The Washington times., 1902-09-24
Market Not Able to With
stand Steady Down
ward Pressure.
BANKS CALLING IN LOANS
Selling of Forced Order Begins, But
Without Suggestion of Panic-Stop
Loss Orders Uncovered by the Declin-
ing Tendency.


tive force of high money rates. although
yesterdays extreme top notch for call
loans was not reached today, resulted
in comparatively severe liquidation
by various speculative pools.
1t became known after the close OF
business last Saturday that bankers gen.
orally, in the absence of any immediate
effective relief to the money market
from outside sources. would this week
adopt the natural corrective policy of
contracting their loans to speculative
borrowers.
Hopes Soon Dispelled.
Expectations of gain by The banks
from subtreasury operations that were
andulged in owing to the fact that the
local institution had gained up to the
close of business on Saturday nearly
$l,0o0,o00 were dispelled by the report
of the heavy customs collections which,
by the close of business yesterday, had
reduced the balance in favor of the
banks to an insignificant sum.
For time .the foreign exchange mar
ket was comparatively uninfiuenced by
the high money rates, but the market
reacted late in the day. London opera
tions in the local stock market were
not extensive, but SO far as they went
were not conducive to a weakening of
sterling exchange rates.
The banks called loans pretty gen.
orally. fact that undoubtedly was very
distasteful to some of the brokerage
houses that have been carrying the
heaviest speculative lines for their Gus
he
liquidation than has been witnessed in
many months. It should be said. how
ever, that there was not at any time a
suggestion of panic.
The result of the drastic policy
adopted by the banks will obviously
strengthen their resources in the most
logical and legitimate manner, and will
place them in a position TO respond to
any calls that may be made upon them
by their country correspondents.
The Course of Money.
The opening rate for call money was
IL and the extreme high figure IS per
cent. Money was active and in good
demand at 10 to 15 per cent until just
before the close of business, when the
rate. after touching per cent. closed
at per cent The greater part of the
days business was transacted at Is per
cent. as against an average figure of ii
per cent yesterday.
The banks were practically out of the
loan market to new borrowers either on
call or time The monetary conditions
naturally caused little OF no attention
to be paid to any of the news or other
developments of the day
Missouri pacific rayoi,od ;,e 1aodar
ship in activity by a good margin. AS
was the case yesterday early strength
in st. Paul at the outset for a time
steadied the general market, but that
stock, after an early rise of per cent,
became irregular, and finally weakened
and finished nearly per cent lower than
yesterday Other stocks that were con-
spicuous for activity included Atchi-
son common, Southern Pacific. Union
Pacific, Canadian Pacific. Baltimore and
Ohio, Manhattan Railway. Pennsylvania
Railroad, Reading common, Erie com
mon, Norfolk and Western, Wabash pre-
ferred. and Texas and Pacific. The
stocks mentioned in almost every case
finished at the lowest figures of the day,
which showed net declines ranging from
~ to 3 per cent
Stop Loss Orders Uncovered.
On lighter dealings Illinois Central
sustained the second largest net de- |
cline in the railway list-4s per cent.
Other losses-in Louisville and Nash
vile. Brooklyn Rapid Transit, Chesa-
peake and Ohio, Wabash common, |
Western Union, New York Central, |
Kansas and Texas and Atchison pre-
from 15s to per cent |
On nominal sales some of the inactive |
high priced railway shares fell as much |
as per cent.
In the final dealings special pressure |
was brought to bear against prices with |
the object of uncovering stop loss or
ders, and with comparative success, and |
the market finished active and weak
In the Industrial list the active feat
ures included Amalgamated Copper and
Sugar Refining. which closed at net de-
clines of about 21a per cent, United
States Steel issues and United States
Leather common.
The railway bond market was reac-
tionary, in sympathy with the stock
list.
The curb market was weak, in SYM
pathy with the depression on the stock
exchange.
New York Stock Exchange, Sept. "a.
The following table shows the high