Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-12-12
AN EAGER UNLOADING,
IVY YORK STOCK MAR1AEI a
TIMES DEMoRALIZED.
DECLINES OF q TO IL POINTS,
Tone Mt Close Fcvcrish and Unset
lied. But Final Figures Are Ma
1crfaIly Above the LoNcst-Ninc
Per Cent. Paid for Call Loans.

NEW YORK, December 1.-The stock
market had a demoralized appearance at
times yesterday. when an eager unioaoihs
of securities was in progress, without
regard to prices The volume OF dealings
rose to Ger million shares, or about
double those Of yesterday. which again
we're more than double those Of the day
before The throwing upon the market
of this greatly augmented volume oil IL
oridation met with Very poor absorpt!Fe
mower am violent ue2iH-,es were IN" &C
suit. There were points in the mar''el
where better resistance was shown thaii
in others. notably amongst the Fennsyl-
vania group. Reading, .hn'alsamated Cop
per and Sugar. The last named stock CLOS
ed the day with an actual net gain OF
small fraction. On the other hand Inc
Rock Island stocks. the United States
Steel stock and the Pacifics generally.
proved easily vulnerable. The extreme
decline in Rock Island common was is.
and in the preferred 424. The final prices
We're respectively rs and higher than
the lowest United States Steel lost
points, and the preferred SIS, and their
final prices were only q fraction better
than the low points. The unsupported con-
dition of these stocks had a strong SEN
4imental effect on the whole market. The
Venezuelan situation exerted only senti-
mental influence.
The real motive for the precipitate sell
Ing was the growing conviction that
further extensive loan contraction will be
necessary. to meet the requirements for
money between now and the first OF the
wear There was more or less actual
forced liquidation from the refusal Of
lenders to extend maturing loans, but
many holders were moved by apprehen
ton that the same conditions would short
ly become effective in their own cases.
60 that they threw over large holdings
There were some Of the largest lenders in
The street, also, who withheld their funds
rom the t!me-loan market with the aVow-
% intention of waiting for higher rates
on time loans. This process served to
keep some supply in the call loan mar
ket.
NINE PER CENT. FOR CALL LOANS.
As high as per cent. was paid. how
over. for call loans. Time loans for short
periods We're practically unobtainable.
and dates We're very firm for the longer
periods. The rates quoted were purely
nominal and all sorts Of devices were
resorted to to increase the actual rate of
return over the nominal interest rate,
such charges for commission and i'm
piled agreement. on the part OF the bor-
rover to withdraw only a certain pro-
portion OF 'he amount loaned. Time loans
maturing AT this time We're the immediate
.ause OF the embarrassment Of holders of
stocks. Rumors We're current Of the liQui-
sation OF a loan OF several million dollars
20 single bank. which necessitated
heavy realizing on collateral. A curious
:eature OF the incident was that the COL
lateral included many hundred shares OF
the stock of the bank calling the loan,
which were sold in the open market
money brokers reported that there was
not much calling OF money placed on call
and they also reported that where m atur-
~ leans = tbs local banks had to