The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-12-11
HEAVY PRESSURE TO SELL
DEVELOPS IN ALL PARTS OF THE
SECURITIES MARKET.
The Result Is N Marked General slump
I'm Prices-Money Market Conditions
Cause the Liquidation.

NEW YORK, Dec. 10.-The stock market
was awakened to-day from the condition
of lethargy which has recently prevailed
by an urgent and precipitate selling move
ment. The selling gained In volume as the
day progressed until violent declines were
forced in the last half hour. Taking of
quick profits by the room traders was the
only source of buying, and the close was
extremely unsettled and active, though
above the lowest figures. Losses reached
three points or over in few of the leading
active stocks. including st. Paul, Pennsyl-
yania. New York Central. Reading, Man
haitian and Amalgamated Copper Losses
mainly ranged from one to over two points.
There were evidences OF professional attack
on the market, but the decline dislodged
large stop-loss orders and induced large
selling of long by tired holders.
The immediate factor in causing the de-
cline was the shipment of 81, 100000 in gold
TO South America and the growing evil
dences Of the severe pressure on the money
market. The liquidation did not appear to
be forced by actual large calling of loans,
as the call loan rate did not run above 6
per cent, but apprehension that this meas
ure would be adopted by the banks played
large part in the decline. Besides the
gold out-go to-day's subtreasury statement
showed nearly 10000 additional cash taken
up from the money market The inroads
on banking reserves since the last bank
statement have already risen to about
A,5OO,OO0. with promise of continued drain.
In the time money market additional diff
Guilty was found in securing loans on any
terms. The 6 per cent. rate for all periods
was purely nominal. and the actual rate
paid was entirely matter of private treaty
between borrower and lender, and depended
largely on claims of previous business as
ISOLATION. The foreign exchange market
was unaffected by the gold engagement
and held steady at yesterdays figures.
New York exchange at Chicago also fell
back to lOc premium. The days sales OF
grain Tor export proved somewhat disap-
pointing and disturbed the hopes for an
early replenishment OF the foreign exchange
market from that source. The small port
receipts of cotton tended to the same con-
cluSiOn.
Favorable factors were ignored in the
trading. and the weakness of the particular
stocks affected by special news develop
ments had sentimental effect in weaken
ing the whole market. Thus the agreement
reached in the Colorado Fuel dispute was
greeted with 515 drop in that security,
the argument being that the settlement re-
moved the stock from the influences of a
market contest for control. The circula-
ton of syndicate contract inviting de-
posits of Hooking Valley for the purpose
or retiring the preferred stock and of vot-
ing the common for circulation. mergers or
other combination carried a pretty broad
intimation OF plans maturing for the con-
solidation OF control of the bituminous coal
carriers in the middle States, but this only
served to induce realizing in those stocks.
Reports OF working agreement between
Union Pacific and ST. Paul for through
Va pal han
one OF the weakest stocks. Heavy selling
of Northern Securities on the curb had a
sympathetic effect the whole market.
The bond market continued dull and be-
came weak In sympathy with stocks. To-
tai sales at par value were 81, $50 600 United
States old fours, coupon, declined Il on the
last call.
Following are the days share sales and
the recorded price changes: