The Montgomery advertiser., 1902-08-19
WALL STREET REVIEW
THE MARKET WAS DULL AND
 SAGGING.
Expanding Needs of Circulation Making Increased Inroads Up- on the Banking Reserves. Central of Georgia Group
 is Weakened.

NEW YORK, Aug. l6-A dull and saggtns Gtock market today was the natural cnnse- quence of various evidences going to show that the expanding needs of the circulation are max ing increased inroads upon banking reserves The continued transfer of credits to foreign lenders through the medium of the exchange IT arkct mitigated the anxiety over tn. money outlook without entirely curing 1t. Ine re- sponse of the London discount market to the American borriwng demand giv,s warning that the process may be checked by bringing the interest rates of the TWO centers to a parity generally marked up their rates for call loans to A. per cent. and the rates touched per cent. during the morning There was less ae- mund for commercial paper and the rates for time loans were firmly held at per cent for all periods. Reports from interior none tary centers of finn tone to the money market and a large demand from smaller town and country places for currency. indicating the nearer approach & Of the demand TpeR pb,csro Sw sr dissonns oomPsr.a win aS cents premium is contributing slightly to the local money market by reason of the full tide in the monthly pension payment W but tho ?, wsef' rsseh. ington gave place today to surplus of sev- eral hundred thousand dollars for the first day during the current month This recalls the course of the Government revenues last month. the deficit having reached nearly S 3 900 coo about the o mdSe M of the the m month nth Sat a lrGay's treasury statement showed deficit for the month to date of s2 57t 32o. compared q for the corresponding period last year. The decrease in internal revenue thus far this
 month by reason of the repeal of the ,b ss year. while the customs receipts this month are s2, 5se. .a24 greater than last year and this thH monsh nDor si,2ai.es over last year It is only. therefore. by reason of an increase in the months expenditures by the Government of S4, 53O, 900 that the money market has ex perienced any relief from the drain caused last year by the Governments surplus Wheth Government is likely to be kept up is a prob | Ism much discussed in Wall Street owing to
 the approaching depletion Of banking reserve; was depressed by selling of stocks for London | account owing to hardening of money rates | reported showed some decline in the Southwest owing to shortage in the corn meement and
 M y Fl" o5 of | the president of the United States Steel COT, l poration had some influence in the general | tion were but little affected. orsetting fac | tors in the heavness of the market were the
 strength of Louisville and Nasnv,i,e on tuP l Toledo. St. Louis and Western on rumors of Vanderbilt control in Texas and Pacific on the | San Francisco. Chicago Terminal stocks on | rumored plans of new tenants and in nun
 Der of minor specialties. The closing tone | was dull and heavy. .
 The reduction in the yearly interest dis | bursement the Central of Georgia hrst Tn, | come WeAkenen that group VI stOIhs | some sympathetic effect elsewhere. Total sales | Gpar value). si.77o, 900. United states, re, l funding 2s advanced h and the new +s !a l per cent. on the last call.
 Money and Exchange.
 | NEW YORK Aug. i3.-Money on call firm l at 2h63 per cent; closing Did ana as"ed
 Prime mercantile paper. 4s4d5 per cent. | Sterling exchange weak at 4 ST for demand | and 4 64 50 for 60 days; posted rates' 4'ooh GA e5 and 4.6864 SSh
 Ccmmerciai bills. 4 e3k94. s4.
 | Rer silver 52%: Mexican dollars, dIh. | Government bonds. strong: State bonds, in | active; railrt ad bonds irregular.