The Savannah morning news., 1902-12-11
TRADE AND FINANCE.
Continued from Eleventh Page.

ket was awakened to-day from the
and active though above the lowest
figures.
Losses reached points or over in
few of the leading active stocks, in
GLIDING st. Paul. Pennsylvania. New
York Central Reading, Manhattan and
Amalgamated Copper. Losses general
ly ranged from l to over points.
There were evidences of profess ional
attack on the market. but the decline
in prices dislodged large stop loss or
ders and induced large selling of long
stock by tired holders.
The immediate factor in causing the
decline was the shipment of a 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, as the
call loan rate did run above per
cent, but apprehension that this meas
ure would be adopted by the banks
played a large part in the decline Be-
sides the gold outgo, to-days sub
treasury statement shows nearly $780,
600 additional cash taken UP from the
money market. The inroads upon
banking reserves since the last bank
statement have already risen to about
81, 100000, with promise of contin-
ued drain. In the time money mar
ket additional difficulty was found in
securing loans on any terms. The
per cent. rate for all periods was pure
ly nominal and the actual rate paid
was entirely matter of private treaty
between borrower and lender and de-
pended largely on claims of previous
business association.
The foreign exchange market was
unaffected by the gold engagement and
held about steady at yesterdays 1lg-
ure. Favorable factors were ignored
in the trade, and the weakness of the
particular stocks affected by special
news developments had a sentimental
effect in weakening the whole market.
Thus the agreement effected in Colo
RADIO Fuel dispute was greeted with a
5la per cent. drop in that security, the
argument being that settlement re-
moved the stock from the influences
of a market contest for control. The
circulation of a syndicate contract in
wiling deposits of Hooking Valley stock
for the purpose of retiring the pre-
ferred stock and of voting the COM
bination stock for consolidation, rnerg-
erS and other arrangements carried
a pretty broad intimation of plans ma
turing for the consolidation of control
of the bituminous coal carriers in the
Middle States, but this only served to
induce realizing in these stocks.
The bond market continued duh and
became weak in sympathy with stocks.
Total sales, par value, 81, 900. Unit
ed States old coupon declined "a per
cent on the last call.
Total sales of stocks to-day were
$4,000 shares, including -Atchlson, 25,-
900; Atchison preferred, 5765; Balti-
more and Ohio, 1920; Canadian Pa
cific, 10000 Chicago and Great West
ern, 5000; Erie, 1920; Illinois Central
$500; Louisville and Nashville, $500;
Manhattan, 1900; Missouri Pacific. 49,
700 New York Central, 81, 400; Pennsyi-
wania' Al, 500; Reading. 30.S00 ST. Paul.
$4,000; Southern Pacific, 10000; Union
Pacific, $4,000; Copper, $780, Brook
| Ign Rapid Transit, 21,700; Sugar, "a, 500;
United States Steel, 20, 800; United
States Steel preferred, Is, 900; Rock ISL
and, 1880.