The Birmingham age-herald., 1902-10-02
STOCK MARKET
 STILL UNCERTAIN  Constant Variations in Course
 of Prices All Day. BECAME QUE TERAT CLOSE In the Final Hour the Money Rate Ran Up to the Highest Point of
 the Day and Induced Con
 siderable Selling.
 
BECAME QUlETERAT CLOSE

New York, October 1-There were traces of feverishness in the stock mar ket today and constant variations in the course of prices all day, but the tone be- came queter as the day progressed and affairs of the market showed a tendency to settle down to a normal condition af- ter the excitement of the previous two days. The rush of those long on stocks to take profits in the opening dealings this morning was entirely natural con- sidering the buoyant uprush of prices at the closing last night, and considering also the denials on the part of officials among the coal operators that there was any basis for yesterdays rumor of a settlement.
 The rumors continued to play part in the market and the principal strength of the day was shown by the coal stocks, the buying of Reading apparently com- ing from inside sources. The same pow erful interest was credited with the sup port of other stocks, notably United States and Southern railway, and the sentimental effect of this buying was a potent factor in rallying the market from its opening depression.
 The only actual news that became pub lie before the close of the market con- corning the strike situation was the in- vitation by President Roosevelt for a meeting with him of representatives of the mine operators and the miners. The sympathetic effect of the buying of Read ing, Southern railway and United States Steel was manifest among the coa1ers generally, both anthracite and bitumin- ous and amongst several of the independ- ent steel companies. But the buying was not pursued to a notably higher level and there were constant reactions throughout the day.
 In the final hour the money rate ran up to the highest point of the day and induced considerable selling, making the close easy Outside the stocks which made show of strength during the day. final prices were at or near the lowest in many cases. Louisville lost an ex- treme points and closed within point of that and St. Pauls loss amounts to points. The effect was manifest of the forces of relief of the money stringency and money was easier throughout the day, although pretty stiff at times. The disbursement of the October 1 payments of dividends and interest served to re- lease some resources that were temporar- fly tied up and the payment of govern ment interests due after October 1 was begun at the sub-treasury. The banks also were in the market to some extent as lenders as a result of the release of that portion of the cash reserves held against government deposits There was nothing in the nature of forced liquida- tion, therefore, but there was manifest indisposition to replace at once loans liquidated on Monday, which had figured in marginal accounts in the stock mar ket The realization was very general, in fact, that crisis had been averted on Monday that was more dangerous than was appreciated at the time. The chas- tening effect of this influence was seen in the more sober character of the deal ings in stocks.
 The bond market was quiet and steady. Total sales, par value, $S,O90,00O. United States old As, coupon, advanced 4 per cent on the last call.