The Washington times., 1901-12-13

NEW YORK, Dec - - Apprehension
regarding the money market were the
dominating Influence in shaping the down
ward course in stock security prices this
morning, though Of course the unsolved
and exasperating Copper mystery also
contributed its share TO the feeling of
general depression.
There was an irregular opening with
Amalgamated Copper showing fair de-
gree of strength but this was succeeded
by weakness in sympathy with the sharp
ly defined tone throughout the remainder
OF the list. Liquidation appeared in quar-
tiers which have hitherto been free from
any noteworthy selling pressure. and un-
der the leadership of New York Central
the NEST prominent declines on this
movement were recorded.
No Fear of Difficulties.
The many cross-currcnts in the none
tary situation have undoubtedly served to
unsettle speculative sentiment just at this
time, although in conservative banking
quarters any furry that may occur. it is
said will, at the most be only temporary.
The opening price for call money this
morning was 8 per cent, after which loans
were freely made at 10. Accompanying
this rate were announcements Of small
engagements of geld for export, notwith-
standing sharp setback in the market for
sterling exchange, rejecting the advance
in local money rat IS. Since last Friday
the Sub Treasury in its operations with
the banks has gained $4,62SOOe The
banks at the present time arc checking
fn~ awr n
also TO the Sub-Treasury on account Of
revenue collections.
Today's foreign exchange transactions
were described as OF a special character.
on which no proit would be made based
on the prevailing rate for sterling IL had
been hoped, however, that the interior de-
mand would have been succeeded by a
sustained movement in that direction
some time ago, and the resumption OF
shipments TO Chicago is distinctly disap
pointing.
Movements of Money.
The specific cause inspiring the Chicago
requirements is said to be the active spec
ulation in grain. The disbursements Of
the United States Treasury on account OF
anticipated interest viii not begin until
Saturday. and therefore cannot figure in
calculations regarding this weeks bank
in the stock market there may have beea
a moderate contraction in the loan ac-
count Of the associated banks, hut il is
difficult to see how the other influential
factors can do anything but cause sub
stantiai shrinkage in the modest surplus
reserve. which is now less than $1,000 600.
HALLWAY List Attacked.
The feature Of the market at the open
ing was the selling OF New Yofi. Central. |
apparently for tive account OF the bull pool
which recently advanced the stock on re-
ports that a holding company" to in |
cirde the Junior Vanderbilt stocks. was
about to be formed. Weakness in that
direction Was responsible for a bearish
feeling among traders, who attacked the 1
railway list and had no difficulty in pro- 4
ducing liquidation OF a fairly heavy char /
acter. Baltimore and chic. St Paul. |
Union Pacific Southern Pacific. and the 4
railway list almost without exception /
yielded TO the selling pressure.
Among the industrials, steel common 4
and preferred were quite weak although |
both stocks were supported on a scale !
Manhattan, Metropolitan and Brooklyn 4
Rapid Transit. comprising the fractions.
were unfavorably affected by the disposi- 4
tion to close out speculative accounts. 4
fair degree OF resistance was shown by /
the rallies were not especially vigorous
in the early afternoon session the mar !
ket hardened somewhat on transactions
which seemed to be mainly for the ac-
count Of bearishly inclined operators
closing out commitments.
Americans Neglected in London.
American stocks were rather neglected |
in the London market, but generally |
showed small advances above the New
York parity. In this market London
bought a few thousand shares but was
not an important factor. Abroad the Sc /
euritics markets were steady, with bet
ter feeling in the copper shares and |
consols.
The news from South Africa was en- /
couraging The Bank OF England rate re-
mained al per cent, and the weeks re-
turn OF that institution was strong
one.
New York Stock Exchange, Dee. IL.
High Low Clos Net |