New-York tribune., 1902-10-01
BONDS
THE DAYS OPERATIONS ~ STOCKS


The radical monetary relief measures adopted
by the Secretary Of the Treasury caused rapid
scramble among the shorts in yesterdays
opening market Indeed. It was a stampede.
The shorts were not the only buyers, however
as sold bulls re-entered the market buying
stocks IN many cases above the prices al which
sales were made on Monday. Opening quota
tions showed advances OF from 10 points, but
the highest figures Of the day We're not recorded
until the afternoon. Quotations made at the
start showed advances Of a. per cent for St
Paul for Louisville and Nashville and Illinois
Central, ~ for Pennsylvania Railroad. S7s for
Baltimore and Ohio 5l4 for Missouri Pacihc' 81
for New-York Central eN-dvidend. for Union
Pacific and Southern Pacihc. Sl2 for Denver and
Rio Grande. az. for Manhattan Railway. for
Metropolitan Street Railway and Brooklyn Rap
ID Transit 80. for Canadian Pacific, Sls for Mis-
souri, Kansas and Texas preferred, 3 for Cen
eral Electric and about per cent for numerous
other issues. The extreme advances naturally
invited heavy realizing sales and reactions soon
developed although in the afternoon a new wave
Of hull activity carried prices 10 a level that
showed complete recovsries Of the losses made
in Mondays market In almost every stock on
the list. while IN some issues last figures were
obove Saturdays final values
The Treasury has on deposit with national
hanks about Sl30.o00O00. and the Secretary's
decision not 20 require a reserve against these
deposits will give the country Sl30O000la ad-
ditional banking credit while releasing SSo.o00.-
tpn IN actual money The most important step
taken by Secretary shaw is his decision 10 ac-
cept other than government bonds as security
against internal revenue and miscellaneous
ceipts deposited with banks; also against hank
note circulation in cases where bonds already
deposited for banknote circulation are with
drawn. their place To ne taken by other safe
securities and new circulation issued the
bonds Withdrawn. The Secretary has decided
20 accept no securities which have not passed
through the panic OF 1898 The hanks have a
good supply OF such securities, and II they
cept the Secretary's Offer there can he placed
In circulation Immediately S25.0eaO00 Of the
banknotes which have already been printed by
the government In accepting other security
than government bonds the mooted question
over the meaning ~ the words government
bonds and otherwise" an the law regarding the
security against banknote circulation is settled
IN favor of the people who have contended that
"and otherwise" means other than government
bonds security. II is held in many quarters
that, while former secretaries have not CON
strued the clause TO mean other security than
government bonds, the change in conditions
since the Banking act went into effect warrants
Secretary ShaW's Interpretation Of the words in
question.
An easier tendency in the money market and
news that a conference respecting the coal strike
was being held in Washington between the
President and high government officers were
responsible for the sharp advance recorded in
the afternoon dealings. The anthracite coal
stocks, especially Reading. Were leading features
Of the movement Reading gained FOR the day
"a points on dealings amounting 10 over .20pa
shares. The market closed active with prices
for the more active issues from 3 10 = points
above Mondays last quotations ST Paul
gained 9l4; Atchison. a.. Baltimore and Ohio
3. Delaware and Hudson. Sc. Illinois Central
Z. Louisville and Nashville "a. Manhattan. -:
Missouri Pacific. 4; Pennsylva g. southern
Pacific 4: Union Pacific ~, Wabash preferred
3. snd Western Union. 81.
Call money declined after the greater part ~
the days business had been done al high rates
early loans being made high as is with the
average at - per cent. The relief measures
should be effective In reducing money
rates. bul n should be borne IN mind that the
banks stil have me fall trade and crop de-
mands 20 handle. The United States Steel Cor
poration underwriting syndicate viii distribute
SlOl000.0oO 20 subscribers to-day. Without any
other change IN bank holdings the Clearing
House institutions should show IN this weeks
statement under Secretary ShaW's ruling an in
crease of about Sl0000OsO In surplus reserve.