Evening star. [volume] (Washington, D.C.) 1854-1972, 1902-12-15
FINANCE AND TRADE
Heavy Selling Of Stocks at
Opening.
FOLLOWED BY RALLY
BEARS THEM HAD A SECOND
INNING.
The Market Closed Strong on Assur-
ances by Banks Of Easier
Money.


Special Dispatch to The Eyeains Star.
NEW YORK. December 15.-American
shares In the London stock market were
irreguiarly changed from our closing here
of Saturday. Louisville and Nashville show
ing an improvement OF y per cent, Erie
first preferred declined Y per cent. While
the rest OF the American list was fraction
ally lower, the market there was very dull.
In the local stock market the opening
prices were weak and showed evidence of
the liquidation of quite a number OF weak
iy margined accounts, and there was a dis
position to pay more attention to the gray
ity of the Venezuelan matter. The sharp
decline at the opening caught great many
stoIeloss orders In the market, and the
bear traders were somewhat more active
than for the past few days. Southern Pa
ciflc and Union Pacific were noticeably
weak. and inside support seemed entirely
lacking.
Missouri Pacific was also heavy, and
there seemed to be heavy liQuidating sales
in Pennsylvania and some Of its controlled
lines by orders coming from houses acting
for Philadelphia operators. The early de-
cline extended from ~ to little over 2 per
cent. Southern Pacific lost ~ in first five
minutes of trading. Brooklyn Rapid Transit
declined per cent, Pennsylvania, ~; New
York Central, st. Paul. Norfolk and West
ern and Steel preferred, IL: Copper lost
over per cent: Steel common over u, but
received better support than at any time
last week: National Lead lost IN: Missouri
Pacific. 2M: Atchison. 1&: Tennessee Coal
and Iron. rs per cent, and Smelling COM
mon. ~ per cent.
After the first fifteen minutes of specula-
ton. the market steadied, and on DISPOSE
ton to cover by shorts and a little buying
by the big interests in the street. a rally
started in carrying prices up on an average
Of 1 per cent from the lowest This ten
dency. however. did not last and after the
first hour OF speculation there was another
selling movement started, which carried
prices below the early low figures.
Dealings in bonds were light, but prices
were fairly maintained.
A decidedly firmer tone was exhibited IN
the second hour OF trading. helped by
cessation Of urgent liquidation and the pur-
chase of about 10000 shares for the foreign
account. There Were too. some reasSuring
utterances from some of the larger banking
interests.
In the rally that set in prices generally
improved from y to IL per cent. Around
delivery hour prices were further improved
by report that combination had been
made among the leading banks and bankers
OF the street to throw large sum OF money
into the loan market. On this account there
appeared to be less nervousness Of the
monetary situation. although call rates
were as high as per cent at one time to-
day.
In the late afternoon the market con-
tinued to show strength, and the feeling
around the room was considerably relieved
on more pacific feeling regarding the
Venezuelan trouble. The banking pool also
seems to be an assured fact. and urgent
liquidation seems to be about over.