The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-10-09
SHARP SLUMP IN
PRICES OF STOCKS
In Spite of Attempts to Bolster
Market Decline Occurs
CASH RESERVES FALL OFF
Condition of Money Market Is Not
Strong and This Is Primary
Cause of the Decline in
General List.
CASH RESERVES FALL OFF

New York, October S.--The struggle to
maintain prices of stocks met with poor
success today, although the effect on the
market was seen in the constant f1uetu-
atoms, which kept alive the spirit OF I'M
certainty in the speculation throughout
the day. Early prices generally We're
higher and at the first relapse there were
numerous renewals of the attempts to
turn the course of prices upwards. The
growing conviction of the exigencies OF
The money market situation prevailed
over other consideration and decided
the downward tendency of prices. PUP
LEGATION of the preliminary estimates VI
the weeks currency movement dlscioseu
SO heavy an inroad on cash resources OIL
the banks as to threaten dencit III
the legal reserve unless the position mas
been conserved by a drastic reduction OIL
deposit liabilities through loan contrac-
ton.
The idea that deposits Of cash ex-
pended by visitors to the Huosoh-f VI
ton celebration might have belated ell
feet ON the bank statement has no cor
roboration in the estimates by the bank
themselves The express movement with
The interior seems to have been at the
EXPENSE of New York to the extent OIL
UPWARDS 81 100000 and the sub-treasury ap-
sorption has taken up $4.392,oVo Witnoue
counting 100000 with that instltulloi
TODAY for Geographic transmission 10 san
Francisco and shipment to Japan. ms
transaction is on London order, Tor meet
inc London indebtedness to Japan, pu-
10 sipnificant of Londons command Oh
credits here to enable bankers to make
the transaction. The incident gave IorcS
to a suggestion of Londons aolilly "
command shipments of gold from view
York to Brazil In connection with the
heavy coffee shipments.
Continued selling of stocks here for
London account was a feature OF the eN-
change situation. The exports OF wheat
for the week rose $4,000 bushels over
those of last week. London private dis
count rates held at yesterdays high point
which is so near the Bank OF nhsla.u
official rate as to preclude any lurti,or
material rise while resort Is open 10 inc
government institution. Inc pressure On
the market directs attention TO the oiu-
time facility with which loans were snl1t-
cd To the trust companies on such &C.
casions. H.,
The present situation is the nfst Wheh
,oonev has grown tight since the new law
became effective obliging the trust eoiii-
panies to maintain 10 per cent OF cash re-
serves in their own vaults. The accumu-
lation of the additional reserves oy lhe
trust companies was not without enect
on the money rate in New YORK ourins
the lethargic' money market at the tiilie
- danression The rise in call loans 10
4 ner cent for a brief interval in the thru
week of December of last year was at.
tributed to the preparations of the trust
companies for the final installment Tor al,
aition cash reserves which was required
Inv FEBRUARY / of this year.
There was an expectation IN wan s're re,
today that the United states treasury WIZ