The Birmingham age-herald., 1902-10-09
DECIDED RELIEF
 IN STOCK MARKET
Demand to Cover Short Con- tracts by Bears Was Factor,
LITTLE TRADING ALL DAY
Total Sales Amounted to About Half a Million Shares, While They Ere quentiy Reached Million Shares
 During the Days of Trouble.

New York, October S.-There was decid- ed relief today from the pressure of the credit contraction by the banks, and the result was sharp recovery in the prices of stocks The demand to cover short con- tracts by the bears was Q considerable factor, as the recent heavy declines have made operators on that side bold and quite active. There was some show of en- shusiasm in the early buying, and con- siderable gains were established. The en- thusiasm however, did not last the day out, and the bears regained some oonn- deuce and ceased their efforts to cover Some points of strength persisted to the last, notably Union Pacific, but the mar ket generally became somewhat apathetlc and closing prices were generally peio" the best.
 stiffening in the money rate late In the day to 1S per cent and heavy sell ing movement in Amalgamated copper helped to unsettle the late dealings me weakness of ama1gamated is due to the decline in the price of copper both in New York and London. The considerable strengthening of the position of the banks
  ..severai developments today tending to re- plenish their cash resources gave rise to the query whether the corner had been turned in money stringency so that some confidence might be felt that forced liquidation of stocks had come to an end The earlier view was that this might be hoped for with some confidence, but the wavering course of prices later in the day showed that this opinion was shaken
 The mere fact that todays volure of dealings ran to but little over half million shares compared with an average of about a million during the recent days of weakness shows that the recovery was lacking in strong impetus The banks also showed no disposition to deviate from their recent determination not to extend credits to stock market customers for the present. There was payment due today of nearly $1S000,000 on account of the subscriptions to the syndicate for talk l ing over the Louisville and Nashville. This represents a 50 per cent payment, and the remaining 30 per cent is payable a week from today. A 30 per cent install ment has been called by the ship combine syndicate calling for about Sl5,00OO0O and payable this week. Fifty per cent of sub HcIlDllOnS TOT new bdlllulOIS anu CiA' stock calling for $21, 250,000 are payable on October IT. These large syndicate require ments may be the cause of the continued unsettlement in the money market in spite fthe relieving factors at work The i3. 100000 of Australian gold at San Fran cisco was made payable at the sub-treas- ury here today. Large requirements for the payment of New York taxes have been met, and is returning to the chan nels of the markets. Measuring reports of the health of Russell Sage were quiet Ing influence in the money market. For eign exchange continued downward course and some loan bills were sold in that market It is also believed that the morning strength shown by Americans in London is due to re-purchases there by American sellers in this market to get the benefit of the chamber money rates for carrying stocks. But there was some buying here today for London account, which helped to weaken exchange. The continuing diversion of government re- ceipts except customs into bank deposits affords relief from the sub-treasury drain. There were some hopeful express sions current over the coal strike outlook today which helped sustain the market Union Pacific was supported with de- termination and closed at the highest price. The bond market was more irreg- ular than stocks and deovleped points of weakness as the day progressed. Total sales. par value, $3,665.O@
 United States new 4s advanced A per gent on the last call.