The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-12-11
TWO Y. SELLING /, DIPS.
Growing Difficulties in the Money
Market and the Venezuelan
Situation.
Supporting Orders Are Found-Na.
tional City Bank Stock
Sold at 800 &

Fl u Z ~ s = /.
New York, Dec, 1l.--Americah securities re-
ccived some support In London, this morning,
Dut prices took downward course at the opeh-.
ing oi, very heavy dealings. There We're sales
nent stocks Losses We're restricted to fractions
except in the case Of the Illinois Central, which
lost lMint The first sales OF 2,UOO shares of
United States Steel depressed it X. = h. -
liYuidntion was Senenal and, free for a time
after the opening and prices broke tniough the
supporting orders which We're in evidence here and
tnefe. The support made itself felt after a
Time ana the 1ualk et rallied = Some prominent
stocNs mere than recovered their losses. The
market became dull at the recovery. Declines
OF a point or more were general among the lead
ers. Anaconda dropped !: points, Delaware &
HUDSON Lackawanna, and pittsburg, Cleve-.
cam Pa& ST Louis and Es5t Amer
ONO, Atchison; Sugar, 4Amalgamated and Man.
n aa. were conspicuous in the rscI and rose
traction over last night in, some cases: The
growing difficulties of the money market. added
to the acute phase of the Venezuelan situa ton;
prompted the selling. Prices receded again to
about the lowest ut II O'Clock. - - :,
? The second din carried prices, considerably
lower than the Hrst, but the declpez was, again
checked by whar seemed to be supporting orders:
krcA Island fell 81 and the preferred ~,
Anaconda 5k and United States Steel, North
Western minneapolis. ST.. Paul & Sault Ste!
Marie; Lake Erie Western. Evansville & TerEe
Haute St. Louis & San Francisco. Toledo, st.
preferred between and 8 points. An incident
Of the morning was the sale OF over ! 800 shares
OF National City Bank stock at 200. the pre-
vailing bid price. 4The rally. wasiirsoderate and.
was followed by dullnsss Bonds, were irregular
at noon. nj 49,, .-,.. ,..-- $500.
rices held we'll OH the rally UP to 1880
again breaking prices to the lowest The de-
cline was violent and affected the whole list.
Unite! States Steel lost 3 points. the preferred
Sas,r, Missouri Pacific as =, Northwestern. Great
Northern preferred and Consolidated Gas g.
Southern Pacific 2@. and generally throughout
the list from to 2il points. -, ~" =:
Thoko
I e Sreaf e
which was in striking contrast to the torpid CON
r time na pas e IL s staea
was the ca,fse Of some forebodingsT but was
scarcely more than sentimental influence. The
and would be borrowers was the real cause Of the
acute Weakness in stocks. Some. large lenders
Of higher rates and kept them in call loans but
for mixed terms. especia]ly for 80 and 80 days.
T money was practically unohtsinable The grow.
ing conviction that heavy loan contraction is to
be met before January tcppied over the market
and the Hqutdatien came. in spasmodic waves,
each dip carrying prices lower than before and
the, support put in from time to time was
for the purpose only of ahording basis for fresh
selling. 81 &C ~...-& =, -.
Liquidation was especially heavy in the Rock
Island stocks and United States Steel shares.
but nothing was exempt and losses quite gen.
fell T. the preferred Az and United States Steel
g. Among the less active stocks North Anneri-
can dlopped 49,, Grass Twine g. Canada Southern r
g.: Lake Erie g. Western and; Anaconda 81.
Cotton Oil Az Delamare & Hudson 4H and
I.ackawanna and Pittsburg; Co.. c. & st: Louis
Pacific, Southern Pacific and St, Louis & San
Francisco also Slost about 3. <,r. -..-..
Only few stocks got lower than before dur
ing the final hour. The indications of tempo
rarily, oversold market prompted active bidding
by the shorts to cover: and there We're sharp re-
RADIO & Southern and Hooking Valley made ex-
IRENE declines of 3@3A.9 Amongst the special:
ties North american dropped H. American Ex-
press 10, Steel Foundry preferred on. with re-
covery of Jig American: Grass Irvine, Anaconda
prefsrred l. On the o Tallg @ yaileS re
covered 214 Rock. Island preferred 21s. sand va
rious other prominent stocks -t@1%. There We're
feverish and Irregular. OK. ,.E.tra~... .r.: :
Stock quota tons: Seposted fqr1 The Journal BY
lis. 10 = t:;arrifsiiHNtss -. -",f-
Closing prices are rbid. r};gia-- - =,