The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1902-12-11
EXPORTS OF GOLD FORCE
STOCK PRICES DOWNWARD.
IRGENT SELLING ENGAGES
WALL STREET.
Closing Is Extremely Unsettled
Money Continues to BE Drained
Out OF Traders Reach.

New York. Dec. In-Tho stock market
was awakened tr-,iay from the condition Of
letharcy which has recently prevailed b
an urgent and preciritate selling movement.
The selling gained liz volume as the day
| progressed until violent declines were forced
in the last half hour OF the trading. Taking
OF quick profits by the room traders was
IN" Only source 4 buying and The closing
was extremely unsettled ana active. though
above the lowest figures. Losses resulted
three points "r oyer in Il few Of the ioIdinG
active stocks. including St. Paul. FeuuSyl-
wanna. New York Central, Reading. Man
haitian am AmaiG.mat.d Copper. LOs-cs
generally ranged from on" "a over two
points. There were evidences OF professional!
attack on Tn" market. but III" decline III
prices diS!oGSeG large S~tri-l"-S orders and
Induced !arC. selling Of l NJ stock by iI.-I
holders. The immediate factor in causing
the decline was the shipment Of a mil on
dollars in gold II So-th America ana the
growing evidences 81 the severe pressure
in the money market. Tn liquidation did
not appear 10 te forced by actual !a:@s
calling of loans. as the call !oau rate did
Mt run above 6 per cent, hut apprehension
INEoAp$ ON CASH.
Besides the gold oUtgo. t~o-tay's >ub'reas-
dIt'onaI cash taken up from the money
market. The inroads upon banking reserves
since the last bank staten -nt have already
risen TO about $i5s....l. with promise Of -
continued drain. In the time money mar
ket additional difficulty was found in So
curing loans on any terms The = I~r cent
rate for all periods was purely H'nl,nti
and the actual rat paid WAS entirely Il
matter Of privat" treaty between borrower
and lender and depended largely OF claims
of previous business association IN" for
C!En exchange market was unaffected by
Jh- gold engagement and held steady Hr
Yesterdays figures. Naw York exchange
AT Chicago also fell back I 10 cents Pc
MUM.
The days sales Of grain ror export proved
somewhat disarnointiuE and disturbed the
homes of an early revi.nish:n@rt 4 TIL for
eign exchange market from that source.
TIE small port receipts OF cotton ended =
the same conclusion.
WHOLE MARKET WEAK.
trading. and The weakness of thu particular
stocks affected by special r,wS develop
meuts had = Senri:neDtaI effect III weakening
the whole rnark-t. Thus the agreement
reached in the Colorado Feel dispute WIS
greece: with = J2-p"irt drop in that s.
Cur!ty. tn argument being that the St
tlerl-nt rescued the stock from the iniiu-
eGCe Of 4 market contest for control The
circulation OF 4 syn'iicate contract inviting
deposits Of Hooking Valley stock for the
purpose Of returning tho preferred stock
and OF voting -he common sock for con-
SclidatiOn mergers or other elimination.
carried Z pretty broad iHtimation of plans
maturing for the consolidation uf control Of
III" hir-minO-S COIL c~arriarS IN the Middle
States. hut this ONLY served 70 induce real
!Zing in thCse stocks. Reports Of Z WORKING
agreement between Union Pacific and $.
Paul authorities for through business did
rot save 81. Paul from being one Il the
weakest stocks IN the. list. Heavy selling
OF Northern Securities on the curb had a
effect on the whole market.
The bond market becaus weak in SYM
pathy with stocks. Total sales. par value. |
$2.+sf.ra- United States Old coupon de- !
Clined : per cent on the last call. |