The Montgomery advertiser., 1902-09-13
n. & B. Beer,
Cotton Merchants,
NEW ORLEANS.
1fEAfHERs or: New orisaas Cotton Ex.
e0anos. New xorK Cotton Exchaugs. ana A.
secfafs Members Liverpool Cotton Associatton
oeeciai attention given b the sxscution o.
oeexnsfs Ter future delivery In cotton
WALL STREET REVIEW
HIGH CALL FOR MONEY CAUSES
SHARP DECLINES.
Closing Rates for Loans Was go Per
Cent-Unsettled Tone Prevail ( ;
ed Throughout the
Entire Day. :

NEW YORK. Sept i2-Call money advanced
70 20 per cent shortly before the close Of to-
heavy throughout closed with marked declines.
Opening Prices were lower. though mostls
ctersed ,pe sys sene Wn,rm odsrste
transactions was apparent from the outset:
Tendon came lower on the absence Of New
1ork support. though later there was consid-
cradle Improvement and better demand for
mternationals in that market. Missouri Pacific
~. the chief sufferer N the early trading.
exyery- The decline In the srangers and Pa
slaos vas IN part due to reporr ,of frost In
- corn belt. The selling OF Baltimore and
60 yas accompanied By reports that insiders
~ discounted the extra stock issue. st. Paul
=: Sut IN he msi stocks oa Which then Rsi
1Aeof own were Of the sc-cailed pool class.
- was no great pressure. AGAINST any par.
0cuinr stock but the early high rate for call
DnAsx-lo per cent.-coupled with reports that
- e tbs banks were showing Discrimination
- ths matter Of collateral, added to the in
oreaelng uneasIness. Louisville and Nashville
- neck island were among the few stocks
st rsaset.d frmness At this tuncture. the
g6Aes check in the second hour when call
-. advanced some more. but no great
l6vOrtheless It was clear that a number Of
Neqk accounts were shaken out. There was
selly u the granger group on reports that the
time Manhattan also selling ex-dfvidend was
4eirg absorbed In small lots on rumors OF
Hnited staAss Steel shares were heavy with
ffltIe or no evidence OF support but the
strength Of Union Pacific and ST. Paul was
EusEestive OF pool support. while the weakness
~ Chesapeake and Ohio was attributed to In
tide selling. further reactionary movement
- In during the second hour Of the afternoon
Wheu money advanced to 3 per cent. De-
rIines ct that time embraced practically all
The active issues and brought prices to the
lowest level OF the day. Maximum declines Of
3 points were registered by st. Paul. Missouri
Pacific. Norfolk and Western and western.
Nth 2 3A-peint declins n: Louisville and
ctnities. Announcement OF Nv 20 per cent
rate In call money was the signal for another
selling movement, but partial recoveries were
VILE. The Anal dealings brought some more
liquidation and the closing was heavy and
unsettled. In addition to the net losses al
ready mentioned net declines Of point OF
ohio Chicago and Northwestern. Minneapolis.
Gt. Paul and Sault Ste Marie preferred. North
American. Reading second preferred. WestinE-
house Electric, New York Air Brake, General
copper stocks and numerous others. Net gains
were the exception and mostly fractional.
London traded in about 600 shares, mostly
On the buying side during the decline. Aside
outlook generally was disquieting. Forecasts
showed further heavy losses of cash by the
BANKS the greater part of 1t to the sub
treasury, which paid out over $4,000 for
nsnsferlsng $50. 600 to New orleans for
cfep purposes, but these operations will not
show In fomorrows bank statement. II was
understood that the heavy loss In the surplus
reserves had been met by a calling In of loans
Reports of approaching imports of Sc, 600 DOC
to this center and Boston were not confirmed
The bond market was less active today and
resctionary in sympathy WITH the aep ns nn
United States bonds were all unchanged or
the last call f-