The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-09-29
NO APPRECIABLE
CHANGE APPARENT
Stock Market About the Same
as Wednesday
DEWEY CELEBRATION CAUSE
Rates for Call Money Vibrate During
Period of Active Demand, and
Then Takes Tumble to
Per Cent.
DEWEY CELEBRATION CAUSE

securities today was a small and tame af-
fair by contrast with the violent fuctua-
tions of the earlier period of the money
stringency.z The rate for call money
vtorated between 12a14 per cent. during the
period of active demand but after that
was satisfied fell by quick stages to per
cent. The needs of borrowers over holi-
days was satisfied in part yesterday in an
tcipation of the pressure of the accommo-
aation today and consequently todays
higher rate did not reach within per cent.
Of yesterdays. The bank statement was
Gnfavorable beyond all expressed anticipa-
ton. Although the outgo to the suo-treas-
ury was reduced to 81 900 for four days
of business, the losses of cash to the in
terror brought the total reduction in the
reserve up to $i,545, AGO. In spite of a net
reduction in loans elf $7,752, 100 the meagre
surplus reserve was still further reduced
N,239,200. 1t is obvious that loans made in
the last few days on the stock exchange
do not figure largely in this showing ami
the accommodations were probably secured
by dealers in money who had supplied
themselves time loans some time ago and
Who put their supplies out again at the
Profitable ruling rates in place of the loans
'alled by the banks to meet demand for the
october settlement.
Inc showing of the bank statement and
the continued tghtness of money We're Off
set by the additional engagements of gold
Tor import and the drop in the rates for
sterllng exchange to very near the regular
import point. The sentiment the stock
exchange was that further relief to the
money market from this source is now
available and that a regular movement is
now fairly inaugurated. No pressure of Ii
quotation was manifest and present holders
OF stock evidently found themselves strong
enough to await a more favorable turn of
affairs. The confidence in further gold i'm
ports was emphasized by the failure of the
Bank of England to advance it's official dis
count rate Notwithstanding the fact that
the principal demand for money in London
is now thrown upon the central institution
by reason of the higher prevailing private
rate of discount. fall in sterling ex-
change at Berlin in response to the former
discounts there suggested additional pres
lure on London for gold from that source
tlone. The gold moving to New York sug-
sested additional pressure on London for
gold from this source alone. With gold
moving to New York some measure of pro-
lection by the bank at an early day may be
accepted certainty. The interior
money markets in this country gave no
evidence of a relaxation of pressure upon
New York for funds for New York with ex-
change at interior points tending rather
downward. Some relief is anticipated
next week from dividend and interest dis
bursement and from the money to be left
in the city by visitors to the Dewey cele-
bration Except for recovery of 3h in
Tennessee Coal, gains of IA and in the
st. Louis Southwestern stocks and wide
movements in a few usually inactive
stocks todays market was without nota-
BILE incident. The total dealings fell to the
level of the midsummer period of dizziness.
Dealings in bonds were on small scale
and price changes were mixed. Total sales
par value ST. $4,000. United States new As
declined IL in the bid price.
The elimination of two days from the
business week and the prospect of dizziness
next week consequent upon the yacht
races accentuated the speculative stagna-
ton which always follows period of UNI
usual activity in the stock market and linn
tied the transactions of the last four days.
The hope is expressed that dividend and
interest disbursements next week may
serve to relieve somewhat the local press
ure upon the money market. Many widely
varying estimates are heard also of the
effect of Expenditures by Dewey day visitors
on the local money supply. But as to the
main cause of the depletion of banking re-
serves it Is manifest that the needs of the
interior movement of crops are not APP
peased. The governments expenditures are
now running we'll The August surplus
will apparently be doubled in September
and the July deficit is more than wiped
4
year progresses. There has been constant
demand for all the gold certificates which
have been available at the New York SUBJ
treasury. But as these simply served to
convert the gold of New York banks into
a form more desired by the depositors their
distribution has augmented rates. Many
of the clearing house institutions started
the week with their reserves under the le-
gal limit and with additional demands upon
them there has been further calling of
loans.
The stock market has been unprepared
to move upwards under the circumstances
But 1T has shown signs of resistance to a
decline also which made the bears weary
of radng stocks. 1t is evident that stocks
are much less vulnerable to attack and
that weak speculative holdings on margin
and with borrowed money have been
shaken down upon a more solid foundation
Stocks with intrinsic merit were taken
at such times by power of the interests
not dependent upon ordinary money market
resources. Some of those provided them
selves with funds on time loans before the
present strngency set in and have hand
some profit available now by reloanng on
call. Mo small part of current transactions
In money are of this character and nat
urally do not affect the showing of the
banks at all. There have been several
monthly reports by great railroad systems
during the week showing extraordinarily
favorable results and reports of weekly
gross earnings show the high level well
maintained. The Transvaal developments
have caused but slight influence in the local
stock markets.
New York September 2s.-lMoney on call
easier at 3q14 per cent: last loan at g.
Prime mercantile paper, 51sG6 per cent.
Sterling exchange heavy, with actual
business in bankers bills at $4S4st6AS5H
for demand and $4.S1Ad4S1% for sixty
days.
Posted rates &S2k94s3 and slS61k
Commercial bfiis $4S0ia.
Silver certificates, $4,000
Bar silver, 5Skc.
Mexican dollars, 47Ac.
Government bonds weak.
State bonds inactive.
Railroad bonds irregular.
(By Private Wire to Talbot & Pahrer)
sTOOKS g