The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1902-12-11
YESTERDAYS STOCK MARKET.
A PrseIpitate Selling hovemens-vio-
lent Declines at Close.

A PrseIpitate Selling Movement-Vio-
lent Declines at Close.
New York, Dec. 10.-The stock mar
ket was awakened to-day from the
condition of Iethargy which has recent
ly prevailed by an urgent and precipi-
tated selling movement. The selling
gained in volume as the day progress
ed until violent declines were forced in
the last half hour OF the trading. TAX
ing of quick profits by the room traders
was the only source of buying, and the
dosing was extremely unsettled and
active, though above the lowest figures.
Losses reached points or over in a
few Of the leading active stocks, in
Guiding St. Paul, Pennsylvania, New
York Central. Reading, Manhattan and
AInalgamated Copper. Losses general
ly ranged from l to ? points. There
we're evidences of professional attack
on the market, but the decline in prices
dislodged large stop loss orders and in
duced large selling of long stock by
tired holders.
The immediate factor in causing the
decline was the shipment Of million
dollars in gold to South America and
the growing evidences of the severe
pressure in the money market. The
liquidation did not appear to be forced
by actual large calling of loans, for the
call loan rate did not run above 6 per
cent. 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 that nearly 100000 addl-
tional cash has been taken up from the
money market. The inroads upon bank
ing reserves since the last bank state
ment have already risen to about 81
500, 900, with promise of continued
drain.
In the time-money market 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 matter
of private agreement between borrow
er and lender, and depended largely on
claims of previous business association.
The foreign exchange market was I'M
affected by the gold engagement and
held about steady at yesterdays figure.
New York exchange at Chicago also
fell back ten cents premium.
The days sales of grain for export
proved somewhat disappointing and
disturbed the hopes Of an early replen-
j ishment of the foreign exchange mar
ket from that source. The small port
receipts of cotton tended to the same
! conclusion. Favorable factors were ig-
nored in the trading, and the weakness
of the particular stocks affected by spe-
cial news developments had senti-
mental effect in weakening the whole
market. Thus the settlement of the
Colorado Fuel dispute was followed by
! 51k point drop in that security, the
argument being that the settlement re-
moved the stock from the influence OF
a market contest for control. The cir
culation of a syndicate contract inVit-
| ing deposits of Hooking Valley stock
| for retiring the preferred stock and for
voting the common stock for consolida-
ton, mergers and other arrangements
carried a pretty broad intimation that
plans were maturing for the consolida-
ton of control of the bituminous coal
| carriers in the middle states, but this
only served to induce realizing in those
! stocks
| Reports of working agreement be-
tween Union Pacific and st. Paul au-
thorities for through business did not
save st. Paul from being one of the
weakest stocks on the list Heavy SELL
ing of Northern Securities on the curb
had a sympathetic effect on the whole
market.
The bond market continued dull and
became weak in sympathy with stocks.
The total sales, par value, aggregated
$2.4S0,O0O.
United States old coupon declined 4
per cent. on the last call