The Montgomery advertiser., 1902-09-26
WALL STREET REVIEW
GALL MONEY BECOMES A LIT
TIE EASIER.
The Stock Market Reflects a Decided
Relief from the Process Of "Put-
ting the Screws" on specu-
lative Borrowers.

NEW YORK Sept. 25-The stock market
reflected decided relief from the process OF
which has been m effect this week. Money
rates still ruled high. running up to 22 per
cent. before midday. Prices ran of at that
time to a level between ! and points under
last night. but the money rate then relaxed
and prices started slow recovery. 1t was
apparent that no very ple.,iful supply OF
funds was available to speculative borrowers
for use In rebuying of stocks. but the actual
loan contraction and consequent forced liqui-
dalton was much lighter. 1t was reported
also that payments account to the United
states Realty merger amounting to over Sio,-
ooo.oo was reioaned in the stock market r
general understanding that the Secretary OF
the Treasury was to make statement and
offer additional relief was an argument for
the recovery. There a momentary set
back after the publication OF the statement.
h h ned h ssn N snd xa tns aqs e
rule. II cannot be said that the offer OF the
Secretary Of the Treasury to anticipate all
the present fiscal year gives great hope Of
relief to the money stringency in Wall street,
but the evidence afforded Of the Secretarys
observant care OF money market conditions MAD
a reassuring influence on sentiment. 1t is
recalled that Secretary Gage adopted the
same device on the 10Th OF October, 1899.
cutting of of the South African gold supply
had checked the import movement Of gold to
Stock Exchange then in a condition of over
speculation in newly foated industrial securi-
ties Gail loans went 10 50 ana ~ per cent
during the first week OF the month and after
becoming easier advanced to IS per cent
AGAIN at the end Of the month. Yet between
Oct. 10 and Nov. ! application had been made
at the sub treasury for the payment of only
S3S3,933 of Government interest not due until
after Nov. I. During November there was
the same lack of result from this offer and
It was decided that this expedient for releas-
ing the treasury surplus had failed, although
money continued stringent in New York and
the reserves Of the banks had reached a de-
felt of So. 7SS. $50 on Nov. in spite OF
heavy loan contractions. On Nov. 10 the
Secretary issued q circular Offering TO pur-
chase S2s. 600 900 of Government bonds. Of
fers to anticipate Government interest have
failed to meet with important response IN
ate developments were that the process OF de-
pletion Of New York bank reserves was shown
to continue. Yesterdays deposits at the sub
treasury for telegraphic transfer. the large
customs collections and the diminishing pen
sion payments resulted in a loss by the banks
to that institution of Sl.54I 900 for the day.
bringing the loss for the week to 81. 029, 600.
Against this is the receipt of 81 DOC. 600 In
gold which arrived on the Majestic yesterday.
Today $3.50 600 was transferred through the
sub-treasury to New Orleans, while that IN
stitution paid out account Of gold de-
posted at Pacific coast points $439 900 1t
clearing house banks has been 50 far strength
ened by the loan contraction that the ne
cessfte of further drastic contraction Is over
for the present
Early weakness of bonds gave place to ir-
regularity. Total sales (par value), 5000
600 United States old As advanced Y and
the 2s declined " per cent. on the last CALL