The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-12-03
York
Stock Market

New York. December 2.-The Su-
IRENE Courts decision in the Hsrrl
man rserger case upset the STOCK
market to-day. after q listless morn
ing session The announcement from
Washington was followed by an OUT
burst OF selling. with Union Pacihc
he special object OF attack. There
we're large sales of Southern Pacific
as well. and virtually all OF the raw
oritc stocks including industrials as
well as railroads, shared in the move
nent. Union Pacific broke l-2 points
southern Pacific ? and READING
Steel. Amalgamated and other prom
uent shares lesser amount.
The market met with prompt sup
mort az the lower level, and prices
quickly rallied. The decision was not
understood 10 many, and the first I'M
rulse was 70 sell. but on second
.houebt there was a decided change in
sentiment Losses largely were mace
IN and the Hartman issues scored
,befr hest figures for the day. Union
pscinc preferred was Sought heavily,
md Al one time showed galn OF
L. ,..
rhc upward movement was attriout-
a 70 speculative buying on the theory
MAT the courts ruling would neces-
state a distribution OF Union Pacific's
roldings of southern Pacific some OF
the Hartman bond issues also al
1anced. in the belief that their re-
.,rement might be made necessary asi
q mart OF the adjustment which must
he made. southern Pacific collateral
ss AZ one period registered gain OF
l-2 points. and oregon Short Line
80 90 . points The courts decision,
however. opened up so many posi-
I1ities for speculation as to the ell
.ec;s OF the reimbursement shat the
.rading clements were confused, ano
the movements of securities were er-
ratio. Before the close the market
became heavy again.
The effect of the unfavorable ioank
statement of last Saturday was SHOWN
in the continued tension in the money
market Call loans rose steadily from
an opening at 10 per cent TO IS per
cent. Late in the day the rates zen
back 10 per cent.
stocks were unaffected BY money
conditions
The opening loans was made at To-
followed by a loan at II per cent;
$500 600 loans at u per cent
Several hundred thousand dollars
loaned at 10 per cent but even this
high rate failed to bring out more
than a moderate amount from local
banks. Time money rates are un-
changed. but in reality the recent
sixty and ninety-day quotations of o.
TO per cent are meaningless. mas
much as no money is being offered.
The chief influence of high money
rates was 10 reduce speculation to al
minimum. Some of the specialties de
veioped market strength early. Rub
Der rose to the high point touched in
the movement last April. and the to-
cacco issues were buoyant
Aside from the Hartman issues. the
general bond market was firm, al
though there was a shading in values
in a few isolated cases.
United States bonds were unchanged
on call
New York. December Money on
call strong: sG1J per cent; ruling
rate. -: closing bid. g: offered at s.
Time loans strong. sixty days nomi-
nally 1897 i2 per cent; ninety
days nominally. eG7 I; six months, So
d6 Prime mercantile paper. per
cent Sterling exchange weak. with
actual business in bankers bills at
s4s075 for sixty-day bills and at
S4s450 for demand. Commercial bills.
s57e IA Mexican dollars, 80 IA.