The Montgomery advertiser., 1902-10-01
WALL STREET REVIEW
LOSSES OF THE DAY BEFORE
 ARE WIPED OUT.
Trading Settled Down Into a Grow ing Buying Movement as the Day Progressed-Rumors of
 Strike Settlement.

NEW YORK, Sept. 3o.-The losses sustained in stocks yesterday, which reached practically today There were remaining traces of fever ishness in todays trading after the spaspodic
 recovery at the opsninf I su, Sn as the ;n,o day growing buying movement. which became fu-
 riously active in the final dealings and made
 the closing exceedingly buoyant on the largest
 volume of dealings of the day. The measures
 of relief for the money market offered by the
 Secretary of the Treasury were the primary
 causes of the sudden reversal of sentiment, but
 well-defned rumors of a settlement of the
 coal strike assisted the buoyant outburst at
 excitedly rising market. The money market
 showed none of the excessive strinEency Of
 high as ie per cent. in the forenoon, in spite
 of the relief at hand. Preparations for the
 October 1 disbursements were complicating
 factor. but during the afternoon the forces Of relief began to make an impression upon the
 market. Apparently the necessary prepara- completed. Call loan rates fell away rapidly and helped the very buoyant tone towards the close It has been very persistentiy main tained that the stringency of the money mar ket was the only cloud upon the speculative
 horizon and the only drawback to the upward course of prices of securities. It was but na- tural therefore that the news of the united drastic measures proposed by the Secretary or the Treasury for the release Of surplus Coy, ernment funds to the money market would | quickly have checked the demoralized senti- ment of yesterday. The remission of the re- quirement upon national banks to maintain | their 25 per cent. cash reserve against Govern | ment deposits promises to afford upward of S3o 900 900 of bank reserves for other pur-
 poses or to follow the argument of the Sec, retary of the Treasury to permit additional | credits to the amount of four times that of l cash reserves thus made available. This would equal Sl2o. ooo. 900 of additional credits for l the country at large. The amount of Govern ment deposits in New York banks amounts to
 some s4l 800 900, which also would be the amount of the additional credits immediately available to the New York market. That is to say over s 900 GOO of New York banks cash is released from the reserve requirement. There is no mistaking the stimulating effect of this possibility upon speculatieve sentiment. The extent of the effect of the other measures proposed by the Secretary was considered more open to question The action of the late mar ket raises some question to the exclusive part played by. the money stringency in the stock market depTossion. The sudden response to the expectation of a coal strike settlement indicates that the growing bad effects of that struggle upon industry in general were be- | coming increasing influence on the values | of securities. Measuring intimattons that | the Louisville and Nashville settlement was progressing also helped to restore confidence. | Bonds recovered in company with stocks. | Total sales (par value), S4 24o 900. United | States bonds were all unchanged on the last l call