Evening star., 1902-09-12
FINANCE AND TRADE
Call Money Reached Is Per
Cent Today.
PRICES SHADED OFF
THE MARKET WAS WEAK AT THE
CLOSE.
Reports of Frost in Corn Belt Were
Also Bear
Factor.
PRICES SHADED OFF
Special DISPATCH to The Evening Star.

Special Dispatch 70 The Evening Star.
NEW YORK, September la.-The London
stock market today showed irregularities
in the American department. with Union
Pacific common stock up y per cent over
our closing price, and a majority OF TIE
others showing fractional declines
In the local stock market opening prices
were again very irregular ard uncertain
due to higher money rates-call rates pen
Ing at 10 per cent and very soon afterward
reaching II per cent-and also Influenced
by reports of frost through the corn belt
which. owing to the lateness Of the crop in
some localities, 1t was thought might be
serious, especially I'm northern Kansas. Ne
braska and the lake regions
In the initial dealings after A fractionallv
lower opening. there were further declines
in the general list of from one-halt to one
and one-quarter on a resumption of the SELL
Ing movement by the professionals, which
was so prominent In the late trading yes
terday, and there was also scattering
lquidating sales for commission houses
In Baltimore and Ohio common the SELL
ing was rather heavy on the belief that the
rights on the new issue of stock had been
fully discounted in the recent advance OF
that stock, and the new additional capitali-
cation was not thought TO be a hull argll-
ment in any sense Of the word. The stock
however, was pretty well supported by the
pool, and the decline did not 60 much over
2 per cent from yesterdays high figures.
The regular 3le per cent and II per cent
extra dividend which was declared late YES
terday on ST. Paul common. making that
stock per cent issue. and which seemed
to cause some confusion and selling lust
before the close on THURSDAY was better
understood this morning. but there was still
evidence of profit-taking and the pool had
u frs1 L., ~
ness to support the price. 1t sold down be-
low 100, as against 1924 in the afternoon
trading.
Union Pacific common, Atchison. common
and preferred and Southern Pacific stocks
all showed declines, but there was good
support given both to the first and second
mentioned shares
In the industrial list the steel shares
We're not as strong as heretofore United
states steel common and I. &. l. losing
over one per cent, while the copper shares
were fractionally lower than yesterday.
Louisville and Nashville and the Southern
issues were rather firm being helped by
the report of an important conference held
at the office Of j. p. Morgan on "Wednesday
whlch was attended by representatives OF
the Southern railway, the Seaboard Air
Line and the Atlantic Coast line, and be-
fore which was laid the plan Of the dis
position of the Louisville and Nashville
road.
The selling movement lasted until near
the noon hour. when 1t seemed to have
exhausted itself and the market was raj
He'd fractionally. Missouri Pacific gaining
IS, Atchison y, Union Pacific I2 and the resi-
of the list gained small fractions. This rally
did not last long. however, nor was there
much bull enthusiasm shown, and prices
again shaded off when money rates were
bid up to IL per cent.
In the early afternoon trading the marlat
again displayed weakness on free selling by
the traders and more liquidation by com
mission houses, the movement being at
tributed to preliminary estimates of what
the bank statement is likely to show when
issued tomorrow. In this respect it is estt-
mated the banks have lost in cash up u
Thursday night S1152.JDH. OF this amount
S6lh9.eGb was to the subtreaSury and al
though transfers We're only Sll5ooeo the
banks lost S91;i,510 to the interior This
may be somewhat modified by decreases IN
the loans and deposits.
In this decline the active stocks lost on an
average little over 1 per cent. with here
and there raids on specialties for a LITTLE
further loss. The selling of Chesapeake and
Ohio was called good.
London traded in about 2D.os0 shares.
buying very moderately on balance
After the delivery hour there was some
attempt made to rally the market. but
money was then loaning at IL per cent and
this fact restricted the effort in that direc-
ton to considerable extent.