New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-10-04
CANARn STARTS A PANIC.
STOCKS hit BY REPORT THAT RIDGE
II HAD oVERRULED SHAW.
TEor-Br.r DID NOT LAST LONG. FOR IN
YEsTIGATI0N sOON oUIETED
RT-NOR

stock market moving a4onE eloNlg
hut steadily yesterday afternoon. with prices as
a rule at around die highest 81 the day, when, al
about 2.l5 the news bureaus sent out Wash
irRton dispatch which produced CONSERVATION
IN every brokerage Office and semi-panic on
the stock Exchange These Washington ad-
vices were that the Controller 81 the Currency
had overrllled the decision Of Secretary Shaw
authorizing the national banks 10 release the
- per cent reserve which they have heretofore
been required 10 maintain against government
deposits Mr. Rideely taking the ground chat
an such matters are i'm the exclusive control OF
the Controller. and tho Secretary was without
authority in giving this permission 10 the banks
the conclusion being drawn that the hanks could
not. after an use as a basis for new credits the
S30Oo0oQ0 which Secretary ShaWs plan had
set free and that the effect Of Controller Ridge
Tvs decision must be TO cause a recurrence OF
the strnEency which was so acute in the money
market before the SeCretary's announcement OF
few days ago.
The market Convulsion was as short as IL was
severe. for within fifteen or twenty minutes
came denials from Controller NdeeN ~ the re-
port that ne had overruled or had thought OF
overruIiug the Secretary. and a sharp recovery
set in which carried prices well back toward the
level from which they had shot downward Few
minutes previously. Then came many ana VI
gent demands for explanations from the news
bureaus both Of which had sent out slips re-
porting the alleged action Of the Controller OF
the Currency. THE Wall Street JouTnal' late
in the afternoon issued this explanatory state
ment.
We published yesterday H'riday) AFTERNOON
Washington dispatch stains tnat 13i5v'S $50 I'M
the matter OF the reserve 70 ne S.II. R 4 riften
banks against government deposits ana Iar = 'e
dispatch similar I'M character was received and
Sssg rs s5 ao SE6 W. Tsievsa II also IN our resu
lar press sertcc from the luo.lshsTs iISS b ASs,
questioned and We wired our washington CORE
Si9naeni Mr h Soy, 10Y pI l.' Used on state
nnent made 40 M ny DEPUTY controller Kane. who
stated m substance Wnal ..c ny, - y hank to-5sv
Crire l,ror n 10 make GOOD ms reserve said bank
having eliminated government depos''s IN 'eIor'"s
me stsfsrerf issued lste IN the afternoon by
Controller Rdssy IS entirely n 4Geef1 WIT TINS MS
fftsteTnept is contained IN Washington dispatch.
printed heloVl
The Nev-York News Bureau had this 70 say
about the story.
IN Oh. o-s,rs,, course NJ business Yesterday
G7ridayo the New York NcVs Bureau received from rom
gb,IS = npHlisbsS ne substance of which was
that certain national hank Thar had taken, az
11snIsse o. ne ". ,s y sr cent reserve hereto
fore required 10 he held against deposits q gov,
Srnmeni money ss ts,e1, 'E l'S NM ~ Conroer
OF the Currency Ridgey, who refused 20 approve
IN ne rs selay IN" 'i'' '''' -
The statement in the dispatch was chaleneea
o. ~ Ces9ei stster5err I'M the afternoon DENYING
THE report thar Chel have overrued or st,emptea
20 over els Tss,rS n tbe matter ~ reserve
on government deposits secured ny eoNernnaeslt
o9n s, ,sdc IN ne washington dispatch published
by We have learned from our ~ ss s on
o,1p OF Sps Tressgr, nepartment who was en-
tirey qualified 20 speak as 70 ne tacts " . mus
IoM - rsfnsinr 10 give up the name Of in
formant
The report circulated that the Controller OF
she C,,rrerc, had overruled Secretary Shaw's
-. - a.. .,o,,.l o. ,,,a instant throwing
"e''s'"" N's 'i ' =,
over 81 heavy blocks OF slo0hs' pi'ahlie t"1
market The relapse In St Paul ran 10 ~
,,o3,,,s. E,ressed stool car >. Missouri Pacific.
- ,--st--.. .s ,-t.- r,o,tso ,,.t. T1rirois
"a h'"N'"h "ii" mum O. nv
Central, a'2i baltimore ana ono 'olorado fuel
and General Electric. 81 and the active list
s.,.rsu,. "a 2 S,,r,.r+ir,s, orders were rlsced
.-,.. a.,
ana the sh"rls covered causing 'l'ei' i'i'S'
which was aided by spirited buying induced 10y
news received by large houses from their Wash
trs,tor v.rts a.,,,.i,,, the ,a,,,r,s sbo,,t CON
-
t"i4ei fioeeS iuiu'i'u S'ep- ~" 'ii9 RAINY ."
Paul recovered points. Missouri Pacific 80.
Union Pacific g.. Colorado I7uel 3 and various
- -, , :. . r.. -. .l..s 80,
"
ana strong az the recovery IT'S strength being
partly due 10 general belief that the conference
m Nasbirgtop ,,-o,,ls ,,ssflt in an O. rraa,,oanr