The Montgomery advertiser., 1902-09-23
WALL STREET REVIEW
sPAsM OF LIQUIDATION IN THE
MORNING.
A Somewhat Feverish and Irregular
Movement During the Rest of
the Day-Due to Showing
of Banks.

NEW YORK, Sept. 22.-There was a spasm
of liquidation in the stool. market this morn
ing and somewhat feverish and irregular
was inevitable after the showing made by
the banks Of Saturday OF a deficit of over ST.
800 900 in the reserves required but the
comparatively small effect in the market and
the persistence with which efforts were re-
newed to advance prices the moment there
was the slightest relaxation in the selling
pressure was again a surprise to all observ-
ers. The selling was somewhat scattered In
its origin shown by the compar arivcly small
size of the selling orders. The buying orders
however, concentrated and in many cases
were for a thousand shares and upwards in
dicating the large resources of the interests
supporting the market. Considerable inroads
we're male upon prices nevertheless Mis-
souri, Pacific being conspicuous sufferer
with loss of 81 during the latter part of the
day that stock scored a full recovery and st.
Paul was at one time over last week Another
furry In the money market to 20 per cent.
sent prices off at the last and made the clos
ing heavy. feature of the trading the
bidding up of the old Burlington stock to 2I0
without bringing out any offerings as prac-
tically all the stock has been retired in ex-
change for the JOINT bonds The last sale was
in April at 1914, The advance In the bid
today seemed intended as an additional demon
stration of the comparative cheapness of st.
Paul. The money market was decidedly fe-
verish all day. as might have been expected.
small amount loaned at the opening At
per cent but the rate ran up quickly to is
per cent. reacted TO 10 per cent. and then rosc
again to the highest at 20 per cent The
banks are under practical necessities of con-
deficit in their resrve, but the process of
contraction to be done reluctantly.
There APPARENT purpose to push the
process beyond the actual necessities of the
situation created by the reserve deficit and
preparations for additional future nroads upon
cash reserves were not perceptible There
no symptom Of distrust or lack of confidence
In credits and the disposition of tenders In
Guiding the banks. seems to be to keep at
loan every available dollar they can muster
trusting to future contingencies to check or
Offset the actual drain upon their reserves
The sub-treasury statement today showed
some slight relief from this drain in the shape
Of contribution of several hundred thousand
dollars by that institution to the banks. This
was due to a decline from the recent average
of customs collections to large pension pay
ments and the additional disbursements OF
Government interest. Small parcels of Klon-
dixie gold arriving the Pacific coast
made Immediately available by telegraphic
transfer and the one million dollar shipment
from London is expected to arrive by the
middle of this week. On the other hand,
$500 600 transferred today through the
sub-treasury to New Orleans and the sharp
fall in sterling exchange was met by rise
in the< price of gold and discount rates in
London. From interior centers reports are of
advancing money rates. Effective measures of
relief OF the local money situation remain in
short to be found
Bonds were easy, but not very active. To-
tai sales tpar value), s4.o25, 900. United
States 2s coupon advanced u and the regis
tered 2's | per cent. on the last call.