The Birmingham age-herald., 1903-03-08
WALL STREET IS
 NOW RECOVERING ManyPeopIe Worked Hard Over Financial Bill MONEY RATES WORKED UP Gossip of Stocks and Bonds and Rail roads-consolldatlon of the
 Rock Island. and the 1T.
 Frisco syotem.
BY w. G. NICHOLAS.

New York March 7.-Wall street is re- covering from its disappointment over the failure of congress to pass the AL drich financial bill A good many people In the stock market quarter worked themselves into quite an excitement over this bill, and led themselves really to be- lieve that the country was in danger Of utter ruin if congress neglected 10 extend the relief demanded. There was wild talk of bringing pressure to bear upon the President to call an extra session of con gress to act on the measure, but the movement ended where it began, in wind.
 The original proposition, at best, had only divided support right here in the fi- nanclal center and so many amendments of doubtful wisdom were tackled on to the bill that conservatives confess quiet satisfaction at its fate.
 The country will now proceed under the same laws that have controlled dur ing the periods of extraordinary prosper ity with which it has been blessed during the past few decades. Cynies remark that Wall street merely finds itself in the position of an impudent road agent who grabbed at a purse and failed, to get the spells. It sought to secure the use Of every dollar of government surplus on its own terms and simply failed to obtain the privilege. The secretary of the trea- ury still has the right to deposit govern ment funds derived from internal revenue collections and as it will be eight months before the next crop movement begins he will have ample time to make provision for the emergency, so far as lies in his power.
 Meantime the government surplus will be reduced by $50, 000,000 or so by payments on the Panama canal The bulk of this payment will be made abroad but the deal will no doubt be consummated with out disturbing the domestic money mar ct. The chances are that the cash will remain in this country, and payments provided for abroad by the sale of finance bills on international banking credit. In fact, plans are understood to be already matured for such an arrangement.
 Banks Have Advanced Rates.
 The New York banks have marked up rates on money, the chief object of the move being to stop the outflow of cur- rency to the interior. Another object was to remove the temptation to ship gold abroad by making exportation un- III DUH ulTecllOHS l0e play IS succeeding.
 The current of cash to the west and south has slowed down and there is no longer talk of gold exports. Meantime there has been considerable liquidation in the stock market and the calling of loans. The bears in stocks and in cotton, as well. delight to call attention sto the unparalleled extension in loans by the New York banks. The clearing house in- sttutions now show an aggregate of S950, 000 GOO out time and call against deposits of S963, 100000.
 The margin of reserves above the 25 per cent. legal requirement. has thinned down to a shaving. The fact is overlook ed. however, that the New York clearing house banks have increased their capital and surplus during the year more than $50, 000.000 and that private banking houses outside the association have en- larged their resources immensely in that time. The banks have also largely in- creased their secret emergency fund, which is now said to exceed s4OOOO,000.