The age-herald., 1901-12-07
ACTIVE SELLING IN STOCK MARKET Fears of Money Stringency Gain Upper Hand CHICAG0 NEEDED MONEY A Rise In New York Money Rate Will Help to Prevent Gold Ex-
 ports. But Not Spec
 ulation.
CHICAGO NEEDED MONEY

New York, December 6-Fears of mon ey stringency gained the upper hand in the stock market today and precipitated active selling throughout the list The bears were active and energetic in taking the market away at each recurrence or signs of selling and theg buying to cover at frequent intervals caused many IT, regularities and checks to the decline. The apparent running out Of the recent speculative movement in Manhattan and the consequent realizing by the longs was 8 feature of the market. The stock made an effective railing point for the bears in their aggressive onslaught on the mar ket. In the late dealings the stock fell to 1854, representing an extreme decline of 7H At the same time Amalgamated Copper which had fluctuated rather slug gishly, but heavily all day, took a new downward plunge to e95s compared with It's previous low record of TIE. i.lis un- settled the whole market and made the closing active and easy, but with tho selling pressure much less acute in the general list than in the stocks named. The deposit at the sub-treasury for trans.- fer to the interior of $1,00O, 900 completed tho fright over the money prospect which had been gathering force all day, with ths contemplation of the preliminary fig Nres Of the weeks currency movement.
 It appeared from these that the banks had gained on the interior movement by express more than $1,5O0,0OO up to this afternoon, thus seeming to offset the weeks loss from the sub-treasury which footed up last night $7,50O,00o Of today's deposits for transfer $65O,OO0 was for Chi cago and $S5o0o0 for New Orleans.
 The renewed demand from Chicago is said to be based on the furious specula- tion which has broken out in the grain market and the movement to New Or leans is doubtless connected with the activity In the cotton market. Of the weeE7 loss to the sub-treasury nearly s3,O0a000 represents deposits of legal ten ders to retire circulation and withdraw government bonds. These bonds have not been offered for redemption and ther is little to offset the decrease in the circulation. The payment for the &,0OO,000 gold exported is also included in the suh-treasury operations. New York exchange at Chicago, which fell to 50 cents. discount at one time yesterday stiffened to 30 cents discount today as a result of the currency shipment. These unexpected new demands upon the local money supply were reflected in calling in of loans and marking up of money rates. Banks marked up their call loan rates over their counter to five per cent. and exercised stricter discrimination as to industrial collateral The easier tone of the foreign exchange market was lost sight of in this new development, al- though it promised relief from the fur ther gold exports threatened next week. A rise in the New York money rate will help to prevent gold exports but not to the reli6f of speculative borrow CTS on call. The few stocks which made show of strenth during the morning succumbed to the weakness. Losses of to points were made by tho majority of the prominent active stocks. General electric after rising to 2S9A broke to 2S4h on the declaration of only the regular quarterly dividend and then fiuc- tuated widely above the lowest
 Bonds were easier in sympathy with stocks. Total sales par value $9,99O, 900.