Show REACTION IN THE Drop Caused by the Rise in Call Loan Rate I GENERAL PROFIT TAKING 4 PRICES AT LOW EBB AT CLOSE 4 New York Dec Stocks received various explanations but did not impair the confidence with the outlook upon the new year is regarded The stiffenIng of the call loan rate during the dily was the most immediate apparent cause of the selling The fact is that the therise rise in call money was deferred until practically the last day of the year on the stock exchange Loans made on Fri day at the stock exchange carry over until Monday and in this case until Tuesday Preparations have been mak ing for the largest Jan 1 disbursements in the hIstory of Wall street The call loan rate has been apathetic up to date and the maxImum rate touched today was 5 per cent MeantIme the usual es by bankers indicate that the in flow of by express has been sufficient to offset the ab and leave a margin of gain of upwards of The changes to he shown in the loan item of bank statement are of course to be large owing to the annual settlements But a large influx of cash is looked for in the next week It is not that any deep anxiety over the money market was re in the days movement Profit taking was a more likely motIve The steady uplift of prices has developed lit littie tie inclinatIon to sell stocks up to t day and up to yesterday there has been appearance of tracing for a turn in the operations in the market The increased animation In the market yes and the early market today were distinctly features of this ere accompanied by more or less ob obvious manipulation The profit taking met the move movement ment today was the usual of ofa a movement of a speculative nature It served as an admonition that a too rapid rise in prices would have to reckon with selling to Amalgamated Copper displayed rather acutely the re reactionary effect of the speculative opera which caused its wide advance of yesterday The selling was not ex explained by news bearing on values in inthe the general list There was an aggras speculation in Union Pacific The various movements were abandoned on the Last prices were not far from the lowest and the closing was easy Bonds were Irregular Total sales par value United Staten bonds were unchanged on call |