The Montgomery advertiser., 1902-09-30
WALL STREET REVIEW
STOCK OF CALL MONEY, IS Ex-
 HAUSTED.
Opening Was Weak and Liquidation Continued in Varying Degrees All Day-Appearance of
 Panic at the Close.

NEW YORK, Sept. 2e.-The stock market opened weak this morning and the liquidation ing the last hour. of business belated borrow CTS found the supply of available funds ex- quickly to ss s pss csns @ Msantms there e waS a wholesale throwing over of stock all around the room. and the aspect of things was rapid the presidents gavel fell and trading was ended for the day Prices were still tumblins feverish rallies where the bears were scram- ling to take quick profits made no impression Some of the principal losses were I LonsviIie s% nos st Paul sS AehsSn son NorthwesternN 6A; General Electric and West inghouse Electric. 8 each; Manhattan. 5M, points Losses up to { points are common throughout the list. The local banks were entirely sr,ti, out of the money market and the the market. Funds of out-of- town banks and of industrial tenders made up the available large number of security holders who hoped that rates would work easier today. encouraged soh,snnd snis view by the notable recuperation conisderable margin of surplus reserves vealed by Saturdays bank statement, This from supplying their needs hopins that ae they hs could maintain the serenity of the money mar Net rS. Sy rsfraining cs ming from early demands upon 10 noon at about IS per cent. It Hurried dur ing the noon hour to 20 per cent. when the sequence was a wild scramble during the hnal hour to secure loans and a general sac not secure accommodation. The events of the latter part qf last week admonshed the bank ssr,eo1 lhs community that there was speculative ton to place all the funds they could secure in marginal holdings of stocks. Further ac- rily refused by the banks The effects of this oetermnation developed at the Stock Ex- commenced in London before the opentns here and an this had the effect of throwing about 1oooo shares for sale on the local market supposed to be for account of a lesbing Ameri- can operator now in London. Ali of the re-. were active in the iiauidation before the day closed. It canpot be said that there was any new unfavorable departments in the money situation. Rather there was common recog- hilton of the futur edemands to be met by the money market and the inadequacy of any these requirements The improved position of the banks had the effect this morning of stiff iening the foreign exchange market and cut ting of the hope of further relief by gold i'm ports, but yielded no relief to speculative bor- rowers; The various expedients by the treas- 9ry; the anticipation of October interest and dividends by some very large corporate in- terests tes and all other means that have been the money and credits locked up in sneculs. ,ilae i've commitments fin the stock market have not left enough to meet the interior demand
 
 Tor customs payments. It Is evident that the heaviest interior demand is yet to be met Apparently all interests arrived at a com mon determination today to take the short way to the only means of relief available which was by selling out stocks and paying on loans. Only tomorrow's developments can prove how far the necessary work has been accomplished. The disappointment over the fallure of the St; Paul directors te propose a stock increase. the uneasiness of the Louis vtlle minority stockholders as to how they are to be treated in the transfer of control and the further surgical treatment necessitated of the Presidents wounded leg intensified the disposition In the stock market But all other considerations were eclipsed by the difficulty or borrowing money to carry stocks.
 Tne bond market was weak but to a much less degree than stocks. Total sales (par value), S3. .el 900. United States bonds were all unchanged on the last call.
 Money and Exchange. NEW YORK. Sept. 2s.-Money on call. I2 G35 per cent. last loan at 20 per cent; closed offered at 20 per cent.
 Prime mercantile paper. per cent. Sterling exchange steady; actual business fin bankers bills at 4 55. 62564 e5 75 for demand and 4 S2 25f4 S2 375 for 60 days bills; post- ed rates 4S3@4 S31164 s6h
 Commercial bills. A 62d4. e2ik
 Bar silver, 5l; Mexican dollars, 40