The St. Louis Republic., 1902-09-15
Constantly Tightening in Face Of
Great Volume of Business
Transacted Last Week.
cLIQUES STILL ACTIVE.
Boosted Prices and Kept Public
Mind Easy Greater Part of
Week, Though Call Leans
Rose to 20 Per Cent.
REPUBILC SPECIAL.

REPUBLIC SPECIAL.
New York. Sept. H.-with the exception
of the increase in the dividend rate on St
, Paul common stock. and the large stock in
crease authorized by the directors Of the B.
& o.. the sole topic OF interest for the last
week in Wall street was the condition Of
the money market Forebodings for its
future were natural. as the result OF the
bank statement 4 week ago. when the fig
ures OF the clearing houses showed that all
they held above the legal limit was an
amount slightly in excess of Acoo.ooo.
An active money market was promised.
and the suggestion put forth by the leading
banks, as well as the conservative element.
that the time was opportune for a cessation
OF activity on the part OF the pools and
stock-market syndicates, which had been
actively st work.
II was even thought that the tightening
OF the loan account would be advisable in
view of the demands of the Western bank
ers and the operations Of the Subtreasury.
The course OF events. however. leaves no
doubt in the minds OF the authorities who
made the suggestions that the advance was
regarded as unwarranted. Speculation kept
on apace. the leading market operators
confident OF their position. furnishing the
strength by a lively up-biddirg OF prices.
which vas accompanied by broadening as-
uvity. At no time was there a narrow
Holders OF actual securities found they
could easily dispose OF them without any
material declines. either in large or small
quantities As was the case In the previous
week new high-record prices for some OF
the best-known railroad properties in the
country Mere established daily. There was
no crrtaiiment OF activity, and vet all this
business was transacted In the face OF a
constant tightenins Of the money market.
Rate for call funds rose from, I To nor
cent. sun The prices OF securities contin-
ued to rise. Toward the end OF the week
there was a slight tendency noticeable on
the part OF the tradesmen TO pay some at
Iention 10 the critical condition of the
money market, when rates rese to /, per
an actual dearth OF supplies which caused
real uneasiness. that any material effecr
%as p,odueed on the course of prices ON the
The fact that 30 per cent was asked and
obtained for call funds toward the end of
III, ,ie "esA zane az surprise to great
inany people who had been assured that
there would be no high money rates this
year; and that the banks would be able 10
1RgS TwS 5nin,s sm ,ne h FUNDS to move the crops.
lost sight OF In the calculations regardinc.
me money market No one seemed 10 take
w.is giving birth to large volumes Of i'm
ports on which large customs duties were
: ccSStlec.ed- since July l last. the records
snOw that ls2 In excess of the amount
Lor the same period last year was Collected
,! the Treasury Department as duties from
In the two and one-haf months since
july l the total revenue collected by the
Government from this source alone Amounts
70. approximately. s62.o0oo0Q Fully 60 per
cent OF this amount has been paid in cash
over the counter at the Custonihouse tn.
prosperty OF the country. reflected In IN,
large orders OF the merchants and jobhers
accounts for the heavy importations.
TREASURY BOARDING UP GOLD
within the past month these goods have
oeen sold and are now being delivered In
Ihc meantime the duties tied up In the sub
treasury began to figure very heavily IN m.
s,s,sy we,h.y loss OF cash shown by the bank
In time OF great prosperity. with ah,,d-
fnt crops TO move. with a commerciaI brsi
ness that Is unparalleled. We have m.
'pectacie OF the nations treasury hosrdi1a.,
lp money. absolutely preventing its ,se
n the channels in which il Is 20 ,irrentIx5
,eeded Aside from the demands Which
ne ne. VAL .s street SPECTATORS have placed
ipon the money market by their Short
aghted policy OF stirring up ACTIVITY At
MS critical time. IL must be admitf.d thai
ne treasury operations have been the r,,osf
,owerfui factor in creating the present
The Question Of gold imports has been
erioIsiy discussed by most OF the sores~,,
louses during the past week. The .fsciis,s
\ L., 9enana ar,,,a, oils. while substantial Vas
u the exchange market was not r,afnraIE
owaru gold imports at this time ~ fhe
ear. Ihe decline was caused By the ab-
'ormai rates which prevailed for money
Practically no corn has moved out fbla
ear ana Liverpool and Manchester show
I, 'dscidcd characterization TO buy cur cotton
ates prevail again this week. Il Is simost
erfain that gold viii be 1oving here TO
e.p tue advantages Of the shtppsr tnterene
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