The Montgomery advertiser., 1902-12-12
WALL STREET REVIEW
THE MARKET HAS A DElDoRAL-
 FEED APPEARANCE.
An Eager Unloading of Securities in Progress Without Regard to Prices-Over One Million
 Shares Change Hands.

NEW YORK, Dec 1.-The stock market had demoraiized appearance at times today when an eager unloading of securities was in prog ress without regard to prices. The volume of dealings rose to over a million shares. or about double those of yesterday. which again The throwing upon the market of this greatly augmented volume of liquidation met with very poor absorption power. and violent de- olines was the result Thete were points in the market where better resistance was shown than in others. notably among the Pennsyl- vania group. Reading, Amslgamated and Su- gar. The last named stock closed the day with an actual net gain of small fraction. On Steel and Pacifcs generally proved easily vulnerable. The extreme decline in Rock Island Isl L common was AZ and in the preferred and points higher than the lowest Steel common lost 3 points and the preferred 2& and their final prices were only a fraction better than the low point. The unsupported condition of these stocks had a strong senti- mental effect on the whole market. The vsne- Euelan situation exerted only sentimental influence. The real motive for the precipitase selling was the growing conviction that . essary to meet the requirements for money between now and the hrst of the year. There was more or less forced liquidation from the re- fasal of lenders to extend maturing loans. but many holders were moved by apprehension that the same conditions would shortly become effective in their oases. that they threw large holdings There some of the largest lenders in the street also who withheld their funds from the time loan mar ket with the avowed Intention of waiting for hishsx rates on time loans This process served to keep some supply in the call loan however, for cali loans Time m % loan. for short short periods were practically unobtainable and rates were very firm for the longer periods. The rates quoted were purely nominal and all sorts of devices rssortsd to to increase the actual rate of return over the nominal in terest rate. such as charges for commissions and implied agreements oa the part of the borrower to withdraw only a certain propor- ton of the account loan Time loans maturing yer ha Of fhA embarrassment of holders of stocks Rumors were current of the liquidation of a loan of several million dollars to a single bank which neoessitated heavy run on collateral seri- ous feature of the incident was that this col lateral included many hundred shares of the sold in the open market. Money brokers re- ported that there was not much calling in of money placed call and they also fsported banks had to be paid on they were unable to secure accommodation for boFrowere from
 sG. The ns Pa in sa eases Where the local banks are Nndtns at all. 1t is simply to supply the urgent needs of their poses Sterling exchange remained hrM to- day and opinions were expressed that more the Bank of England is believed to be in dication of confidence that the South Amegi- diverted to New York. The sub b-treasury con- tnues to withdraw large amounts from the money market and all rpmora sf relief meas denials. Today's extreme declines reached from to points quite generally and in
 ss sone a. the so:s a. Ta fsvsrsn rG% and unsettled, but quite materially above the lowest.
 Total sales tpar value>, 4. $40, 900. United States 3's and old As coupon declined | on the last call.
 New York HNAek Taak