New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-09-23
MONEY MARKET HITS STOCKS.
DECLINE IN RESPONSE TO FALL OF
BANK RESERVES.

The stock market yesterday morning made the
axnected response to the announcement that the
reserves Of the associated banks had fallen pelo"
the required % per cent. general decline IN prices
occurring: but later in the day there was pai =
rial recovery Influenced by the prospect OF tenn
ro-arv alienation the stringency in the money
market The call money rate was per cent al 'ile
opening but soon advanced to Is per cent. SUI
seouently 1t receded to 10 per cent, and IN the ld
ba1f hour advanced suddenly to %. and went uo"n
again TO p per cent at the close a good many VI
fridays loans were called by the banks ana "eie
-eneyved at around L per cent. Although money IL
likely to be tight for some time to come 'ie H.
cation at present is that the next oaih Sc"
In ro- show any increase of the defclt IN tlfe l
a~,,as and that possibly deficit may aPPeai-
The Clearing House statement Is nndue "P "
, ages for period ended on THURSDAY ..,
The hanks on Friday and Saturday O. las.
gained S91S 600 from the Sub-IreasuiE, au -
sti1ution was debtor at the Clearing NUS 1u .n,+
5av in S792.642 more The SI'V''ooo 60 - parL
Sam Tondon consigned TO the National - 60,
.,o,,l5 arrive in this city tomorrow. Inc SUI
-r-aasurv was authorized yesterday from We nao
ineton to make immediate payment ioi 80
zy1o,dika gold received on the facllc o'9'
aars,ne5 70 the Bank of British North AIne'iNa
According 10 advices from Washington Inc
:: +,,r-,,,e- over TO banks which nave put up
ssi-to-a1 bonds about 100000 day OF goVerIiei1
6enosfts and will probably continue - - -,
abo,,r the same amount daily Tor the heA'
,t-aa weeks and 30 per cent OF TINS ihoheS : -
49,. go. way 10 this centre. most OF the out ol to"ii
il'3 - aa.,-,ne allntuoents being DESTROYS OF IN
5-, their balances with their correspondents
ta-a There was renewed ruInor Oh IN 49,
cold ir7ports and London was SAID 10 p7 -
soiO .-.a,siva movement of gold in this dlrec-
- :: - near future. The sterling market now
ez-er although declining early IN the Gay III =
81 with the advance in local money Id'90'
- IN rallied closing steady. The closing quota
go for sight bills were around S4S5S- Inc sum
or $4,000 was deposited yesterday at the 7''
,--as,,r,- for transfer TO New-Orleans
iIeas-! $50 ,7arLers Yesterday reiterated their
.+roan+s Of Saturday that the dehclt OF SIo'''o'V
IN the required reserve of the associated oaiAs ia
no serious significance, in the lace ol 'ie -
act,aI reserves of the banks, ana some % ''eit
a56e5 the opinion that curtallnent OF s'oeh ai
lat e,eculation through loan contraction "orlu o
DC ~ Ieicit of Saturday" said Eice-Presldeh5
- 5 5,31 ~ the National City Bank. when asked
+ comment on the bank statement mems -Tta
is requires reserve Of % per cent OF hsI 0 g
posits That is safety reserve: WIN f blow
80 * ner cent is an ample fraction OF safety
II II Se ercentage it would be serious, even when
the causes for low reserves IN IIle ,stI b1sj-
legitimate and the low reserves mean heanliy puS'
nfss conditions But it means nothing nov. ba~,,
The W sse9 Yesterday disclosed the interesting
fact that the total reserve OF Ihese I 900 as a.
m required by the Clearing House-that Is,
that their total proportion OF connared with the
- Loo rim
! Showing of 248 per cent made by the CIee' 'i-e
| House banks. $1,000. .bo+ tho admins
4ration was inclined TO favor the a6ongo u wam
! el1h-freasllry system was not created IN wan
| Street.
| Chicago. Sept 22-secretary Shaw was asked
last night about the report that ne was consloer
ing plan for abolishing the sub-treasur1es- ne
Secretary Of the Treasury is the only CABINET
| officer who reports directly TO Congress- ne
said 81 am empowered to make whatever recon-
| mendations I deem advisable, and my forIhcolh-
ing report may contain certain recorn1neLldatIo
which consider necessary for the public weifare
Should I say what those RECOMMENDATIONS "ouio
| he Congress might decline to adopt them
The abolition OF the sub-treasurles. continued
| the Secretary, would release $S3 0rlpo al the
| present time. The remainder Of the 90 IN
Inc treasures the last report IS in circulation
now We have sought 10 deposit the money as rap
| idly as possible and avoid contraction OF the
what is to be done before Congress convenes?'
81 do not know that anything will be done.
by the anticipation Of the October interest you
! have acknowledged the necessity for some ACTON,
and the high rate of interest prevailing in New
/ York is further reason for action is II not?
Well have put considerable money in CIR
culation through the banks, and do not antcl-
pate any danger. The payment Of the October IN
terest Of course. brought some relief There Is no
| occasion for anxiety. What Congress Will do when
il to relieve contingency that IS constantly
recurring is something cannot foretelL