Evening star., 1901-12-12
Stocks Were Irregular, With Inclina-
tion to Weakness.
CALL MONEY REACHED II PER CENT
Later Came Down to Three and
Prices Recovered.
GENERAL MARKET REPORTS

Special Dispatch TO The Evening Star
NEW YORK, December IA rally I'm
the stock market on cheap money while
the call rate prevailing at that time was =
per cent was an unusual but significant
feature OF today's dealings In securities.
As the incident indicates, the money rate
had been higher at one time. Il per cent
being demanded. and the mere addition OF
per cent to the legal rate came as a re-
lief to the speculative tension.
AT the higher rates the banks were free
lenders and later in the day the Offer
ings were reduced to G per cent The en-
tire stock market hinges upon the money
market Just now. and there is little hope
for any immediate return to the so-called
easy money condition.
The engagement OF $500 600 gold for shin
ment by Saturdays steamers was coupled
with the announcement that gold would
probably go out to Germany until after
the holiday period without regard to the
condition OF the exchange market.
Ihese shipments are due TO the retiring
OF the preferred stock of Northern Pacific
and the payment of borrowed money ia
Berlin. The operation is the natural out
come of business transactions I'm which
credits or partial payments are acceptod
but the outflow of gold to Europe at tins
season is most unwelcome. Domestic se:-
Elements usually force a furry in the
money market. but this year II per cent
money and an undesirable gold outflow
combine I'm forcing either s;agnation c-
liquidation throughout the security mar
kets.
There was considerable selling of long
stock today and much of II was due to an
effort to reduce the loan account Conser-
vative brokers have prepared for high
money by making time loans. and while
not inviting new buying, caution clients
against hasty selling. The character OF to-
days selling was called good at times.
however because of the houses which exc
cuted the larger orders
Keene brokers sold a miscellaneous line
of stocks and rumors OF liquidation IN that
quarter were rife.
The Steel stocks and Southern Pacific
were particularly heavy under pressure
from brokers who have frequently acted
for the pool in those shares. Union Pacific
was sold In round amounts and made a
new low point but displayed more stubborn
resistance than any of its neighbors
The coal stocks were sold in round
amounts, but in this group weak account
was responsible for the setback. Every
imagined account I'm the street is supposed
to contain either Erie or Reading stocks.
and the selling today forced out many such
interests. A decline in Pennsylvania and
New York Central brought the investment
group into line as a weak feature and fos-
tered the reactonary feeling elsewhere
Southern railway common and preferred
were freely sold, but met with pronounced
support.
During the last hour OF the day money
was offered down to per cent. and the en-
tire market rallied from Il to 1h per cent
from the low point
Amalgamated copper went through the
varying stages of weakness and strength
but inside interests were reported to have
advised against selling at this level The
properly, passed over as an episode OF no
Importance.