The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-12-13
CALL RATE STILL RISING
NEW MAXIMUM FOR THE PERIOD
REACHED AT IL PER CENT.
More Gold Going Out, This Time to
Brazil-StOcks Show Losses All
Through the List.

NEW YORK, Dec. 12.-Speculative liqui-
dation continued in the stock market to-
day, induced by the stringency in money,
which ran the call loan rate up TO u per
cent. at one time, and forced good share
Of liquidation. Other selling was precau-
tionary, in fear of still more stringent con-
ditions in the money market. A very ma
terial element in the days weakness was
short selling by the bears, who became
embOldened by the lack of support in the
market and put out very large short lines.
Then the market turned, and the bears
found they had been following the decline
too closely, and they helped the rally
by bidding against each other to get back
stocks. The rally came when the banks
came into the exchange for the first time,
late in the day, and 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 and
the pressure on the stock market was
quickly relaxed. The advance was not fully
held, and the market closed irregular. The
few fractional advances which had been
established on the rally were wiped out
practically throughout. There is nothing
obscure about the situation Of the money
market With surplus reserves shown to
be below 100000 in last Saturdays bank
statement and with large seasonable re-
quirements for credits known to be impend-
ing it was obvious that the money supply
would be limited. The outgo of gold con-
tinues, in spite of the need for money, the
day showing a withdrawal of $4,000 from
the subtreasury for shipment on Saturday,
coiH - P1- TIL.
for the interior is also an unexpected de-
velopment, and was continued to-day with
! the transfer of 100000 70 New Orleans.
| The redemptiOnS of government bonds are
\ not sufficient to offset the requirements Of
the subtreasury, as is shown by yester-
| days net gain by that institution of $43S 600,
in spite of payment in redemption of bonds
| Of upward of 81 10000. The days payment
| for the same account of over half a mil
| lion therefore affords little relief from the
/ drain upon the market account of the
/ routine subtreasury operations The avail
| able supply OF government bonds for re-
demption 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
| situation there was some special weakness
| SHOWN by New York Central at q decline
| of S& on account of the restriction of ac-
| ton by the directors of the Vanderbilt
roads at to-day's meetings to an advance
| in the dividend rate on Canada Southern.
| Northwestern dropped and Omaha 6.
| Pennsylvania and Norfolk q Western fell
| over points on account OF the heavy out
| lays announced for the Hudson river tun-
mel and the belief in the purchase of the
| Pocahontas Coal Company by the Nor
folk & Western. A decline of 2h in Man
! haitian led the weakness in the local trac-
| tons. Among the industrials Colorado
| Fuel fell GA rumOrs of diSSensionS i'm
the corporation. General Electric lost s,
American Linseed preferred and Tennes-
| see Coal 2os, without special exclamation.
The general range Of declines ran from
| to points, Louisville at one time falling
| 22s. The extreme losses were much modi-
fed by the final rally Amalgamated Cop
per fluctuated from high level of 71& in
| the morning down to 81 in the afternoon,
| closing at 6Sls, net loss of ~.
Bonds were active and weak. Total sales
at par value were $3545,0O0. United States
bonds are without change.
Following are the days share sales and
| the recorded price changes