The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-11
MARKET AWAKEnS
FROM LETHARGY
Selling Gained in Volume as the
Day Progressed.
CALL LOAN RATE SIX PER CENT
Losses Generally Ranged from One
to Two Poin,s-Effect of Shipmen,
of Gold to Soulh
1orica.
fRr Associated 1,rnsx


NEW YORK, Dec. i0.-The stock mar
llet was awakened to-day from the con-
diLion Of letnarsy which has recently.
prevailed by an urgent selling movement
Selling gained in Volume as the day PRO
crossed until violent declines were forced
N the last half hour OF the trading. TAX
ing OF quick PROFITS by the room traders
MAS the only source OF buying. and tue
closing was extremely unsettled and &C
tive, though above the lowest figures. 4.
Losses reached 3 points or over in a few
OF me lea eng active stocks. including
St Paul. New York Central, Reading and
-arnalSa1uated. Losses generally ranged
from TO = points. The decline dislodsed
large stop-loss orders and induced large
immediate factor in causing the decline
was the shipment of million dollars in
gold 10 South America and the growing
evidence of the severe pressure in the
money market.
The liquidation did not appear to be
forced by actual large calling of loans. as
the call loan rate did not run above per
cent. but apprehension that this measure
would be adopted by the banks played a
large part in the decline. Besides the
gold outgo. to-day's sub-Treasury state
ment showed nearly $4,000 ADDITIONAL
cash taken from the money market
The iDroads upon bank reserves since
the last bank statement have already
risen to about Si.5G0.eco with promise Of
nlarlSe, additional difficulty was found in
securing loans on any terms. The & per
cent. rate for all periods was purely
nominal. and the actual rate paid was
entirely q matter OF private treaty be-
tween borrower and lender and depended
largely on claims of previous business
association. Tho foreign exchange mar
ket was unaffected by the gold engage
neat and held about steady at yester-
DAYS figure.
Favorable factors were ignored in the
trading and the weakness OF the i,arti-
cular stock affected by special news de-
velopmeDts had a sentimental effect in
weakening the whole market. Thus. the
agreement effected in the Colorado Fuel
dispute was greeted with a oAs point drop
IN that security, the argument being that
the settlement removed the stock from
the influence of market contest for con-
troll. The circulation of a syndicate con-
tract inviting deposits Of Hooking Valley
stock for the purpose of retiring the pre-
ferred stock and of voting the common
stock for consolidation. mergers and other
arrangements. carried pretty broad in
ri1lation Of plans maturing for the con-
solidatiou of control of the bituminous
coal-carriers IN the middle States, but
this only served 70 induce TeallZiHS III
those stocks.
The bond market continued duh and
became weak in sympathy, with Stocks;
Total sales, par value. $4,000 Unite, ME.
States Old As. coupon, declined Is per cent.
The total sales Of stocks for the day
we're SI2.oa0 shares.
MpNtI AMI t->Si1a->S1I,
Money on call. 4@6 per cent; closing Of
fered at per cent: time money. firm:
sixty days per cent; ninety days. s
per cent. nominal: six months per cent.
nominal. mostly all oans made on special
arrangements between borrowers and
lenders: prime mercantile paper, per
cent. Sterling exchange steady with act
ual business in bankers bills at S4Si.aG
4.S,.2a for demand and at s4sS5o for SIXTY
DAYS: posted rates si.s41s and Sass: COM
.nercial bills si.S2az "a 5A. Bar silver.
47.s: Mexican dollars, 31s. Government
bonds easier; railroad bonds weak