The times. [volume] (Richmond, Va.) 1890-1903, 1901-12-13
STOCK MARKET
AGAIN WEAK.
Money Goes Up to Ten and Twelve
Per Cent.
PRICES GO STEADILY DOWN
Slight Rally Late id the Session as the
Money Rate Declined, and
the Close Was
Firm.
PRICES GO STEADILY DOWN

lTOInSr gloomy Ii:l,c OK IL y Is w
the market opened weak and stocks sold
off almost from start to finish There
seemed to be no excitement and nothing
like q panic, but there was every APP
pearance Of heavy liquidation, and at one
time it seemed as though the bottom
would never be reached. Steel sold down
to 50 ia and 50 3-4 for the preferred;
Chesapeake and Ohio to II SIS; Louisville
and Nashville to 1G2 81; Baltimore and
Ohio to IS SIS; Norfolk and Western to
50 81; Pennsylvania to Ii5 L.; St Paul
to ISL IL; Southern Railway to 81 g.: for
the common and 60 SIS for the preferred:
Union Pacific to 81 II. Money rose from
8 1-2 20 u per cent. but the rate from
that point went down to- S, &, an0 as
low as 5 per cent. The market then
siffeaed up and there was a slight rally,
but later on the money rate went back
to per cent, and this was followed by
another slight fall in prices.
4 FIRM CLOSE.
The close was somewhat irregular, but
was firm. It is not believed that prices
will move up much until after the money
pressure is over, and. many believe Lnat
this will not be until after January Isl.
There has been no evidence thus far OF
decentralization in the market. ano al
though it has been a steady go down 1or
the past week or ten days, the decline
has been gradual and without any sensi-
tional feature. This shake-up ought to
do the market good. Many conservative
traders have been saying Tor some time
that stocks were too high. Their arSu-
ment was that although the country was
prosperous the good news was all out
and there was nothing in sight, unless 1t
should be the announcement of some Dig
railroad deal, to put prices higher. Wall
Street does not continue long in one
state and II there is nothing in sight to
put prices up the bears are very apt to
take advantage of the situation to put
prices down. It is hardly probable that
prices would have declined so persstently
if money had been plentiful, but with
money at and u per cent. and gold going
out and continual demands for more
money from the interior, liquidation was
quite natural. and the bears had the adj
vantage of the situation
Whether or not prices are low enough
remains to be seen. but prices are GER
tainly very much lower than they were
ten days ago, while values have GER
tainy not declined.
CONSOLATION.
However the traders in stocks may
have suffered it IS certainly a good thing
fer the coGntry at large that there is no
Wild speculation at this time. 1t is 4 most
remarkable thing. and tends to show the
conservatism of the American people.
that there should be Il decline OF from
ten to fifteen points in fayorite stocks
at a time when the country is more gen
orally prosperous than ever before in It's
history. For the first week in Deem
Der the Southern Railway shows an in
crease i'll its earnings of $G,4l6: Chicago
Great Western, s2a,69s: Zig Four. SEQ
Louisville and Nashville, sci coo; New
York Centrars net increase fer the month
of November Was So, 4e5
INDUSTRLALS HOLD UP WE'LL.
1t is a notable TACT that during this
PERIOD Of depression in0ustrials nave suf-
fe:ed less than many of the railroad
stocks United States Steel has J&c;ined
only about four Or live points from the
highest price registered within the past
ninety days; Sloss preferred has lost
only about two points, and American
Locomotive preferred less ti:an Tour
points from is high record Of 81 about
ten days ago. American Can is also hold
ing up uonderirlly well, and is ccnsidera-
;oly higher than it was several DAYS ago.
Talking about American Can, Il Rich
n,ond trader is telling a good story on
himself He remarked to his wife the
other day that he had purchased Tin
Cam" whereupon the good woman replied:
81 am sorry you did not tell me about
it before You bought have a splendid
supply of tin cans in my store-rcom.'
And she did not mean it for a joke
either.