Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-16
BEARS IN CONTROL.
Present and Prospective En-:
gagementS of Gold to
Go Abroad.
AND A FURRY IN MONEY
The Chief Clubs With Which They,
Knock Down Prices.
GOULDS AND THE INDUSTRIILS
Are Most Active and Sustain the Most
Important Lesses.
READING STRONG ON LIGHT TRADING
ESPECIAL TELEGRAM TO THE D1sPArcH.I

ESPECIAL TELEGRAM TO THE DIsPATcHI
NEW YORK, Dec. 15.-The stock market
has not often presented a more fertile field
for conjecture than it did to-day. A univer-
sal, and in many cases. material decline In
prices may be briefly and comprehensively
explained by sudden burst of activity in
the call money market, which was naturally
attributed to the heavy exports of specie
and prospects of even larger shipments next
week
Perhaps the most interesting theory ad.
vanced in part explanation of to-day's
movement OF the stock market is that the
most intimate associates and the successors
of the late Mr.. Gould embraced an opportu-
nifty to make retort in the market to those
who have argued that his death removed
weight from the prices of securities and who
have operated accordingly. In support of
this theory, attention is called to the fact
that Western Union and Missouri Pacific
were pronounced features, both in respect
10 activity and the net losses
they sustained. They were surpassed
in both respects only by the industrial
group. This diagnosis of the speculation.
though interesting and to an extent plausi-
Dle is of course not susceptible OF proof
The calling of loans was reflected in the
money market before midday, but not until
the last hour did rates exceed the statutory
limit. They ran up to IS per cent. and the
final quotations were considerably above
l1er cent. The important thing to be de-
termined tomorrow is whether the higher
rates for money will be maintained anG
also their effect upon the foreign exchange
market. That market came to standstill
to-day as soon as the rates for call loans ad-
vanced beyond per cent.
Tie heaviest dealings were in Distillfng
and Cattle Feeding. and they resulted in a
net decline of per cent. Sugar Renn1ng
was second in respect to activity, but the
loss 1t sustained was only third as large as
that in Distilling. OF the other 1ndustrials
chicago Gas closed per cent lower tnan
yesterday, National Lead, on large transac-
tiOns, 10 per cent, ana the less active mem.
bers OF the group 1915 per cent, with the ex-
ception of United States Rubber, which
appeared on the regular list for the first
time, and closed only half point lower
than yesterday.
In the railway list the greatest activity
was in Missouri Pacific and the net loss sus-
tanned by il was 29s per cent, which was
twice as great as that sustained by any
other stock. Reading was exceptionally
firm on light transactions and closed only Il
per cent lower.
Until the last hour the market was in the
main dull and sluggish, but after the money
market developed activity the street as
usual ceased to reason clearly, If it all, and
in consequence there was a tendency
toward Generalization. The closing, how
ever. WAS At d Sllg0G recovery from the low
est prices except for stocks that appeared to |
suffer from special pressure.
Especial From Dow. Jones & Co..
NEW YORK, Dec. 15.-The market has |
to-day for the first time. shown direct evil
dence of alarm on the part of the holders of |
stocks. and about an hour before the clos
ing there was quite panicky feeling. This |
was due to cumulative causes The first |
thing to unsettle the market was a sharp |
break in Distillers' in the first half hour,
the advance in spirits inducing very heavy
realizations, which were attributed to in
Eiders. Henry CIews & Co. were especially
heavy sellers, it is said, for the West. A
good many stop orders were struck. Lead |
then showed weakness, and the bulls did
not attempt to support it after it was found |
that stock was to be had freely. 1t was un-
dcrstood that the advantages OF consolida- |
tion will be on the side of Linseed Oil rather |
than Lead EI1e, Sugar and New England |
were exceptions without any ostensiDle |
reason.
The continued discussion OF the position, |
with special reference to gold shipments |
and fears OF a very large gold export move |
ment next eek, depressed the general list |
steadily and at about O'Clock there was |
quite rush to sell stocks, accompanied by |
reports OF extensive calling in OF loans in /
nrt.rarations for shipments OF gold. This |
ca used money to be bid up to IA per cent and
scared the room pretty considerably. On
the IDEA that an ADVANCE IN money would L
st0n exports of gold there was a slight rally
III thc last hOur, but just at the close the |
market weakened again and the feeling of
the traders was uniformly one of alarm.
Y WIS felt that the key to the position
was the market for exchange. Sterling
closed strong tonight, although sellers OF
bills for cash had to make slight conces-
sion. The most reliable authorities agree
in saying that there will probably be heavy
exports OF gold next week and possibly
some on Saturday. Bankers again speak
with some concern of the position of affairs |
The Reading income interest will be de-
cided on the morning OF the annual election
OF directors.