The Washington times., 1902-09-25
Extensive Forced Liquida-
ton by Spectators
Causes Decline.
BIG CONSIGNMENT OF GOLD
News of Further Financial Aid From
Secretary of the Treasury Buoys Up
Market-Many Shares Change Hands
Close Fairly Firm.


of the stock market today were further
extensive forced liquidation by specu-
s lative pools. causing extreme declines
in a number of prominent railway
shares, extending to per cent and SUBJ
sequent sharp recoveries due to pur-
chases at the low levels by strong in
terests, bargain hunters" and Western
operators and extensive covering of
large commitments on the short side at
substantial profits. No attention was
paid to any general news.
The peculiar conditions existing in
the foreign exchange market have caused
considerable myst;hcation, owing to the
resistance of the exchange market to
the normal influence of stringent money
rates. This is partly due to the very
extensive short interest in exchange.
continued London selling of our stocks
and preparations for the settlement be-
ginning today.
That market, however, weakened this
afternoon a full quarter cent, notwith-
standing sales of railway shares in this
market for foreign account estimated at
10000 to $4,000 shares on balance.
Gold Here From London.
The arrival of consignment of gold
from London amounting to between
$1,o00.000 and s1,S0o,000 was reported
this afternoon. The banks. to an even
greater extent than was the case yes
terday, were out of the market to specu-
lative borrowers, and the result was
more stringent monetary condition.
The extreme high figure for call
money was Is per cent, and the opening
quotation was is to 20 per cent. The
average ruling rSte WAS IS per cent and
the last loan was made at that rate.
About 2 o'clock the extreme low figure,
10 per cent, was recorded momentarily,
and a moment or two before the close
of the market the % per cent quotation
again ruled. But for the short interval re-
manning the effect upon the stock mar
ket might have been greater than was
really the case.
Little or no time money was put out
by the banks, as was natural in the
circumstances, and consequently the
rates quoted were nominal depending
upon the quality of the collateral and
the urgency of the loan.
Heavy Transactions.
The total transactions footed up ovec
100000 shares. of which Missouri Pa
cifc supplied about 125, 900 shares. Five
other prominent railway stocks con-
tributed records of $4,000 to $1,000
shares apiece. and dealings in eight |
<~fh har in hr 1f,- c.f-- Ter
Piled tbe bulk of the remainder.
There were numerous declines of |
per cent or more. In number of cases
tile initial prices showed declines of 1 |
TO ~ per cent as compared with yes
terday's final prices.
The news of the proposed further |
financial relief action by the Secretary
OF tic Treasury and buying for the ac !
counts referred TO at the beginning OF |
this report caused substantial recover
ies in a number of prominent shares, SO
that Atchison common, Baltimore and /
Ohio. Canadian Pacific. Chesapeake and /
Ohio, Eric common. Missouri. Kansas
and Texas common, Missouri Pacific,
New York Central, Norfolk and West
ern, Pennsylvania. Reading. Southern
Pacific, Southern, Union Pacific. Wa
bash preferred and number of other
stocks showed only fractional anu in
Bone cases Insignificant losses.
st. Paul common and preferred. Illi-
nois Central, and Louisville and Nash
Vile sustained the most extensive loss
es in the more prominent issues, ex-
tending TO : per cent In st. Paul COM
mon.
Show Net Gains
The exceptions, net gains of q point or
more, ware in Delaware and Hudson,
Manhattan Railway. which left of 2ss
per cent higher; North American, which
enjoyed an equal advance. and West
srn Union. which finished nearly per
,ent TO the good, after an early decline
,f "a per cent. Brooklyn Rapid Tran
;it left OFF unchanged and Atchison
showed fractional net improvement.
Gains o. point or less were record ,
ID In american Hide and Leather, Amer
can Car and Foundry, Sugar Refining. !
Copper. Colorado Fuel,
General Electric, and United States
'ieol preferred. The largest ret de-
;line was that of Az per cent in West ..
nghouse Electric Manufacturing. The !,
ailway bond market was active and [
rices as a rule rallied after early de- I
ression, in sympathy with the move 4