The times. [volume] (Richmond, Va.) 1890-1903, 1901-12-13
MONEY STRINGENT
IN VAIL STREET
Causing Speculative Liquidation in
Stocks.
CALL LOANS TWELVE PER CENT.
The Banks Came 10 The Rescue There
Vas Immediately Strong Rally.
Bonds Were Active
and Weak.
NV Associated rress.i

NEW YORK, Dec. l2.-Specuiative
liquidation continued in the stock mafke e.
to-day, induced by the stringency III
money, which ran the call loan rate VI,
10 L. per cent. at one time and ioTcGu
i good share of liquidation. Other seii
ing was precautionary IN fear OF sun
more stringent conditions in the ino.SSS
market a very material element IN A nc
days weakness was the short sciiips ~
the bears, who became embroidered Ny siie
lack OF support in the market anu az
out very large snort lines !" lcti -, -
market turned the bears fonnd lheE Hau
been following the decline TOO cioseiy,
and they helped on tho 'a4ly ny DiduilS
against each other to get back STOCKS.
The rally came when The banks came
into 4fhe exchange for The hrSt time. late
in tho day. ard offered large sums at the
prevailing rate. which was at the hish
level
With the satisfaction OF the demand by
these offerings the rate few away, ana
the pressure upon the stock market vas
bears was the principal element in the
rally THIS was not fully held and the
market closed Irregular. Inc few frac-
tional advances w7tlicn had been estab-
lished on the rally were wiped out be-
fore the close. and losses are shown
practically throughout
There is nothing obscure about the
uoSition of the money market with sur
plus reserves shown to be below 5000
coo in last Saturdays bank statement
and with large seasonable requirements
IcF GREATS RnCWli to DC Impending, IL
was obvious that the money supply would
be limited The outSo OF cold is contin-
uinS in spite Of the need IoT money to-
day showing a w1.Hdrawal OF 100000
from the Su5-Treasury for shipment On
Saturday said to be for Brazil. The re-
newed demand for the interior is also an
unexpected development. and MAS con-
tnued to-day with the transfer OF 500 cDu
10 New orleans.
The redemptions of Government rofGs
ere not sufficient TO offset the repuj'e-
ments of the sub TreasuTy. as is shown
in yesterdays net gain by that insu+u-
ton Of S43SN0e, in spite Df payment IN
redemption OF bonds of upward of 81 az,
count of over half a million therefore,
affords little relief to the drain upon The
money market The available supply of
Government bonds for redemption has
grown exceedingly scarce. and not much
further relief is expected on that account.
The anticipatory payment of Government
interest will not be available to the
money market until next week. Besides
the general influence OF the money sit
nation there was some special weakness
OF 3"4. owing to the restriction of action
by the directors of the Vanderbilt roads
at to-GayS meetings, 10 an advance in
the dividend rate on Canada Southern.
PENNSYLVANIA ana Norfolk and Western
fell over points apiece the heavy out
lays announced for the Hudson River
tunnel and the belief i'll the purchase of
the locahontds Coal Company by the
Norfolk and Western.
a decline of 2i2 in Manhattan led the
weakness in the local fractions.
Bonds Were active and weak. Total
sales par value S:..ti,. 600. United States
Nonds were all unchanged On the last can.
The total sales of stocks TO-DAY We're
9I6,1Q5 shares.