The Birmingham age-herald., 1902-10-01
MONDAYS LOSSES
 WERE WIPED OUT
Forces of Relief Make Impress
 sion on the Market
CALL MONEY STILL HIGH
1ntInatIon That the L. 6 N. Settle. ment Was Progressing Favorably Helped to Restore Confidence.
 shaw's Plan Helped.

New York September sO.-The losses Sustained In prices yesterday, which al- most reached panic proportions, were more than wiped out today. There were remaining traces of feverishness in to- days trading after the spasmodic re- covery at the opening, but as the day progressed the trading settled down into a growing buying movement, which be- came furiously active in the final deal 1ngs and made the close exceedingly buoyant on the largest volume of deal ings of the day. The measures of relief for the money market oIfered by the secretary of the treasury were the pri- mary causes of the sudden reversal of sentiment, but well defined rumors of a settlement of the coal strike, assisted the buoyant outburst at the close, the coalers taking the lead of the excitedly rising market.
 The money market showed none of the excessive strinkency of yesterday, but rates for call loans went as high as 19 per cent in the forenoon, in spite of the relief at hand. Preparations for the October 1 disbursements were a compli- eating factor. but during the afternoon the forces of relief began to make an im- pression upon the market. Apparently the necessary preparations for the Oc- tober payments also had been completed. Call loan rates fell away rapidly and helped the very buoyant tone towards the close. It has been very consistently maintained that the stringency of the money market was the only cloud upon Ina 41a44 N.t. nA kt1 .1r, drawback to the upward course of prices of securities.
 It was but natural, therefore, that the news of the quite drastic measures pro- posed by the secretary of the treasury Tor the release of surplus government Funds to the money market quickly checked the demoralized sentiment of yesterday. The remission of the require ment upon national banks to maintain their 20 per cent cash reserve against government deposits promises to afford upwards of $S0OO0,00O of bank reserves for other purposes, or, to follow the argu- ment of the secretary of the treasury, to permit additional credits to the amount of four times the cash reserves thus made available. This would equal $780, 000,00O of additional credit for the country at large.
 The government deposits in New York OdHhS amount to some 94l, ,OUU,UUU, WHICH also would be the amounts of the addi- Hional credits immediately available tc the New York market That is to say over S1OOOO, DOC of New York banks cash is released from the reserve requirement. There Is no mistaking the stimulating eff. feet of this possibility upon speculative sentiment. The extent of the effect o1 the other measures proposed by the sec retary was considered more open tC question. The action of the late market raises some question as to the exclusive part played by the money strihgency ir the stock market depression. The sud- lien response to the expectation of coal strike settlement indicates that the growing bad effects of that struggle upon industry in general were becoming an in creasing influence on the value of securi- fies. Measuring intimations that the Louisville and Nashville settlement was progressing also helped to restore conf Hence.
 Bonds recovered in company with stocks. Total sales, par value, $4, ,240 900. United States bonds were all unchanged pn the last call.