The daily morning journal and courier., 1901-12-31

General Decline In tho Morning Fol-
 lowed by n Recovery and Another De- T cline.
 New York, Dec. 30.-To-day's stock
 market was largely matter of money l supplies. The symptoms were indubit-
 able that these were scarce, the call loan running up at one e4tine to 12
 per cent. The general rate for renewals
 was 10 per cent. There were number
 of other depressing factors which rein | forced this motive for selling stocks
 and the consequence was general de- i clining tendency of prices during the
 morning. Later In the day the money
 rate became easier under offerings by
 bankers amongst whom J. P. Morgan
 & Co. were conspicuous A very urg-
 ent demand developed for Reading ! which caused a remarkable advance of
 points in that stock at new high
 record price at each step of the ad-
 vance. The dimensions of the trading
 in the stocks were such as to show that {. only the largest financial interests could conduct it. The individual blocks
 taken ran all the way from 1000 to G.
 GOO shares. The general market stead jed under the influence of this striking movement but was singularly unre- sponsive even In those stocks most nearly allied in interest to Reading, with the exception of New Jersey Gen. tral, which made an advance of 5 7-S on light transactions. When Reading yielded to realizing the general market
 which had been held only steady, gave way again suddenly and dropped to the lowest, the industrials and Pacific lead- ing. The closing was active and easy Many rumors were circulated to at- count for the strength of Reading. It was said that stock readjustment was at hand. Another report was that Pennsylvania was buying for control. The failure of confirmation of rumors caused a suspicion amongst profess sional traders that the powerful dem- onstration in the stock was designed for sentimental effect on the general market to help support prices. in &C., cordance with the efforts supposed to be making to that end by great bank ing interests. The urgent demand for money disappointed expectations aroused by the unexpected increase shown by the bank statement on Satur- day in banking reserves, and the large gain by the banks indicated by to-day's return Of sub-treasury operations re- sulting from the payment on Saturday for the redemption of block of $2,50O,- 900 of government bonds To- day more than half a million dollars additional was paid out for redemption of govern ment bonds. Later in the day it was explained that payments were being made for the s75,o0O,0O0 of Northern Pa- cific convertible bonds, the proceeds of which are to be used for the retirement of Northern Pacific preferred stock. It was said that one check of $34,000,0 900 had passed on account of the subserip- tions. It has been claimed hitherto that this operation would be accom- plished by transfer of banking credits and without affecting the money mar ket. The furry in money caused some fresh uneasiness as to possible delay in the period of relaxation of January 1st. The reduction in the Calumet & Hecla dividend and the closing down of the Anaconda mine depressed Amalgamat- ed Copper sharply. Sugar was under renewed pressure and showed lack of recent demand from short interest The assembling of the conference of Northwestern governors to concert measures of opposition to the Northern