The Birmingham age-herald., 1902-10-10
STOCK MARKET
 ROCKING ALONG GeneraIShow of fEarly Strength
 Gave Way FALSE STRIKE R0M0RS
Report Was Circulated to the Effect That J. Pierpont Morgan Had As serted His Authority to Bring
 About Settlement.

New York October s.-Today's stock market was much the same as that of yesterday. The volume of dealings was about the same and the general show Of early strength gave way to an intensely dull and hesitating market in the after noon, as 1t did yesterday. The closing was very irregular, with a few of the leading stocks at top prices. and others at bot tom prices and sagging uncertainty be- tween those levels for the majority of the list. The favorable outlook for easier money and the strong current belief that the coal strike was on the eve of a set clement were the motives of buying : Mnlch showed some urgency in the case of some of the coa1ers.
 The obvious fact that earnest consulta- Hons were going on and every effort be- Ing made to bring powerful influences to bear to effect settlement of the strike gave color to the belief and gave rise to countless rumors, none of which could De authenticated The fayorite story this morning was that J. P. Morgan had as serted his authority in favor of comA promise with the strikers and that Pres ident Baer, of the Reading, had there Hpoia ldSlSntu. 1kGDOTlS were C1lICnA that large orders which had been placed abroad for coal were being cancelled by cable on account of the imminence of the resumption of mining
 Official disclaimers of many of the ru- mors were put out during the course of the day and prices declined in conse- quence. Stocks of gas companies shared most notably in the strength, of the coal stocks owing to the relief the coal strike gp,tlpmpnf VVouId a fo bo fxy of material for the manufacture of gas. However, gains of 1 to points were very well distributed through the list at the period of the highest prices.
 The payment yesterday by the sub treasury of 100000 on account of Aus tralian gold at San Francisco was sup plemented today by the payment of $S7O,- GOO additional on the same account. An Incoming steamship also brought another million dollars worth of gold of the South African consignment secured by the Na- tional City oank. The sub-treasury has contributed a small sum to the money market during the week on regular op- erations. It appears therefor that the banks have gained gold to the extent of about S5,000.000 to offset the shipments to the interior. It was the knowledge of this condition that caused the hopes of easier money. But while no liquidation was forced by calling or loans, the DankS still refrained from extending loans on the stock exchange. Late in the day call loans mounted again to 15 per cent.
 Rates for time loans for thirty days to six months are still held in the neigh borhood of to per cent for the vari- ous periods, thus showing the conviction that money will continue scarce well into the coming year. Sterling exchange steadieG again today and intimations came from London that the Bank oi England is preparing to borrow money from the market in order ito check the downward course of discount rates and prevent possible gold exports. The week. ly statement shows that the English in- stitution had lost $562 ,0S5 in gold. The Bank of France in the same time lost $2, 6O0,O00 in gold. The New York exchange at Chicago dropped today to 25Q30 cents discount, compared with 10 cents discount yesterday thus indicating pretty clearly the direction which will be taken by the first money that can be spared by the New York banks. The stimulating in- fuence of the hope of easier money was also enumerated in this way, helping to the irregular tone of the late market.
 Bonds became irregular in sympathy with stocks Total sales, par value, S2- 720O0O United States bonds were all un- changed on the last call.