The St. Louis Republic., 1902-09-13
HIGH RATES FOR LOANS
DEPRESS STOCK MARKET.
WHOLE DAYS TRADING IN
WALL STREET UNSETTLED.
Marked Eeclines Take Place Near
the Close, When Call Money
Goes TO 20 Per Cent.

New York. Sept I2-Call money advanced
to 20 per cent. shortly before ths close OF
to-day's market. and the list which had
been heavy throughout closed with marked
declines Opening prices were lower.
though mostly fractional, but the unsettled
tone which characterized the days ccmIar-
atively moderate transactions was apparent
from the outset. London came lower in
the absence OF New York support, though
later there was considerable improvement
ana better demand for internationals in
that market. Missouri Pacific was the chief
sufferer in the early trading, selling Cu
about points and making 40 recovery
The decline IN the Changers and Pacifcs
corn belt. The selling OF Baltimore and
Ohio was accompanied by reports that in
s!ders had discounted the extra stock issue.
st. Paul received better support soon after
the opening. but in the man stocks winch
then held their own. were OF the so-called
pool class. There was no great pressure
against any particular stock. but the early
high rate for call money-l0 per cent
coupled with reports that some of the banks
We're showing discrimination IN the matter
of collateral. added to the increasing un-
easines,.
FEW STOCKS ARE FIRM.
Louisville and Nashville and Rock Island
We're among the few stocks that reflected
iirInness at this juncture. the latter SELL
ing ex-dividend. Trading received anoti,-
er check in the second hour when call
money advanced some more. but no great
Nevertheless. IL was clear that number
of weak accounts were shaken out. There
ports that The frost had done little damage
and at the same time. Manhattan also SELL
ing ex-dividend was being absorbed in small
los on rumors OF closer relations with New
York Central.
The United States Steel shares were
heavy. with little or no evidence of support.
Paul was suggestive of pool support. while
the weakness of Chesapeake and Ohio was
attributed TO inside selling. A further re-
dictionary movement set in during the sec
ond hour of the afternoon. when money ad-
vanced to, 10 per cent. Declines at that
time embraced practically all the active is
sues and brought prices to the lowest Level
of the day. Maximum declines OF per cent
was registered by St. Paul. Missouri Pa
west. with a 3H-point decline in louisville
and Nashville. and even greater losses in
the specialties.
PARTIAL. REcovERIDS MADE
Announcement of the 80 per cent rate in
call money was the signal for another SELL
ing movement. but partial recoveries Were
made By 81 Paul and Louisville and Nash
willie. The final dealings brought some NOR.
unsettled. In addition TO the net losses al
ready mentioned net declines of a point or
over were made by Atchison. b, & o.. Chi
cGgo and Northwestern: Reading second
preferred Minneapolis. St Paul ana Ste.
Marie preferred. North American. Westing-
efai
issues, the copper stocks and numerous
Others. Net gains were the exception ana
mostly fractional. london traded in about
5000 shares. mostly on the buying side dur
ing the decline. Aside from the squeeze in
call money the money outlook generally
was disauieting Forecasts showed further
heavy losses OF cash by the banks. the
greater part OF 1t to the Subtreasu-y. which
paid out over $4,000 for pensions and al
most 100000 for gold. also transferring
Si5o.ooo to New Orleans for crop purposes,
but these operations will not show in to-
morrow's bank statement II was under
reserves had been met by a calling in OF
loans. Reports Of approaching imports OF
s6.ooo0o TO this center and Boston were not
confirmed.
The bond market was less active to-day
and reactionary in sympathy with the de-
preston in stocks. Total sales. par value.
g. 500. United States bonds all un-
changed on the last call.