New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-10-20
THE WEEK IN WALL STREET.


The week in Wall Street opened in deep gloom
and dependency and closed in cheerfulness
The bank statement Of October ii showed an
increase Of nearly s.. Joo0bo in loans and de-
crease of S29l 600 in surplus reserve II there
fore oocasioned no surprise that call money
opened at - per rent on Monday ana
quickly rose 10 is the market respond
ing TO this evidence Of stringency 10y
heavy break in prices, on enormous hquloa-
ton, in the course Of which not few stocks
touched their low price level Of the year on
the afternoon Of that day, however, a rally sci
in. which al first ascribed TO covering ny
shorts and buying by panic birds" and PROB
ably was in part due TO those agencies. The
underlying reasons for the recovery. however
were not publicly known AT the moment one
of them developed when Washington dispatches
in the morning newspapers Of Tuesday con
veyed the news that the coal operators. through
J. Pierpont Morgan. had given the PRESIDENT
OF the United States assurances OF their wiling
ness submit TO the investigation ana aeclS-
ion Of a commission 10 be named by President
Roosevelt the differences SO long existing he
tween themselves and the anthracite coal miners
employed by them.
II was at once popularity assumed, and not
incorrectly. that from this starting point an
agreement might he arrived AT which would
permit the speedy resumption Of anthracite pro-
duction. resumption which would not only re-
leve the public from an impovershing Dram
upon their purses and from the peril Of actual
physical suffering, but also would benefit in
dustry throughout the country, as for eN-
annie by lessening the huge demand for
bituminous coal for fuel purposes thus re-
leasing large part Of the soft coal output for
transformation into coke, the increased output
Of which would enable the steel works 10 manu-
facture here so large part Of the pig iron
needed by them that their importations Of Pig
iron might be materially lessened- Another
result of the strike settlement which had ia
vorable influence the market was the con-
sideration that an end had at last been reached
OF one of the vastest and most determined labor
contests ever entered into, the possibility being
ended OF the strike spreading 10 workmen IN
other important fields Of industry or Of serious
social disorders occurring which might impair
public confidence. or at least cause so much
apprehension abroad to lead investors there
TO close out their American holdings The mar
ket was therefore, strong Tuesday, with
gains throughout the list Cali money was
easier opening al 10 per cent and going no
higher the closing rate being per cent Money
worked stil easier on the following day ranging
between and : per cent, and the market re-
tanned its strong tone although the volume Of
trading was small. From Wednesday until the
end OF the week the call money rate at no time
went above per cent, and time money, which
for a considerable period il had been virtually
impossible TO obtain, was offered once more at
comparatively favorable rates to borrowers.
by "Wednesday rumors Of the second great de-
Velopment OF the week. the intention OF the
Secretary of the Treasury buy bonds. began
be heard: hut il was until Friday morning
that these reports, the accuracy of which had
been testified to IN the continued ease
Of the money market and the con-
tinued strength and advance Of the stock
market, received their full verihcation in the
official announcement that the Secretary had
bought 100000 Of the long fours" 13S
fiat and that he would accept, up TO this after
noon, any further lots Of these bonds which
might be offered 10 him at 1874 and interest;
and in the unofficial news that a result OF
negotiations which had been proceeding for bare
ly a week a syndicate had procured in all Sl5-
N 100000 OF the is Of 1927, which would be turned
over 10 the Secretary his price. about S2l.-
100000 Of money being paid by the Treas
ury for the bonds. on Friday there were turned
in 70 the local Sub-Treasury by the syndicate
SS25S4O4 Of the bonds. on which there was paid
out Sll.29S.1s9 Outside holders Saturday
surrendered Ss650sp0 Of long fours." receiving
in payment 81. 1872 .2ll 20; and it is probable
that during the coming week the syndicate will
deposit its remaining holdings. The bank state
ment Of Saturday decidedly encouraging
a
than S9.eo0ooo, most of which occurred on sat
urday and Monday; and an increase for the
week OF about 100000 in the surplus reserve
None OF the bond purchase money however
figured in this statement. II viii appear in the
next statement, and should bring the cash hold
lngs and the reserves up 10 the level Of this
period in 1901. Not only has the Secretary ar
ranged TO put into circulation this great sun,
OF s2leo0o00 or more. hut in pursuance Of his
Ofg twin
season OF heaviest demand upon their resources
ne mas also decided ia anticipate the payment Of
the November interest thus releasing sey
erai millions more Of the money from the Treas
ury vaults at period when a strain is ordinarily
put upon the money market by the prenarattops ,
mace oy host Of private corporations for meet
theN own interest and dividend obligations fall
ang due on or soon after November l The Sec
Rotary says that his purchase Of bonds has bea,
cue 10 his knowledge that the reserves Of hsrLs
IN the Interior have been depleted and his de-
sire mat they be strengthened: and he adds that
the money paid for the bonds viii very
I@'uraliy mo its way into all channels OF trade
The great speculative pools Of the New-York
stock market hope. and judging by the his
Tory Of last summer not without some justifca-
non, mat the millions Of new money now COM
'ns INTO The market win be made the basis for
new loans at low rates upon which gigantic
operations for the rise may be at once resumed
10 DE carried on until the inevitable crash comes
-"hen the Secretary might be urged 10 buy.
more bonds IL Is in the power OF the banks. n
9ealouses do not prevent the working out Of a
united policy. 10 keep speculation down within
reasonable and legitimate bounds hN rafus,,,
me insistent and loud appeals OF speeulators-
even those important enough 10 be caIled ..arsa
operators Tor loans and more loans except a,
ia'es SO hish as TO reflect the impossbility OF 1