The Birmingham age-herald., 1902-09-13
STOCK MARKET
 WAS UNSETTLED.
Opening Prices We're Lower Though Mostly Fractional
CALL MONEY AT 20 PER CT.
Missouri Pacific Was the Chief Sui. ferer In the Early Trading, Sell ing Off About Points and
 Making No Recovery.

New York; September 12.-Call money advanced to 20 per cent shortly before the close of todays market and the list which had been heavy throughout, clos ed with marked declines. Opening prices were lower, though mostly fractional. but the unsettled tone which characterized the days comparatively moderate trans actions was apparent from the outset. London came lower on the absence of New York support though later there was considerable improvement and a better demand for internationals in that mar ket- Missouri Pacific was the chief suf- serer in the early trading. selling of about points and making no recovery.
 The decline In the grangers and Paci- hes was In part due to reports of frost n the corn belt. The selling of Baltimore and Ohio was accomplished by reports that insiders had discounted the extra stock Issues. St. Paul received better support soon after the opening, but in the main stocks which then held their own were of the so-called pool class. There was no great pressure against any particular stock but the early high rate for call money-10 per cent-coupIed with reports that some of the banks were showing discrimination in the matter of collaterial added to the increasing un- easiness. Louisville and Nashville and Rock Island were among the few stocks that reflected hrmness at this juncture, the latter selling ex-dividend.
 Trading received another check in the second hour when call money advanced some more, but no great amount of long stock seemed to be offered. Nevertheless IL was clear that number of weak ac- counts were shaken out. There was a rally in the granger group on reports that the frost had done little damage, and at the same time Manhattan also selling ex-dividend, was being absorbed in some lots on rumors of closer relations with New York centers The United States Steel shares were heavy, with little or no evideEce of support. but the strength Of Union Pacific and St. Paul was sug- gestive of pool support. A further reac- tionary movement set in during the sec- ond hour of the afternoon, when money advanced to 15 per cent. Declines at that tlme embraced practically all the active issues and brought prices to the lowest level Of the day. Maxim declines of 2 points were registered by St. Paul, Mis- souri Pacific, Norfolk and Western and northwestern, with a 3k point decline In Louisville and Nashville, and even greater losses in the specialties An nouncement of the 20 per cent rate in call money was the signal for another selling movement, but partial recoveries were made by St. Paul and Louisville and Nashville.
 The final dealings brought some more liquidation and the closing was heavy and unsettled. In addition to the net losses already mentioned net declines of q point or over were made by Atchison, Baltimore and Ohio, Chicago and North western Minneapolis, St. Paul and Sault Ste Marie preferred, North American, Reading second preferred, Westinghouse Electric, New York Air Brake, General Electric, Virginia Carolina Chemical is- sues, the copper stocks and numerous others. Net gains were the exception and mostly fractional London traded in about 15,00O shares, mostly on the buying side during the decline. Aside from the squeeze in call money the monetary outlook generally was disquiet- ing. Forecasts showed further heavy losses of cash by the banks the greater part of 1t to the sub-treasury which paid out over s440,OOO for pensions and almost s2,000,000 for gold, also transfer ring $16O0O0 to New Orleans for crop purposes, but these operations will not show in tomorrow's bank statement. It was understood that the heavy loss in the surplus reserves had beeen met by a calling in of loans. Reports of approach ing imports of 6000,OOO to this center and Boston were not confirmed.
 The bond market was less active today and reactionary in sympathy with the depression in stocks. Total sales, par value, sS, ,505,000 United States bonds were all unchanged on the last call.