The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-09-23
SPASM OF LIQUIDATION SETS
WALL STREET IN A FURRY.
RESULT OF DEFICIT IN THE
BANK RESERVES.
Strong Support C%ounteracts Move
ment, Then Money Rates Go
Soaring at Close.

New York. Sept. 22-There was a spasm
OF liquidation IN the stock market this
morning, and a somewhat feverish and ir-
| regular movement during the rest of the
day. This was inevitable after the show
ing made by the banks on Saturday of a
deficit of over 100000 in the reserves re-
CURED. but the comparatively small effect
in the market and the persistence with
which efforts were renewed to advance
prices the moment there was the slightest
relaxation in the selling pressure Were
again a surprise to all observers. The SELL
ing was somewhat scattered in its origin,
as shown by the comparatively small size
OF the selling orders. The buying orders,
however. were concentrated and in many
cases were for a thousand shares and up
ward. indicating the large resources OF the
interests supporting the market. Consid-
cradle inroads were made upon prices, new
ertheless. Missouri Pacific. being a con-
s%picuous sufferer with a loss of 81 during
the latter part of the day, that stock scored
time over last week Another furry IN
the money market to 20 per cent sent prices
on at the last and made the closing heavy.
BURLINGTON HIGH.
a feature o: the trading was the bidding
up OF the old Burlington stock TO 30 with
out bringing out any offerings. as orac-
tically al the stock has been retired in ex-
change for the joint bonds. The last sale
bid to-day seemed intended as an additional
demonstration Of the comparative cheapness
OF st Edul. Inc money market was de-
cldedly Iever.sh all day. as might have been
expected. a small amount loaned at the
opening ut Z ner cent. but the rate ran up
quickly to 10 per cent. reacted 10 10 per
cent, and then rose again TO the highest. at
20 per cent. The hanks are under practical
necessity of contracting their loans in order
10 repair the deficit in their reserves, but
the process Of contraction seems to be done
reluctantly There was no apparent pur-
pose to push the process beyond the actual
necessities of the situation created by the
reserve deficit. and preparations for addi-
tional future inroads upon cash reserves
were not perceptible.
LOANS ARE FREE.
lack of confidence in credits. and the dis
position OF lenders. including the banks,
seems TO be 10 keep al loan every available
dollar they can muster. trusting to future
c~ontinSencle to check or offset the actual
drain upon their reserves.
Inc Suotreasury statement to-day
showed some slight relief from this drain
IN the shape Of a contribution of severn!
ton to the hanks. This was due to a de-
cline from the recent average of customs
collections. to large pension payments and
the additional disbursements OF Govern
made Immediately available by te%legraphic
transfer, and the one-m~illion-dollar ship
ment from London is expected TO arrive
by the Middle OF this week. On the other
through the Subtreasury to New Orleans.
and the sharp fall in sterling exchange was
met by a rise in the price of gold and in
discount rates in London. From Interior
rates Effective measures of relief for the
local money situation remain. in short. to
be found.
Bonds were easy but not very active.
Total sales, par value. s4.075.0oo. United
States IS coupe advanced Il and the reg
ular Is l per cent on the last call.