The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-17
10 NEED As YET
OF BANK LOANS
May Be That tbs 0Fer Will
Not Be Accepted.
ALL LOANS AT LOW RATE.
~
Money Was Easy and Could Be Had a,
SIX and Third-Stock Market
Closed Distinctly
Weak.
ALL LOANS AT LOW RATi
fHy Associated Pros,


NEW York, Dec. le.-Thcre Wa
aordinary melting away of prices in
10 last half hour OF to-day's market,
'lo~lnE r>rsing up OF ouor.,,o,s
arns aii The previous portion OF the
shortly before ESQ O'clock pr;ces were
me highest Of the Cay. and net gains
points were or had been attained by
aains stocks here and there tn all the
groups, such as Pennsylvania.
ush ~ Fac'ac, Missouri Pacific. S.
,, "a; - sand preferred. Delaware and
uaYmn ar Sugar. In the last half hour
;. iia'>t dropped abruptly IA. ana some
ne other stocks were carried swiftly
ownward.
The Interpretation OF the movement was
el!efed to be that the powerful interests
the financial world which announced
heir oEantzation yesterday for the pro-
action OF the money market. desired 10
orvey warning that they had no IN
.Htion Of allowing these plans to be IN
'rfe:7ed with By injudic!ous speculation at
his time.
There was moro or less realizing before
!e close by the professional traders who
ought In yesterdays market early this
morning. Previous to the final siurnp the
curse OF prices was quite prosperously
pwards. There were exports OF assur-
noes received by the State Department
boarding the intentions OF Great Britain
( nd Germany in Venezuela which served
b cause a better sentiment on that sub
,ct but the PRINCIPAL influence in the
Use was the reassuring effect Of the for
nation Of the bankers pool providing
0t) 90 for use in a possible money
rai'ket emergency. The effect was to re-
exc the stock market from the pressure
{ liqnidation. Offerings became so light
p fact. that it was found easy to bid
p prices on very light purchases. This
"a n. n 1y he nny,cv tY-
+ctive stocks. Of which the floating sup
! II Is always light, especially in the
Vanderbilt group.
There was some surprise expressed.
4 owever. over the extent Of the protec-
i've measures taken by the banks. There
-as much surmise as to possible real
Iced for these measures. which has not
! cen disclosed and a disposition to con-
tider that the existence OF such 3 need
has indicated by the formation OF the
! DOL. While il was recognized that no
! art OF this fund would be likely to find
! S way directly into the stock market It
has considered probably that further
frith drawais Of loans from the stock mar
ct would be avoided. owing to the un-
favorable effect on sentiment which the
keavs stock liquidation has caused.
Call loan rates did not get above 614
err cent to-day and ran off to below S
er cent when thep rincipal demands had
been met The time money market was
] iso called easier In tone. although not
|uotatly changed.
The stock market closed distinctively
breHk
Bonds became firm in sympathy with
ftocks. but Welded at the last. Total sales,
ar value. =, CSC. Qao United States new
is declined y per cent on the last call.
The total sales of stocks for the day
we're 6S6.5o0 shares.
MONEY AND EXCHANGE-CLOSE
Money on call steady at iG51s per cent. !;
dosing offered at per cent: time money.
avs. s per cent. six months. per cent !:
prime mercantile paper. per cent. Ster-
ling exchange steady with actual business
Ia bankers bills at "a S. 75T4 ss.S75 for de-
hand and al A.S312sG4. s3.25 for sixty
lays bills: posted rates. s+.S4la and A.SS:
commercial bills. N.sc1at04.s3. Bar silver
|Sss; Mexican dollars. 37i1. Government
bonds easier: railroad bonds firm.