The daily morning journal and courier., 1902-09-13
THE STOCK MARKET.
Cali Money Advances to Twenty Per
 Gent. Throwing the List OR.

Call BoneF AdEahess 70 twenty ESE
 Gent. Throwing she List OR
 New York. Sept t2.-CalI money ad- vanced to 20 per cent. shortly before the close of to-day's market. and the list. which had been heavy throughout, closed with marked declines. Opening prices were lower, though mostly frac- tional, but the unsettled tone which characterized the days comparatively moderate transactions was apparent from the outset. London came lower in the absence of New York support. al- though later there was considerable inn provement and a better demand for in ternationals in that market. Missouri Pacific was the chief suffrrer in the early trading, selling off about points and making no recovery. The decline in the grangers and Pacific was in part 1uc to reports of frost in the corn belt. 1 The selling of Baltimore and Ohio was accompanied by reports that insiders had discounted the extra stock issue. 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 particu- lar stock, but the early high rate for call money-10 per cent.-cOupled with reports that some of the banks were showing discrimination in the matter of collateral, added to the increasing uneasiness.
 Louisville and Nashville and Rock 1 Island were among the few stocks that reflected firmness at this juncture, the latter selling ex-dividend. Trading re- ceiyed another check in the second l hour, when call money advanced some more. but no great amount of long stock seemed to be offered. Neverthe- less, it was clear that a number of weak accounts 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 small lots on rumors of closer rela- tions with the New York Central. The United States Steel shares were heavy, with little or no evidence of support, but the strength of Union Pacific and st. Paul was suggestive. of pool sup port, while the weakness of Chesapeake and Ohio was attributed to inside sell ing.
 A further reactionary movement set in during the second hour of the after noon, when money advanced to 15 per cent. Declines at that time embraced all the issues and brought prices to the lowest level of the day. Maximum de- clines of 2 per cent. were registered by St. Paul, Missouri Pacific, Norfolk and Western and Northwest with SA per cent. decline in Louisville and Nash vile and even greater losses in the spe- cialties. Announcement of the 20 per cent. in call was the signal for another selling movement, but partial recover ies were made by St. Paul and Louis vile and Nashville. The final dealings brought some more liquidation and the closing was heavy and unsettled. Tn addition to the net losses already men tioned. declines of a point or over were made by Atchison; Baltimore and Ohio, Chicago and Northwest, Minneapolis, St. Paul and Saulte Ste Marie prefer red, Reading second preferred, West inghouse Electric, New York Air Brake, General Electric, North American, Car olina Chemical issues. the copper stocks and numerous others. Net gains were the exception and merely fractional. London traded in about 15,OOO shares, mostly on the buying side during the decline Aside from the squeeze in call money the monetary outlook was gen. erally disquieting.
 Reports of approaching imports of s6,00o, 900 to this center and Boston were not confirmed.
 The bond market was less active to- day and reactionary in sympathy with the depression in stocks. Total sales, par value, $3,505, 900.
 United States bonds were unchanged on the last call.