The Birmingham age-herald., 1902-09-16
STOCK MARKET
 VERY SENSITIVE. Price Movements Regulated by Money Market Changes VERY FIRM AT OPENING No Apprehension as to Money Crisis, But the Outlook for Speculative
 Borrowers Is Somewhat
 clouded.
VERY FIRM AT OPENING

New York. September 15.-Today's stock market showed itself very sensitive to the money situation and the price move ments throughout the day were closely related to the developments in the money market. The firm opening in the stock market was obviously due to the hope that the measure ot relief announced by the secretary of the treasury would re- cult In forcing down the rate for call loans. The opening rate of Is per cent rounteracted this influence and induced general spiling over of stocks all around the room. Money lenders reported that the funds offered at 15 per cent were mostly for accounts for out-of-town in-- stitutions.
 Several millions reported shipped from Chicago on Saturday were presumably Included in these funds. Meantime the local banks were holding for 20 per cent rate, which some of them got later In the day when the out-of-town supply had been absorbed. When the demand for loans had been satisfied some of these banks found themselves with funds still on hand which they offered in the market and helped to break the rate to per TAvtveNfeee ment in subscriptions to the Oregon Short Line bond issue greatly aggravated the situation and necessitated considerable calling and shifting of loans. At the time the previous similar installment was paid the funds were immediately reloaned at the stock exchange, and the presumption is thus warranted that the same thing was done today This would account for the large supply of money which came into the market late in the day. The small requirements left unsatisfled at the time emphasized the weakness.
 The sharp decline in sterling exchange encouraged the hope that the engage ments of gold for import are near at hand, the rate for sterling at the close being within a small fraction of the point at which gold imports are reckoned profitable Posted rates for sterling sixty day bills were twice reduced, bringing the price down full cent in the pound, while for demand sterling the posted rate was marked down 11c.
 The London money rate was not aHect- ed but the stock market there was dis turbed by a fear that the Bank of Eng land would advance its minimum discount rate this week in order to help divert New York S demand for gold upon Paris, which Is generally believed to be best equipped at present to meet the demand. The stock market closed without any actual en- gagement being announced. The low prices of the day in the stock market fol- lowed closely upon the 20 per cent rates for money and the late easing in the money rate resulted in substantial rally, which wiped out earlier losses in num- Der of important stocks, out still left fractional net losses in the majority Of cases No one is heard to express any apprehension that there is danger of money crisis in commercial or industrial affairs, but the outlook for speculative borrowers for the purpose of holding se- curlties on margin is believed to be some what clouded. The point Is made that the recent depletion of New York bank reserves is largely on account of sub treasury requirements due to heavy GUS toms payments and not on account of in- terior demand for money. This would in dicate that the heaN fest demand from the interior is yet to come. It is pointed out, also that the present stress for funds centers very largely about the stock ex- change and is local to New York. The plan of relief of the treasury department will be widely scattered in respect to the increase of government deposits. Previous experience has shown that offers to pay government interest in advance are not areely availed of, even In periods of act ual stringency.
 Bonds moved narrowly in sympathy with stocks Total sales. par value, s., D5O,000 Government bonds were all un- changed on the last call.