The Birmingham age-herald., 1902-12-15
STOCKS CLOSE
 ACTIVE BUT WEAK
There Were Several Alternate
 Advances and Declines
SELLING STARTED EARLY
Severe Losses In the Stock Market Have Resulted From the Weeks Trading as a Result of the
 crisIs In Money.

New York, December 13-The small de- crease in the loan item of the banks dis- closed by the weekly statement today proved a disappointment to spectators and stocks were sold freely after it's pub lieation The market closed in conse- uuence active and weak Earlier in the day the movement was nervous and un- certain on a rather active market. There were several alternate advances and de- clnes before the final active selling move ment The volumes of the weeks iquida- tions in stocks in the losses entailed were felt to promise more promised loan contraction than reported, which was B2, 6O5, ,5Oo In yesterdays late drive against the bears the impression got around that an increase in surplus reserves mlght pe disclosed. Today by reason of heavy loan contracted and some special move ments of cash from nearby points, the speculators were the more disappointed for this reason over the actual showing It is possible that the actual loan con traction is understood, as the heaviest liquidation was in the latter part oi the week and taus figured only for the part of the week in the statement or aver ages. But there. is also the possibility that the loans called from the stock mar ket were put out again to syndieates ana otherwise A feature of the days news was a number of additional calls for installments of syndicate subscriptions including the SSO0O,00O installment on the New York Central bond underwriting which was reported to have caused some surprise to subscribers. At this time there is no relief in sight from the sub treasurys drain upon the money market and time loans for all periods are six per cent and for shorter periods as high as 8 per cent.
 Severe losses in stocks have resulted from the weeks trading as a result or the crisis in money. The week started off with some show of resistance to depres- Hion chiefly shown in a very dull market, showing the determination of holders not to sacrifice their holdings at time when the absorptive power of the market was very slight. Upward movements in some of the specialties from individual cause, notably in sugar and amalgamated, helped the contest against reaction and succeeded half way, but by Wednesday afternoon the market had turned weak and it became evident that the hopes Of tiding over the money requirements until the turn of the year, would have to be abandoned.
 The acute phase of the Venezuelan situ- ption had considerable effect upon the market, principally of a sentimental char hcter, but no other cacse was needed for the break in prices than the entire inabil- 4N T4Tffh which to carry cn their holdings. The fact has long been known that the money mar ket would be subjected to severe pressure To meet year-epd requirements. A con- tingency thus definitely foreseen is al- most invariably provided for in financial affairs, and the apparent effectiveness of lhe resistance which has been established To the decline lulled sentiment into a sepse of security that the worst had been passed. The incidents which had the principal influence in disturbing prices e,ere the transfer of S4G0,OO0 to San Fran risco on Monday and the shipment of $1,- po0 GOO gold to South America in the mid nle of the week. The large movement of gold to San Francisco was out of the or hinary and no clear explanation has been offered fer it. It has been surmised that commitments for land speculation on the Pacific coast have created the special
 
 fears that the same condition exists to a wide extent in other parts of the wet, thus aggravating the tie-up of cars. which Is believed to be at the root of the present trouble in the money market. The move nent of gold to South America disclosed that the London money market has the pow CT to divert the demand and satisfy claims uron Lcndcn through New York.
 he heavy customs payment covering during the week have made inroads upon the bank reserves, and internal revenue requirements have also been thrown uron New York barks by orders from interior correspondents to make payments at the New York sub-treasury. Part of the weeks's heavy liquidation of stock Is be- lieved to be for new projects and to meet syndicate calls for payment of srbscrip- lioIs which the subscribers had hoped would be unn zee essary in case of a prompt Notation of the new securities involved. All considerations other than the money situation have practically been ignored furing the week
 Bonds have been sold during the week like stocks. United States As declined K per cent compared with the closing call If last week.