The Birmingham age-herald., 1902-09-30
STOCK. MARKET
 IN HARD LINES
During Last Hour Supply Of
 Funds Was Exhausted
MONEY RATE JUMPED UP
Meanwhile There Was a Wholesale Throwing Over of Stocks All Around the Room and 1t
 Looked Like a Panic.

New York, September 2s.-The stock market opened weak this morning and ihe liquidation was continued in varying degrees all day. During the last hour of business. belated borrowers found the supply of avilable funds exhausted, and they ran the money rate up quickly to 35 per cent. Meantime there was a wholesale throwing over of stock all around the room, and the aspect of things was rap Idly takirg on an appearance of panic when the presidents gavel fell and trad ing was ended for the day. Prices were still tumbling rapidly in all directions, and the one or two feverish rallies where the bears were scrambling to take quick profits made no impression on the gen. eral demoralization of the market. some of the principal losses were Louisville and Nashville, HIS St. Paul, 99s; Atchi- son, 6S; Illinois Central, SIS; Pennsyl- vania, 51k Baltimore and Ohio, 5ss; Ca- nadian Pacific, 6; Northwestern, 6%; Gen erai Electric and Westinghouse Electric, B; Manhattan 51s. and long list of prom inent stocks over points, Losses up to points are common throughout the list. The local banks were entirely out of the money market. and the trust companies were very small lenders in the market. Funds Of out-of-t town banks and of in- diyidual tenders made up the available supply
 It was very evident that there was a large number of security-holders who hoped that rates would work easier today, encouraged to this view by the notable recuperatlon achieved by the banks last week, and the considerable margin of surplus reserves revealed by Saturdays bank statement This class held off dur ing the early part of the day from sup plying thelr needs hoping that they could maintain the serenity of the money mar ket by refraining from early demands upon it. The call loan rate was pretty quiet up to noon at about 15 per cent. It Hurried during the noon hour to 20 per cent. when the demand again became Jess urgent. The consequence was a wild scramble in the final hour to secure loans and general sacrifice of holdings on the part of those who could not secure ac- comodation.
 The events of the latter part of last week admonished the banking communi- ty that there was a speculative element absolutely persisting in a determination to place all the funds they could for this purpose was premtorily refused by the banks. The effect of this determination developed at the stock exchange before the day closed. The liquidation com menced in London before the opening here and this had the effect of throwing about 70,0GO shares for sale on the local market at the opening on arbitrage ae count.
 This was supposed to be for account of leading American operator now in London. All of the recently active specu- lative pools and commissions were active in the liquidation before the day closed. It cannot be said that there was any 4fD al lGf,.r. r.fr afc in ho money situation. Rather there was a common recognition of the future de- naands to be met by the money market and the adequacy of any available source Of repienishment to meet these require ments. The improved position of the banks had the effect this morning of etlffening the foreign exchange market md cutting off the hope of further re- lief by gold imports, but yielded no re- lief to speculative borrowers. The vari- GUS expedients by the treasury, the an- ticipation of October interest and divi- dends by some very large corporate in terests and all other means that have ben tried. have simply served to demon strate that the money unC credits lock- cd up in speculative commitments in the stock market have not left enough to meet the interior demand of circulation and the ub-treasury demand for GUS toms payments. It Is evident that the heaviest interior demand s yet to be met Apparently all inteersts arrived at common determination today to take the short way to the only means of re- lief available which was by selling olt stocks and paying off loans. Only tc morrows developments can prove how far the necessary work has been a3- complished
 The disappointment over the failure of the St. Paul directors to propose a stock increase, the uneasiness of the Louisville minority stockholders as to how they to be treated in the trans fer of control. and the further surgical treatment necessary of the Presidents wounded leg intensified the disposition in the stock market. But all other con- eiderations were ecipsed by the difficult ty of borrowing ~oney to carry stocks.
 The bond market was weak but to a much less degree than stocRs Total .eales par value, $3.915.O00. United States bonds were all unchanged on the last call.
 New York Stocks.