The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-09-26
STEEL MARKET
IS STILL WEAK
Some Relief from Process of
Putting the Screws"
MONEY RATES RULED HIGH
Differ of Secretary Of Treasury to Give
a Statement of Money Conditions
Was an Argument for
Recovery.
MONEY RATES RULED HIGH

New York. September 25.-The stock
market reflected decided relief from the
process of putting the screws" on spec
ulative borrowers which has been In eff
feet this week. Money rates still ruled
high, running up to % per cent before
midday. Prices ran off at that time to
level between and 2 points under last
night, but the money rate then relaxed
and prices started a slow recovery. 1t
was apparent that no very plentiful sup
IL Of funds was available to speculative
borrowers for use In rebuying of stocks
bat the actual loan contraction and con-
sequent forced liquidation was much
lighter. 1t was reported also that pay
ments on account of United States realty
merger amounting to over 100000 was
re-loaned II the stock market and helped
to break the money rate. The general
understanding that the secretary OF the
treasury was to make a statement and
offer additional relief was an argument
for the recovery. There was momenta-
~ set back after the publication OF the
statement but prices hardened again
and the market closed below the best.
Net gains are the rule. 1t cannot be
said that the offer of the secretary of
the treasury to anticipate the payment of
all government interest due up to the end
OF the present fiscal year, gives great
hope of relief to the money stringeney
in Wall street, but the evidence AFFORDED
of the secretarys observant care OF
money market conditions had a reassur-
ing influence upon sentiment. 1t is re-
called that Secretary Gage adopted the
same advice on the 10th of October, 1899,
when the outbreak Of the Boer war and
the cutting off of the South African
geld supply had checked the import
movement of gold TO New York and
forced liquidation on our stock exchange,
then in condition of over speculation
in newly noated industrial securities. Call
loans went to So and 40 per cent during
the first week of the month and after
becoming easier advanced to So per cent
again at the end Of the month.
Yet between October 10 and November
/ application has lie en- male al the sun
treasury for the payment of eGly sdsS 993
OF government interest not due Until
after November /. During NoNemoer
there was the same lack Of fesult from
this offer and it was decided that this
expedient for releasing the treasury sur
plus had failed although none" con-
tinued stringent in New York and the
reserves of the banks hal reached de-
felt Of 81, 7SS, $50 on November IL N spite
of heavy loan contractions. On No
vember Is the secretary issued cir
cular offering to purchase $25,O00,0O0 of
government bonds Offers to anticipate
government interest have failed to meet
with important response In other periods
of stringency. Todays immediate de-
velopments were that the process OF de-
pletion of New York bank reserves was
shown to continue. Yesterdays deposits
at the sub treasury for Geographic
transfer the large customs collections
and the Diminishing pension payments
resulted in a loss by the banks to that
institution of $1,541 900 for the day, bi
ing the loss for the week to $2,029,0O0
Against this is the receipts of $1,000, 900
in gold which arrived on the Majestic
Yesterday. Today S35O,OOO was transferred
the sub-treasury to New Orleans, while
that institution paid out on account OF
gold deposited at Pacific coast points
S3490OO. Tt is evident, however, that the
position of the clearing house banks mas
been so far strengthened by the loan
contraction that the necessity of further
drastic contractions is over for the pres
ent.
Early weakness Of bonds gave place t
irreguiarity. Total sales par value $4,-
100000.
United States As advanced "a and the
rs declined Is per cent on the last call