospects Of gaId i'm I
ports An upward movement IN sugar was
a slightly sustaining influence In todays .
weak market
Bonds moved narrowly IN sympathy +
with stocvks- Total sales. par value.
$4,000
Governments were all unchanged on the
asst call.