The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1902-12-11
NioIent Declines Were Forced
in the Last Hour.
SELLING ALL DURING DAY
There Were Evidences Of Professional
Attack on the Market, But the De-
/ cline DIsIodged Stop Orders
and Induced Longs to Sell.

New York, December 1O.-The stock
market was awakened today from the
condition of lethargy which has recently
prevailed by an urgent and preeipitate
selling movement. The selling gained In
volume as the day progressed, until vio-
lent 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 fig
lures. Losses reached points or over in
a few Of the leading active stocks, in
GLIDING st. Paul, Pennsylvania New
York Central Reading, Manhattan ana
Amalgamated copper. Losses generally
ranged from to over Q points. There
were evidences OF professional attack on
the market, but the decline dislodged
large stop orders and induced large SELL
Ding Of longs by the tired holders. The
immediate factors in causing the decline
were the shipment of a million dollars in
gold to South America and the growing
evidences of the severe pressure in the
money market.
The liquidation did not appear to be
1orced by actual large calling Off Of loans,
as the call loan rate did not run above 8
per cent, but apprehension that this meas
ure would be adopted by the banks played
a large part In the decline. Besides the
gold outgo, today's sub-treasury state
ment showed nearly 100000 additional
cash taken up from the money market
The inroads upon banking reserves since
the last bank statement have already
risen to about $4,500,000 with promise Of
a continued drain on the time-money mar
ket. Additional difficulty was found in
securing loans on any terms. The per
cent rate for all periods was purely nomi-
nal, and the actual rate paid was en-
tirely matter of private treaty between
borrower and lender, and depended large
ly on claims of previous business.
The foreign money market was unaf-
fected by the gold engagement and held
steady at yesterdays figures. New York
exchange at Chicago also fell back to 10
cents premium. The days sales of grain
for export proved somewhat disappointing
and disturbed the hopes for an early re-
punishment of the foreign exchange mar
ket from that source. The small port re-
ceipts of cotton tended to the same con-
clusion. Favorable factors were ignored
in the trading, and the weakness of the
particular stocks affecsed by special news
developments had sentimental effect in
weakening the whole market. Thus the
agreement reported In the Colorado fuel
dispute was greeted with 51a drop in
that security, the argument being that
fhe settlement removed the stock from the
influence of market contest for control.
The circulation of a syndicate contract
inviting deposits of Hooking Valley for
the purpose Of retiring the preferred stock
and of voting the common for oonsolida-
ton, mergers or other combination, car
ried pretty broad intimation of plans
maturing for the consolidation of con-
troll Of the bituminous coal carriers in the
middle states, but this only served to in
duce realizing in those stocks. Reports
of working agreement between the
Union Pacific and St. Paul for through
business did not save St. Paul from be-
ing one of the weakest stocks Heavy
selling of Northern Securities on the
curb had a sympathetic effect on the
whole market.
The bond market continued and became
weak in sympathy with stocks. Total
sales par value s2,4S0,0 0O
United States old As, coupon, declined
II on the last call