The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-09-23
MARKET HAS SPASM
OF LIQUIDATION
Feverish and irregular Move
ment Throughout the Day.
SELLING WAS SCATTERED
Buying orders, However, Were Con.
centrated and In Many Cases
Were for 1000 Shares and
Upwards-strone Support.

New York, September 22.-There was
)pasm of liquidation In the stock mar
aet this morning and a somewhat fever
ash and irregular movement during the
rest of the day. This was inevitable after
the showing made by the banks on Sat-
urday of deficit of over ST. 600, 900 in the
reserves required, but the comparatively
small effect In the market and the per-
sstence with which efforts were renew
ed to advance prices the moment there
was the slightest relaxation in the sell
On pressure was again surprise to all
observers.
The selling was somewhat scattered in
ats origin, as shown by the comparative
~ small size of the selling orders. The
buying orders, however. were concen-
trated and in many cases were for a
thousand shares and upwards indicating
the large resources of the interests sup
porting the market Considerable inroads
were made upon prices nevertheless, Mis-
souri, Pacific being a conspicuous sufferer
with a loss of 81 during the latter part
of the day, that stock scored full re-
covery 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 closing
heavy feature OF the trading was the
bidding up of the old Burlington stock to
80 without bringing out any offerings, as
practically all the stock has been ex-
changed for joint bonds. The last sale
was in April at 194h. The advance In the
bid today seemed intended as an addi-
fiOOa1 or Of fha r.af ixya
cheapness of st. Paul
The money market was decidedly fever
tsh all day as might have been expected.
A small amount loaned at the opening at
2 per cent, but the rate ran up quickly to
is per cent, reacted to 10 per cent and
then rose again to the highest, at 20
per cent. The banks are under practical
necessities of contracting their loans in
order to repair the deficit in their re-
serves, but the process of contraction
seems to be done reluctantly. There was
no apparent purpose to push the process
beyond the actual necessities of the sit
uation created by the reserve deficit and
preparations for additional future inroads
upon cash reserves were not perceptble.
There was no symptoms of distrust or
lack of confidence in credits and the dis
position of tenders, including the banks,
seems to be to keep at loan every avail
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 a contribution of several
hundred thousand dollars by that institu-
ton to the banks. This was due to de-
cline from the recent average of customs
collections to large pension payments and
the additional disbursements of govern
ment interests. Small parcels of Klondyke
gold arriving on the Pacific coast are
made Immediately available by telegraph
&c transfer and the one million dollar
shipment from London Is expected to ar
rive. by the middle of this week. On the
other hand So, 600, 900 was transferred to-
day through the sub-treasury to New Or
leans and the sharp fall in sterling ex-
change was met by a 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 mony situation remains in
short to be found.
Bonds were easy but not very active.
Total sales par value s4,025,00O United
States Is coupon advanced u and the
registered IS per cent on the last call.