Show MONEY RATE Sifti HH It Was Quoted at Twenty Two Per Cent Yesterday PRICES FOR STOCKS < DROP When Relaxation Came Later There Was a Slow Recovery It Was Apparent Ap-parent That No Plentiful Supply of Funds Was Available to Speculative Specu-lative Borrowers for Use in Rebuy ing Stocks There Was Some Disappointment Dis-appointment Over the Statement of tho Secretary of the Treasury Silver and Drafts Now York Sept 23Bar silver 5lUc Mexican dollars ICfcc San Francisco Sept 21Silver barn Dlic Mexican dollars nominal drafts sight 7 c drafts telegraph lee Money and Exchange New York Sent 23Close Money on call llrm it 12gi2 per cent closed easier olfercd nt 5 per cent prime mercantile paper G per cent strrllng exchange steady with actual business In bankers bills at lS3 i for demand and at lS2Ujf IS2i for sixty dajs posted rates lS3ff liSA commercial bills flSUfgJ82 Now York Metals New York Sept Speculnllve interest inter-est In tin was at a standstill today consumers con-sumers wanted little of It and a dlspoal ion on the part of the holders to unload therefore brought about a sharp break In prices amounting to about 23 polntn on spot which closed nt J23C07j2570 At London Lon-don also there was weakness of undertone and decline recorded of 1 Is 6d spot cbs lag lit 117 and futuics nt 1U ins Copper was a shade better on some grades standard cloning at 310751Z11 lake 5llCOTni75 electrolytic SlllOTfU 50 cast lag 511I07M15 The foreign market for copper advanced 2a M to 52 7s Cd for spot nail 52 lOs for futures A limited demand for lend was supplied at old prices Spot closed at lc l hero and at 10 ITs Gd nt London Speller was quiet and steady here without with-out change spot 514c London closed at 10 English Iron markers wcro Influenced Ibv the demand from this sldo and wore luphcr GlnpRow closed at 5s 3d and Mlddlesboro at K5fl Cd TIme homo market lies quiet and unchanged wnrrants nominal nom-inal No 1 foundry northern 2T1J25C1 No 2 foundry northern No 1 foundry southern south-ern and No 1 foundry southern soft 22 < J23c San Francisco Mining Stocks San Francisco Sept 2Tho official closing quotations for mining stocks today to-day wcro as follows Alln 3 M Kcntuck Con 3 01 Andes 01 Mexican SO Belcher 03 Occidental Con 13 Best Belcher 11 Ophlr 103 Bullion 01 Overman 13 Caledonia 03 Potosl KS Challenge Con 10 Savage 07 Chollar 07 Seg Belcher 01 Confidence C7 Sierra cvada 03 C C Vii llfi Silver Hill M Crown Point 01 Union Con IS Gould t Curry 10 Utnh Con W Halo Nor 2 Yellow Jacket W Justice 021 NEW YORK MINING STOCKS Adnms Con 20 Llltle Chief 11 Alice 2 Leadvlllo C 01 Brecco W Phoenix 01 Brunswick C 07 Potosi 11 Comstock T 03 Savage 03 C C Va 103 Sierra cv 0 > Horn Sliver 129 Small Hopes 30 Iron Silver 70 Standard 3J BOSTON MINING STOCKS Adventure 3 2000 S Copper 1G2 Allouez 2W Quincy 12300 C II KGu500 Tamarack 1700 Centennial 1GW Trlmountaln 500 Copper R r72 Trinity 1100 Franklin 10CO Victoria 5CO Isle Royalc 1300 Mnona ITO Osccola 700 Ytfolvcrlnc 3W Parrot 2500 London Wool Auctions London Sept 25Time offerings at the wool auction today numbered 11135 bales American buyers took suitable parcels of crossnreds Coarse sorts sold well from 5 to 1 above the July series Stocks and Bonds Now York Sept 25The stock market reflected decided relief from tho proccs3 of putting the screws on speciilntlvu borrower which has boon In effect this week Money rates sllll ruled high running run-ning up lo 22 per cent before midday Prices ran olf nl that Limo lo between land l-and 2 points under last night but the money rate then relaxed and prices started start-ed a slow recovery It was apparent thnt no very plentiful supply of funds was nvnllnhlo lo speculative borrowers for use In rcbuylng stocks but time uclunl loiin contraction and consequent forced llcjul dallon was much lighter 11 was reported nlpo that payments on itccounl of ITnllud States realty merger amounting lo over MOWXWiO was feloancd In the steel mar ket and helped to break time money rate The general understanding that the Secretary Sec-retary of the Treasury wus to make a statement and offer additional relief uas an arguinciiL In favor of recovery There ias a moment of setback after time puh llcntlon of the statement hut prices hardened hard-ened again and the market closed firm but bolow the best Net gains arc Iho rule It cannot bo said lint time offer of tho Secretary of the Treasury lo nnllolpnlo Iho payment of nil government Interest duo to time end of the present ilfcnl year gives great hopn of relief lo the money Htrlngoncy In Vnll street but tIme evi dence afforded nt the Secretarys observant observ-ant care of money market conditions has been a reassuring Influence upon mall fluent 11 Is recalled that Secretary Gage adopted tho name dovlco on Oclober lOlh JS03 when the outbreak of the Boer war nnd time culling off of the South African gold supply hnd checked the Important movement of gold to Nev York nnd forced liquidation on our slock exchange tiles In u condition of ovcrepcculullon In newly flouted Industrial securities Call loans went to 33 and 10 per cent during lie Ural week of tin month nnd after becoming easier advanced to Zi per cent again nt the end of the month Yet be tween October 10th nnd November 1st nn pllcatlon hnd bcc n made fit the Html Irennury for the payment of onlv 5S3j 33 of government Interosl duo after Novemn ber 1st During November there was the sam lack of result from this offer and It was decided that this expedient for releasing the treasury surplus hnd failed though money continued strIngent In Now York and the reserves of the banks had reached doilclt of 27Jf uO on November 11th In spllo of hcay loan contractIons On November No-vember 15th the Secretary Issued a circu inn offering to purchase OOOOCO of government gov-ernment bonds Offers lo anticipate government gov-ernment Interest have failed to meet with Important rcapons o In oilier periods of stringency Todnvs immediate developments were that the urOccsH of depletion of Now York bank reserves was shown to con tinue the loss for time week t > n far amounting lo 2023000 Against this Is thai rocclot of Sl000000 gold which arrived on the Mnjpstlc yeHlordav Today VX WO wna trnnafcrred through thn MublreB ury lo New Orleans while list iictitmi then pnld out on account of gold depos lied ul Pacific Coast olnln SI i5OCO H N evident however that the posit Inn of the clearing houso hanks lms boon so far lrongthened bv 1 the loan eontmotlon Hint the neressltv nf further maStiC contrnc ion Is over for time prosent Early weakness of bonds gave place to HvH 4 M I 4 M 4 1 I H + 1 + H + f + + + + 4 ± i ± + V SILVER i V New York 5Ufcc l San Francisco 51lc J I London 25 ll16d i LEAD If i Now York exchange fl121 I 3 COPPER 7 > t New York cxchnngo SliHKJllJO 1 > STOCKS AND GRAIN 1 f Money rate runs up to 22 per 1 I ecu l I < i Stock market reflected decided re fi lief from the process of putting the 3 > 3 screws on 3 i Cattle steady hogs dull 2Cy25c 4 I < lower than Wednesday sheep J4 4 stealy l I 7 ILI 4 I I 4 3 Irregularity fetal pales par vnluc SIOLUOiO United Stales old lo advanced J i and the 2s declined V 5 per cent on the last call NEW YORK BOND LIST U S ref 2s meg iO9 U S 5s coup lOof U S ref 2s coupllo Cole South 4s 93 U S 3s rep IOS D i R G Is 10m U S 3s coup IOS N Pac Is U S new As rng137 N Pac U S new Is coup137 S Pac Is 01 U S old In 1 rcg110 U Pnc Is iOtTh U S old hi 4OUI > lll lt U Pac conv 4B1O9 U S 63 rcg it CLOSING STOCK LIST SnlcslIlchLowClosc Atchison 7SCOO 91Ji SO 918 IVftcircd 7JOO 102 4 1WV 102 Baltimore Ohio 33JM 111 IGO1 110 Preferred O M Canadian Pacific 16900 HO 1331 133 1 H Cnnndn Southern 200 EHi SG S5 Clusapeakc Ohio 5800 f2 51 E2V Chlcngo Alton 2100 SJT S A 2 Li Preferred 20 Bli 7I t 1 C 1ml t St L 76 Preferred OS Chicago E Ill 211 Chicago t Gt W 2EOO 31 3016 3lV A preferred Ste B preferred GOO 48 4C I7 > i Chicago N W 203 231 231 tiC ti-C n I P 000 200 19d liflLi Chicago T Tran 1550 22Vi 21 22H Preferred 1100 4ttt S915 I0 C C C St L COO 103Ti 103it 1Cfl l l Colorado Southern SCO 32j 311 324k First preferred 73 i Second preferred DCO 19 IS 49 Del Hudson 700 17C 17ul 17C Del L t W 270 Denver R G MO 17 l I8 i ½ 4Gi Preferred 2300 C21 91 > 024 Erie 1GSOO K 3S14 394i First preferred 100 GS C7 C3Vi Second preferred liOO 55 51 51 Gt Northern pfd IW IOn 193 395 Hocking Valley SOO 06 91 te1 Preferred 91 Illinois Central 10S X 153T4 151 ISS A Iowa Central 200 4G loll K5V Preferred COO S2 O3 S2 Lake Erie W 62 Preferred 200 1HO 12S 125 Loulsvlllo t 1 Nash 13W 11916 H7i J 149 Manhattan Ij 2SOM 137Vi 135 > A 13ii Met St Railway 3300 112 14UA lll i JMexlcan Central lCOO 26 26Vi 27 Mexican National 3500 19i 19ri 19 Minn St Louis llOVt Missouri Pacific C6MO 11GVS il3f i15 > t M K T UOO 32 30Vi 32 Preferred 26M GUI 64 Cl Now Jersey Central 17C Now York Central OSOO C 15SI ICO Norfolk Western 12400 74L 7134 7TJ Preferred 03 Ontario S Western KO WA 33Vv Zt Pennsylvania 31000 ICIX lG2 t li > 1 > i Rending 63100 t3 i CGj G7i First preferred FJ Second preferred 323W 7Gi 75 76VA St L t S F 3300 SO 79 79 First preferred 8116 Second preferred 7CO 75 7IU 7I St L S W 5 25 31 SIK St Paul 42100 Itr i 191 1031i Preferred 1003 195 lM j 197 Southern Pacific 55SOO 7cyt 71 76VI Southern Hallway 1I9W 33 37T 3S Preferred 210 DC W OSi Toxna < fc Pacific G7CO IS1 JC 47 T St L c W 23 Preferred 1700 13 I2 13 Union Pacific 59700 107 i lOo 107t Preferred 2300 92b 01 9lfe Wabash 9600 3151 33 3l = n Preferred 1150 K > 49A 5IY2 Wheeling L E CO 2S S 27j Second preferred 200 39Vi 29 > i SBl Wisconsin Central 13CO 28 J7 i 2S > i I Preferred 2000 51 53 f 3i Express Cos Adams 210 American rio United Stales 10i ISO IW 113 WellsFarso 210 Mlncellaneous Ainal Copper 12200 ft GIVJ 65 Am Car it Fdyr IJOl WIJ 3l5i 234 Preferred 20 Dl i Ol i 91 Am Linseed Oil IB Preferred GO Am Smell Ref 1000 IG 15 ti Anaconda Mln Co 400 10l 101 101 Bkn RapId Trunnlt 11000 03 01 OITi l Cole Fuel Iron 500 SOft 7S SO Consolidated Gas 4300 221 219 220V Con Tobacco pfd 400 lJ2i 121 lJ i Gen Electric ex div ICO ISO 1S7 ISOVj Hocking Coal SCO 2t 20 20 International Paper 600 COV COVt 20l Preferred 73 Inter Power 400 70 70 M Lnclcdc Gas 01 National niactilt 41o 47t 17 17 Nntlonul Lend 5700 2Si 2Gi 2S North American 1700 ICO 327 l9 > Pacific Const 3200 79f 78 7911 Pacific Mall 1000 13 llf 43 i Peoples Gas 1200 113 10I1 10J Press Steel Car 2400 51T4 53 M Preferred IW SO4 F0i SOTi Pullman Pal Car 100 225 20S 26 5 Republic Steel 3100 2HI 20TJ 2PI Preferred 1700 79li 77Ts S Sugar 79M 12S 12Gti 127li Tens Coal Iron 5200 6tii C3 Cfl1 Union B P Co 14V Preferred 7S U S Leather 7200 1U 13vfr 1 I i Preferred 3I1 S34 Mt N U S Rubber COO 1SV 17 17 i Preferred roil 6SV oS1 f 7 U S Steel 2o400 t01 C91t 10 Preferred 1500 SSA 95 S WcHtern Hnlon VO M j P3 O3i Am Locomollvo 1301 SI1 30 SHi Preferred 70 O11 ½ 9H1 93 K C Southern 2200 SGla Sji 30 Preferred 000 SSlf 57 57 i Total sales for Ihc day 00100 shares Secretary Shaws Statement Washington Sept Secretary Shaw today gave out tIme following statement Money once covered Into the treasury n < id this of course Includes time sub trensurlen cannot thoreaftor bo deposited in banks All custom receipts arc by law linyiblo to the subtrensury and treasury Tim only fund thoreforQ available In banks Is Internal revenue and miscellaneous receipts re-ceipts boforo they have been actually covered cov-ered Into the treasury Those nmount to about JWXMW mL day and since the stringency strin-gency arose lo their fullest extent have bucn steadfastly returned to circulation Tutu policy will bo continued for thirty or sixty days If needed and longer If ncccs aav In the meantime national bank circa hitlon has bet a Increased about 7000000 largely Induced hy the distribution of dc poults and the furlhur Increase to Ihe amount of SSOjflOC hi assured All rumors of experiments have been unauthorised by Iho Tnnmiry department depart-ment It Is lo be hoped that thin public will plnco no credit In vagaries startqd by IrresponslMo and untruslod men of lie street It Is also hoped that the coun try vlll underslaiifl that tim Treasury do purlmcnt lo lImo extent of Its ability will stand by the lmnkut East and West North and South nnd It IB also hoped lust limo hank will ytnnd by every business busi-ness and interest that la worth protect InrrThe The only way lo gol money out of the treasury Into circulation after It has been actually covered In Is by the payment of legal obligations of the Government These mny be anticipated Time department did anticipate tIme October Interest 1L now orrery lo nntlclpalo nil Interest maturing between October lot and the end of Iho llacal year If presented wllhln sixty days at a rebate of 210 of 1 per cent per month which In nl tim rate of 24 por cent per annum In other words these obligations obli-gations will be prepaid fit auch a rate an to allow lie Government to profit there by at 21 per edit per annum The amount maturing before June 30 1S01 la In round llgurus 20C30000 Time prollt lo the Gov ernmcnl If this offer shall he accepted Will be In round MguroH 220000 There will be no experiments tried and no policy adopted until I aftor i malum I < lo liberation and no feelers will be sent out Anyihlng to the contrary should be discredited dis-credited |