The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-12-13
CAUSED STOCK LIQUIDATION.
RALLIES CAME DURING DAY.
Still More Stringent Conditions in tho
Money Market Are Feared and tho
Close Was Lower.

NeSs York. December Il. Speculative
liuuidatian continued in the stock mar
ket today, Induced by the strlngcncy 10
money. whlch ran the call loan rate up
to T. per cent a. one time and forced
good shire Of liquidation. other selling
was precautionary In fear Of still more
Etrinen, conditions in tho money market.
A very material element in the days
weakness WAS tho short selling by the
hears. who became cmhnldcncd hy tho
inck of support Of tho market and put
out very large short lines Then the mar.
ket ttirued aud the hears found they had
been following the decline too closely and
they helped on the rally by bidding against
each other 10 get back stocks.
The lrally came when the banks came
into the exchange for the first time late
In the day aud offered large sums at
the prevailing rate. which was at the
high level. With the satisfaction of the
demand by these offerings, the rate fell
away ana the pressure on the stock mar
ket WIS quickly relaxed. The dealings by
the bears was the one, element in the
rally. This vas not fully held and the
market closed irregular The few frac-
tioral advances which had been established
on the rally were wiped out before the
close AID losses are shown practically
There Is nothing obscure about the sit.
ration OF the money market. with sur
plus recerves shown TO be below $1,000
goo in last Saturdays hank statement
and with large seasonable requirements
for credits known to be impending, II was
Obvious that the money supply would be
limited The oU'go OF gold Is continuing
in spite OF the. iced. for money, the day
showing Withdrawal of S.5o,0O0 from the
sub-treasnry TO- shipment on Saturday,
sald to be for Brazil. The renewed de,
naDd for the interior Is also an unex-
"a cd nan aud
today with the transfer Of 100000 to
New Orleans.
The redenptions OF government bonds
are not 81 ffCinet TO onset the require
meRts Of the sub-treasury, as Is shown
by yesterdays net gain by that institu-
tion. of sS43S,000 IN spite Of payment in
oo0e S Todfsy's payment FOR the same a,'G &C,
count. OF over half a million, therefore, at
fords little relief from the drain upon the
tre eaSs operSti 01 The available supply
OF government bonds for redemption has
grown exceedingly scarce and not much
further relief Is expected on that ac-
court. The anticipatory payments OF
government interest Will not be available
To- the money market until next week.
The, speculative LIQUIDATION poth IN
ing acme automatic relief 70 the money
situation, but large sums which are taken
out OF the call loan markst are placed IN
yanced II per cent for the shorter pc
RODS The net effect upon loan accounts
Of the banks Is therefore propiematlcsl.
Besfdfs the general influence Of The money
situation. 10 which special activity by. New
York: Central. Northwestern dropped I and
Omaha q Pennsylvania aud Norfolk and
Western fen over 2 points on acnount n
the htavy outlay spnounced for the Hnd-
SON river tunnel and the belief TO the
purchase 81 the focsnontss Coal corn pany
~ TIE Norfolk and Western decline OF
80 n Manhattan led 70 local fractions:
ikzsdax as lRaaltELsls sslsttas fysl ~ tsI