Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-12-12
FINANCE AND TRADE
Heavy Selling at the Open
ing in Stocks.
RALLY IN LAST HOUR
SHORTS COVERED AND HELPED
PRICES.
Belief in Good Bank Statement To-
morrow Also Helped the
Market.
RALLY IN LAST HOUR

Special DISPATCH TO The Evening Star
NEW YORK, December 1.-THE stock
market in London showed small irregular
changes in American securities over the
closing prices at New York yesterday, and
operators in that market were inclined to
follow the lead on this side Of the water
Consols We're lie lower for money and Is
for account.
In the local stock exchange the opening
was weak and nervous, a great deal OF
selling by the commission houses taking
place at the start, caused by the calling for
margins over night. The greatest pressure
to liuuidate appeared In the steel issues,
which lost per cent for the common and
about III for the preferred stock. These
losses were g little later fractionally re-
covered.
Louisville and Nashville and Rock Island
issues were also sufferers, both of them
being heavily sold by the western specula-
tors. In the latter stock disappointment
being felt that the insiders did not make
more of an effort to support the stock.
Pressure Brooklyn Rapid Transit and
Atchson issues by the professionals was
responsible for the loss OF over 1 per cent
in these issues. Baltimore and Ohio, st.
Paul and Manhattan lost over l per cent
in the early dealings, while Southern Pacific
suffered decline of nearly per cent on
what looked like liquidation of stock by the
pool.
Wire houses had selling orders from all
the Important centers. and this, with the al
ready nervous feeling, had rather demon
alizing effect upon sentiment Erie and
Reading both showed the effects of urgent
selling in the early trading, but met with
fair support from the insiders. Bonds were
less active than yesterday, but held very
well considering the extreme weakness in
the stock market.
Money rates were as high as II per cent
up to the noon hour, at which time there
was tendency to cover some short con-
tracts In the stock market, causing slight
rally in the general list.
The market quieted down considerably
after the first two hours of trading, and
the tendency was toward better prices L.
and NJ, st. Paul and Manhattan leading,
with good recoveries from the earlier low
figures.
Some relief was felt over the placing of
the $4,000, 900 Can trust votes-just issued
by the Pennsylvania Railroad Company
Tor permanent Investment with banking
houses In London and on the continent. the
proceeds In the shape Of exchange, 1t was
stated, becoming at once available for the
New York money market.
In The early afternoon there appeared to
be a more confident feeling. as 1t was
thought most Of the compulsory liquidation
had taken place. and one Of the large ma
tional banhs had helped the money situa-
900 on call.
A report was also current that our minis
ter to Venezuela had been asked to arbi-
trate in the controversy with England and
Germany by Venezuela. All of these IA
vorable happenings had the effect of rally
ing the general market with more snap
than has been shown for many days The
rumors as to the banking support, Rookie
Teller and Morgan buying, was not taken
seriously.
The money movements this week, while
being mixed, show local gains in cash and
receipts of money from the interior as COM
pared with last weeks exhibit, which are
likely to modify to some extent the effect
of the subtreasury absorptions and give US
less unfavorable statement tomorrow than
was expected during the earlier part of this
week. ~ sat'..''-
There was plenty of good selling on the
recovery this afternoon but liquidation
was noticeably less urgent and traders
were inclined to cover short contracts and
go long for turn, trusting for a fairly
good bank statement tomorrow, and the
more cheerful feeling now prevalent to
carry the rally over until Monday.