The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-09-30

prices were from fraction up to and
over 5 points. First sales were of 1000
to 5000 shares, simultaneous prices vary
ing as much as points in the case Of Mis-
souri, Pacific, which made the maximum
gain of 5A points. Urgent buying by dis
tressed shorts played an important part In
the buoyant uprush, as there was a prompt
relapse. Buyers in yesterdays slump has
tened to take profits at the expense of
the shorts. Prices ran off from l to III
for important stocks. Louisville lost all
its rise and Missouri Pacific relapsed 371.
Fluctuations were wild and trading very
excited. Loans on call at Is to 10 per cent
helped to unsettle the trading again, but
the market steadied and became quiet by
II o'clock at prices above the lowest. The
subsequent decline was much more order
ly - 'r.
The principal cause of the rebound this
morning was the announcement Of Secre-
tary of the Treasury Shaw's intention to
remit the requirements on national banks
to maintain cash reserve against govern
ment deposits which are secured by gov
eminent bonds and to accept other securi-
ties than government bonds for govern
noent deposits where it would release the
per cent bonds for the purpose of taking
out additional bank notes.
Authoritative statements from Mr. Nor
gan relieved the fears of a miscarriage Of
the plan for transfers of control of the
Louisville & Nashville.
Mr.. Shaw Looks In.
Secretary Shaw was an early visitor at
the subtreasury to-day. Mr.. Shaw came
to the financial district for the purpose of
discussing the situation with bankers. His
early callers included President George F.
Baker Of the First National bank; Francis
l.. FIine, vice president Of that bank, and
Vice President Vanderlip Of the National
City bank. The secretary expects to re-
main down town the greater part of the
day. He expressed himself as being much
gratified at the improvement shown by
the monetary outlook.
In an interview the secretary said that
all savings bank securities accepted by
the treasury department in place of gov
eminent bonds would be of the highest
class, panic proof and as good in London
as in New York. .a
The secretary said he had been assured
that fully s40,000,000 cash will be released
to-day as a result of his action Among
the secretary's callers were w. "A, Nash,
president Of the Corn Exchange bank and
chairman Of the clearing house committee;
Joseph G. Hendrix, president Of the Ma
tional Bank of Commences; w. H. Per-
ktns, president of the Bank of America,
and James A.. Blair. The representatives
of two leading bond houses also conferre ed
with the secretary who will leave for
Washington tonight.
Financial Kings Call In
Chairman Ebert H. Gary OF the United
States Steel corporation and James Still
man Of the National City bank called in
the early afternoon.
7 simply called to congratulate the Sec
rotary" said Mr.. Gary. In my opinion
he has shown good Judgment and firm
ly believe his plan win go great way
toward easing the situat Aon..'
Mr.. stillnan remained with the secre-
tary for some time. Upon taking leave
he said: So
Il think the secretary's act is very
commentaries
Mr. Stillman declined to say whether
he thought the financial situation would
show more than temporary Improvement.