The times. [volume] (Richmond, Va.) 1890-1903, 1902-12-12
Volume Of Dealings Rose to
More Than Million Shares.
MORE OR LESS LIQUIDATION
Msnv Lenders Refused to Extend
loans, and in Some Gases Large
Holdings Were Thrown
Overheard.
HAaEk
EElsE'
mr Associated Prcaa.l

~.
se, nan { oenoralized appearance At times
to-day when en- eager unloading OF Sc
rur.ties wss IN progress without regard
20 prices The volume OF dealings rose
20 over a million shares or about double
those OF yesterday, which. again, were
,.,ore than double those OF the day before.
The throwing upon the market OF TINS
greatly augmented volume OK liGuida uoii
met with Very poor aosorptiVe Pome,'
and violent declines were TIE rest
There were points in the market "ne!c
r>.,-r resistance was shown INA" Ii
vulers. notably amongst the feni;ssi.s-
MIA group. Reading. Amalgamateti ISPi,es
and Sugar. The Eastman med stoch ei 10
tie day with an actual net gam W
small traction. 80,
Or the other hand. the Rock ls!alio
stocks. the United States Steel stochs allo
She Pacific generally proved easily su,
ferable. The extreme deciii't 49, 80 49,.
Island common was AS, and IN Inc pre-
terred za.. The final prices were respec-
lively IS and : points higher than me
lowest. United States Steel lost points
sad the preferred rs, ana theI. INA
prices were only q fraction better than
Ghc low points. The unsupported condition
OF these stocks had strong sentimental
effect on the whole market. Inc eng
xuelap situation cXerteu only q seilu-
mental influence The real motive foT
the precipitate selling was the growing
conviction that q further extensive loan
contraction Will be necessary TO meet inc
requirements for money between no"
and the first Of the year.
There was more or less actual forced
liquidation from the refusal OF lenders
20 extend maturing loans. but many hold
ers were moved by Apprehension that me
same conditions would shortly become
effective on their own cases. SO that
they threw over large holdings. There
were some OF The largest lenders in the
street also who withheld their funds
from the time loan market with the
aTowed intention OF waiting for higher
rates on time loans This process served
10 kepe some supply in tho call loan
market.
AS high as per cent. was paid. how
ever for call loans. Time loans for short
periods We're practically Unobtainabie. anc
dates were very firm for the longer per
sods The rates quoted were purely IoTii-
,lel. and all sorts Of devices were re-
sorted 70 to increase the actual rate OF
return over the nominal interest rate
such as charges for commission and I'M
piled agreement on the part Of the bor-
rover 10 withdraw only certain proper
lion OF the account loaned
Time loans maturing at this time were
the immediate cause OF the enbaTTass-
current OF the liquidation Of q loan OF
several million dollars to single bank
which recessitated heavy realizing on
collateral.
"A
.bat the collateral included many hun
6red shares CT the stock Of the bank
calling the loan which We're sold in the
open market. Money brokers reported
that there was not much calling of money
placed on call. and they also reported tHac
where maturing time loans TO the local
banks had to be paid of they We're bic
70 secure accommodation for borrowers
from interior banks The rate paid IN
such cases was considerably above the
flomtra! rate. Where the local banks are
lending at all 1t is simply 10 supply the
urgent needs Of their regular customers
for routine bushes purposes. The ster-
ling rate remained firm today, and opin-
ions were expressed that more gold
To-day's extreme declines reached from
TO points quite generally. and in some
OF the less active spccialCes ran from
Z 10 -. The tone at the close was fever
Ssh and unsettled, but quite materially
above the lowest
Bonds were weak IN sympathy with
stocks. Total sales. par value. s4,2+o.ooo.
declined !. per cent. on the last call.
The total sales OF stocks for the day
were 1,l99,700 shares.
MONEY AND ENCHANGE-CLOsE:
Money on call firm at sag per cent: clos
ing 941o per cent; time money. firm.
small accommodations: sixty days. ~
per cent; n!netdy days, 1d1t2 per cent:
elk months. per cent; prime mercantile
with actual business in bariiers' bills at
24G25 for demand ana al s4.S3.6Iaa:as4. 30
FOR sixty days: posted rates. Sie4l2 and
&Ss; commercial bills. S+s2s G4.s3ls. Bar
silver, 4777s: Mexican dollars. 3'l.. Govern
,neat bonds weak; railroai~ bonds weak.