The Birmingham age-herald., 1908-09-12
PRICES IN STOCK
 MARKET WEAKER Advance In Call Money Rates
 Is KeenIy Felt BROKERS MORE CAUTIOUS 'F>ause of Rise In Call Money Rates Is Attributable to Calling of Loans by
 Banks to Redeem New
 York City Bonds.
BROKERS MORE CAUTIOUS

New York, September I.-Ihe action or the stock market today was striking testimony to the important part played by cheap and abundant money supplies in the movement which has carried prices to their current high levels. The stiffen- ing of the money market was very mod crate in degree and the available supply remains far from the point of exhaustion. The inroads making on that supply es- tablish Its declining tendency. however, and speculators' today continued to pay more for loans on call~ than for many months preceding. The apprehension that the forces of depletion may cause still higher rates proved a formidable weight upon speculative sentiment. Estimates by the accepted authorities of the weeks currency movement to and from the in- terior indicate the turning of the tide away from New York, the excess of shipments from the city having reached the neighborhood of $2,00O,000.
 Losses on sub-treasury operations, which amount to $2,327,0O0, are extended by pay ments to the government of drafts on New York corporations to pay internal revenue taxes, which make their appear ance only when a demand for cash at in- terior points is felt. There has been a marked decline also in the daily average of national bank notes presented to the sub-treasury for redemption, which is a feature of a season when interior banks are shipping this form of currency to New York. This pressure for current re- demption of bank notes has been so con fes strate condition of imitation of bank note issue. Bank notes in the United States treas ury fund still stand at upwards of $52- 000,00O in spite of efforts of extra clerical forces to keep up with the sorting of these bills for return to the issuing banks. This compares with a maximum of over S67, 100000 of these notes in the general fund in July, but it also compared with only $10,0OO,000 in the period before the re- Aux from the circulation began after the panic. The fact that only about ST. 0o0,00O of the $SOOO0,OO0 bond-secured circu- lation put out following the panic has been retired by the issuing banks ex- plains this automatic pressure to get out of circulation. It is believed that this
  gold also. There was less talk of exports of gold today. the slight rise in call money rates having resulted in a fall in foreign exchange.
 The rise in call money yesterday was traceable to calling of loans by one of the banks engaged in accommodating ex- change for the redemption of New ' YorIl city revenue bonds in London on Noveln- Der l. There were no reports of actual calling of loans today, but the supply of bank money offering on call was said to be less and this created fears of a definite turn away from the great ease in che situation. Various reports were current of the enormous volume of loans outstand- ing on call by the banks most closely affiliated with the group of capitalists credited with the conduct of the upward movement of prices during the summer. The control of the situation thus credited in few hands caused uneasiness ,iyer the possible effect of a campaign in the market of the position of so powerful a combination.
 The passing of the dividend on the American Locomotive stock yesterday made the other railroad equipment stocks weak and the differences from this were not helpful to the iron and steel group as a whole. Reading got some occasional benefit from the further consideration of yesterdays decision against the validity of the commodities clause of the Hepburn act. While the market was irregular at times the days business was done below yesterdays prices and the prevailing tone was weak.
 Bonds were irregular. Total sales, par value, $3.ssS.O00.
 United States bonds were unchanged on call.