The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1902-09-26
RATES RULED
VERY HIGH
twenty-five Per Cent Charged
Tor Money Yesterday
WHEN RELAXATION CAME
Prices Started Again and Made
Gradual Recovery.
w HEN RELAXATION CAME

New York. Sept 25--The stock market
reflected decided relief from the process Of
putting the screws on speculative boz
rowers. which has been IN effect This
week Money rates sim ruled high. run
ming up 70 = per cent before midday.
Prices ran Of al that time 70 level be-
tween l and points under last night.
! but the money rate then relaxed and
prices started a slow recovery IL vas
apparent that 10 very plentiful supply Of
funds was available 10 speculative boz
Ecwers FOR use in rebuying stocks bat
the actual loan contraction and conse-
quent forced liquidation vas much lighter
Il was reported also that pay meats on
! account OF United States merger amount
ing 70 over 500 600 was reloaned IN the
stock market and helped to break the
money rate The general understanding
that the secretary Of the treasury was 70
make statement and ofer additional re-
lief vas an argument for the recovery
There waz a monetary setback after the
publication Of the statement but prices
hardened again and the market closed
firm bat below the best Net gains are
the rule II cannot be said that the Offer
OF the secretary Of the treasury 70 an
ticipate the payment Of al government
interest due UP 10 the end OF the pres
eut fiscal year. gives gfreat hope Of relief
90 the money stringency in Wall Street
tut the evidence Afforded OF the secre-
tarys Observant cares Of money market
conditions had reassuring influence
upon sentiment II is recalled that Sec
rotary Gage adopted the same device on
October 10 1893. when the outbreak ~ the
Eoer wax and the cutting on of the South
a frican gold supply had checked the i'm
port movement OF gold 20 New York and
forced liquidation on our stock exchange
. then in a condition OF over-specuiation
ia newiy-foated Industrial securities
Cali loans went 10 3 and 40 Per cent
curing the first week Of the month and
after becoming easier advanced 20 g per
cent gain al the end OF the month Yet
between October &c and November T. APP
plication had been made AT the subtreas-
ury for the payment Of only SS5.sS3 Of
government interest not due until after
November / During November there was
the same lack Of result from this offer
and 1t was decided that this expedieut
Tor releasing the treasury surplus had
failed. although money continued stTin-
gent in New York and the reserves Of
the banks had reached a deficit u s. 1SS.-
$50 on November II, in spite Of heavy loan
contra actions. On November 15. the secre-
tary issued circular Offering 70 purchase
IS. oo0.0oo q government bonds. Ofters 20
anticipate government interest have
failed TO meet with important response
in other periods OF strrngency. Today's
immediate developments were that the
process Of depletion Of New York bank
reserves was shown 20 continue. Yester-
days deposits at the sub-treasury for
telegraphic transfer 20 the large customs
collections and the diminishing pension
payments resulted fn loss hy the banks
u that institution Of s. 81 o. TO- the dav
bringing the loss for the week % g.. - 1oo.
Against this Is the receipts of $i.pp1.el'
gold which arrived oa the Majestic yes
terday Today. S59.e9 was transferred
through the sub-treasu-v % View Orleans
while that Institution paid out on account
az gold deposited AZ Pacific coast points
Ss5e %. II IS evident however thar The
position ~ the clearing hoHse abnkz has
been 50 far strengthened By tho loan con-
traction that the necessity 81 further
drastic contractions Is over for the pres
ent. Early weakness u bonds gave place
10 Irreguiarity. TotI sales. par value.
sf0o ooa
United states old - advanced i. and
the g declined : per cent OF the last
can