Omaha daily bee., 1902-12-12
YORK sToCKs AND n
Eager Unloading Regardless of Price
Leads to violent Declines.

NEW YORK, Dec. 1.-THE stock market
had a demoralized appearance at times
ties was IN progress without regard TO
prices. The volume of dealings rose to
over l,OOOiNO shares, or about double those
Of yesterday, which were again more than
double those the day before. The throwing
upon the market of this greatly augmented
the volume of liquidation met and with poor
absorption ana violent declines were the
result. There were points In the market
where better resistance was shown, than
In others, notably among the pennsylvania
group, Reading, Amalgamated and Sugar.
The last named closed the. cay with an ac-
tual net gain Of a small fraction. on the
other hand the Rock Islands, the United
states Steelers and Paclics generally
proved easily vulnerable. The extreme de-
cline in Rock Island common was AS and
in the preferred AZ. The final. prices were
respectively Is and Z points higher than the
lowest. Steel lost 3 points and the preferred
23s, and their hnal prices were only a trac-
ton better than the low points. The un-
supported condition of these stocks had a
strong effect on the whole mar
ket. The Venezuelan situation exerted
only a sentimental influence. The real mo-
growing conviction that a turther extern
sive loan contraction will be necessary to
meet the requirements for money between
more or less forced liquidation from the
refusal of lenders to extend maturing
loans, but many holders we're moved by APP
p"rehension that the same conditions would
shortly become effective in their own case,
SO that they threw over large holdings.
L ltIt Jill u az lAAbtSA III
the street, who withheld their funds from
the time loan market, with the aVowed In
tention of waiting for higher rates on time
loans. This process served to keep some
supply in the loan market. AS high as 9
per cent was paid, however, for call loans.
Time loans for short periods were prac-
tically unobtainable and rates were very
firm for the longer periods. The rates
quoted were purely nominal and all sorts OF
devices were resorted to to increase the &C
tual rate of return over the nominal rate,
such as commissions and implied agree
ments on the part Of the borrower to with
draw only a certain portion of the, account
loan. Time loans maturing at this time
were the immediate cause of the emoar-
rassment of holders OF, stocks. Rumors
were current of the liquidation OF a loan OF
several millions to a single bank, whlch
necessitated heavy realizing on collateral.
A curious feature of the incident was that
this collateral included many hundred
snares of the stock of the bank calling the
loan, which were sold in the open market,
Money brokers reported that there was not
much calling in of money placed on cal,
and they also reported that where maturing
time loans to the local banks had to be
paid OF they were unable to secure a con-
veption for borrowers from interior banks
The rate paid In such cases was consluer-
ably above the nominal rate: Where the
local banks are lending at all 1t is simply
TO supply the urgent needs of their regular
customers for business purposes
1t was expected that more gold would DC
sent to South America. The retention OF
England is believed to be an indication OF
confidence that the South American de,
mands on London for gold can be diverted
to New York.
All rumors of relief measures by the
Treasury department met with denials. TO,
davis extreme declines reached from 1 to
points quite generally and in some OF the
less active specialties ran from 4 to IL. tn
tone at the close was feVerish ana unset
tied, but quite materially above the lowest
Bonds were weak In sympathy VIII
stocks. Total sales, par value, A,S4O,VO0;
United States 81 and As coupon dechnec
Il on the last call.
THE following are the closing prices or
-. 49, VArL- GtnnE nNnhnnRa.