The Birmingham age-herald., 1902-10-07
BEARS ARE ALERT
 AND AGGRESSIVE
Buying to Cover Frequently
 Checked DoWnWardCourse
SOME VERY SHARPDECLINES
Much of the Losses Were curtaIled By the Rally Which Was In Prog ress at the Close of
 the Market.

New York, October 6.-Today's reaction ary stock market was typical of a well ordered liquidation. The bears were alert and aggressive all day to take away the market from the long interests. but they showed their fear of over-running the market by the frequency with which fhey bought to cover their short contracts This operation caused number of checks fo the downward course of prices and of rallies reaching from one to two points in a few stocks. Reading was twice lifted above last weeks level by these rallies and rumor was busy in Wall street all day regarding the next development in the coal strike situation The continued manifestation of interest in the subject by President Roosevelt, gave rise to the expectation of new steps to be taken by him There were many inconsistent re- ports as to the intentions of Governor Stone of Pennsylvania concerning the use of the military.
 The anthracite group was inclined to re- sist the reactionary tendency on this ac- count St. Paul also made a visible re- sistance to the decline and shared in the occasional rallies. The determination of the stockholders to issue new stock, to the extent of S25,OOO,OOO and the subserip- tion rights thus implied, helped the stock. It will be seen that neither of these stocks entirely escaped the prevail ing pressure to sell, which carried the general list down from 10 to over points with a large sprinkling of four point losses. The southwestern cotton and corn carriers were notable sufferers, doubtless on account of unfavorable crop reports. There were some heavy declines in the inactive list. Wells Fargo and United States Express dropping 15 points, New York airbrake 10, Northwestern nearly g., Lackawanna 71s and Brooklyn Union gas and Rock Island each. Some of the losses were curtailed by the rally which was in progress at the close of the mar ket due to the covering by shorts.
 Today's money market reflected clear 1y enough the policy of the banks in re- calling loans from the stock market as was foreshadowed by the action of the clearing house committee on Saturday in abstaining from availing themselves of the proffered release of the reserves against government deposits. The money rate ran up to 12 per cent at midday, and again to that level before the close. There was strict discrimination also in accepting collateral for loans This policy by the banks is a peremptory an- nouncement of the necessity for stock speculators to take in sail. 1t is a well recognized tenet of financial policy to accord credits very freely fin period of distrust or panic in order to check the disastrous contraction of credits. The emergency measure of clearing house certificates issues is considered Justined in such crisis. That the banks should insist on the contrary upon liquidation proceeding at this time, is evidence or their confidence in the solidity of the general situation, and the absence of fears that any substantial and legitimate business will be harmed by the liquida- tion of loans employed in the specula- five holdings of stocks. It is eminently true that the present stringency of money is not due to distrust or discredit at any point, but to the fact that available money for the imperative needs of the circulation is absolutely lacking, and can only be secured by diverting runds now placed in loans
 Bonds were weak but in less degree than stocks Total sales, par value, s3 995. .00O United States coupon advanced sh her cent on the last call Sterling ex- change continued to advance today, in spite of the renewed stringency of money here and easier money abroad, showing inc hopelessness of immediate relief by gold imports.