Omaha daily bee., 1902-12-11
NEW YORK TOCKs AND BONDS.
Market wakes I'D Under Urgent and
P~recipitate Selling Movement.

NEW YORK, Dec. 1O.-The market was
awakened today from the condition OF
lethargy which has recently prevailed by
an urgent and precipitate selling movement.
The selling gained in volume as the day
passed, until violent declines were forced
in the last half hour of the trading. TAX
Ing of quick profits by room traders was
the only source Of buying and the closing
was extremely unsettled and active though
above the lowest figures.
Losses reached 3 points or over In a few
leading. active stocks, including 81. Paul
Pennsylvania, New York Central. Reading,
Manhattan and Amalgamated Copper. The
losses generally ranged from i to over z
points. There were evidences OF protes-
sional attacks on the market, but the de-
clihes in prices dislodged large stop-loss
orders and induced the regular selling Of
long stock by tired holders. The immediate
factor In causing the decline was the ship
ment of 100000 in gold to South America
and the growing evidences OF pressure In
Liquidation aid not appear to be forced
by large calling of loans, as the call loan
rate did not run above s per cent, but
apprehension that this measure would be
adopted by the banks played a large part
in the decline. Besides the gold outgo.
today,s ,0S snud6treasury statement showed
the money market. The irroads upon bank
ing reserves since the last bank statement
nave already risen to ABOUT %'20oVyH WWlIn
money market additional difficulty was
found in securing loans on any terms. The
6 per cent rate for all periods was purely
nominal and the actual rate paid was en-
tirely a matter of private treaty between
borrower and lender and depended largely
on claims of previous business association.
The foreign exchange market was unaf-
fected by the gold engagement and held
steady at yesterdays figures. New York
exchange at Chicago fell back to 1Oc pre-
MUM. The days sales of grain for export
proved somewhat Disappointing and dis
turbed the hopes of an early replenishment
of foreign exchange market from that
source. The small receipts of cotton tended
to the same conclusion,
Favorable factors were ignored in the
trading, and the weakness OF the particular
stocks affected by special news develop
ments had a sentimental effect In weaken
ing the whole market. Thus the agreement
reached in the Colorado Fuel dispute was
greeted with a 5h-point drop in that secur-
ity, the argument being that the settlement
removed the stock from the influences of a
market contest for control.
The circulation OF q syndicate contract
inviting deposits of Hooking Valley stock
for the purpose of returning the preferred
stock and Of voting the common stock for
consolidation, mergers or other combina-
ton, carried a pretty broad intimation OF
plans maturing for the consolidation OF
the middle states, but this only served to
induce realizing in those stocks.
Reports of q working agreement between
Union Pacific and st. Paul authorities for
through business did not save st. Paul from
being one of the weakest stocks on the
list. Heavy selling of Northern securities
on the curb had a sympathetic effect on the
whole market.
The pond market became weak in SYM
pathy with stocks. Total sales, par value,
81, 10000.
United States old coupons declined u per
cent on the last call.
The following are the closing prices on
the New York Stock exchange: