The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1902-10-01

NEW YORK, Sept. 30.-The losses sus-
tanned IN prices of stocks yesterday, which
reached practically panic proportions,
We're remaining traces of feverishfless in
today's trading, after the Spasmodic re-
eoVery at the opening, but as the day pro-
crossed, the trading settled down into a
growing buying movement, which became
furiously active in the final dealings and
made the closing exceedingly buoyant on
the largest volume of dealings of the
day.
The measures of relief for the money
market offered by the secretary of the
treasury were the primary causes Of the
sudden reversal of sentiment, but well
coal strike assisted the buoyant outburst
at the close, the eoaIers taking the lead
OF the eXcltedly rising market The money
market showed none of the excessive
loans went as high as 10 per cent in the
forenoon, in spite of the relief at hand
The October Settlement.
Preparations for the Oct. l disburse-
ments were a complicating factor, but
curing the afternoon the forces of relief
began to make an impression upon the
paratlons for the October payments had
also been completed. Call loan rates fell
away rapidly and helped the very buoyant
persistently maintained that the strin-
gency OF the money market was the only
cloud upon the speculative horizon and
the only draw back to the upward course
OF prices OF securities. 1t was but natural
therefore, that the. news of the quite
drastic measures proposed by the secre-
tary Of the treasury for the release of
surplus government funds to the money
market should have quickly checked the
demoralized sentiment of yesterday.
The remission Of the requirement upon
national banks to maintain their 25 per
cent cash reserve against government de-
DOSltS n a rlc of
100000 OF bank reserves for other pur-
poses, or, to follow the argument of the
secretary of the treasury, to permit adj
ditiona1 credits to the amount Of four
times the cash reserves thus made avail
able. This would equal $130, 000, 600 of adj
ditional credit for the country at large.
Released From Reserve.
The government deposits in New York
banks amount to some 1900 600, which
would also be the amount of the add1-
tlonal credits Immediately available to
the New York market. That is to say,
over $4,000, 900 of New York banks cash
is released from the reserve requirement.
There was no installing the stimulating
effect OF this possibility upon speculative
sentiment. The extent of the effect of the
other measures proposed by the secretary
was considered more open to question.
The action of the late market raises some
question as to the exclusive part played
by the money Stringency in the Stoc1
market depression.
The sudden response to the expectation
of a coal strike settlement indicatks that
the growing bad effects of that struggle
upon industry in general were becoming
an increasing influence upon the values of
securities Reassuring limitations that
the Louisville & Nashville sentiment was
progressing also helped to restore conf
dence.
Bonds recovered In sympathy with
stocks. Total sales, par value, 81, 240, 900.
United States bonds were all unchanged
on the last call.
s The leading futures ranged as follows: