Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-17
A FURRY IN MONEY
Causes Lower Prices in a
Majority of the Ac-
tive Shares.
BANKS BOARDING GOLD.
Distilling and Cattle Feeding Leads
the List in Point of Activity
AND SCORES A LARGE DECLINE.
The Other Tndustrials Also Sustain More or
less Important losses
YIPPER AND \. E. THE STRONG POINTS
ESPECIAL TELEGRAM TO THE D1sPArcH.l

DeSun yesterday as 10 lne CAUSES loI IL lO
suited in further unsettling of confidence
on the Stock Exchange and in lower prices
for tbe majority of securities The street
attributes the stringency in money in part
to the exports of gold and partly to the at
titude of certain leaders toward the inius-
trial stocks. Borrowers, as a rule, being
warned by Yesterdays experience,
arranged for their accommodation to-
dav earlier than usual and in
consequence rates were lower through
out the afternoon except for temporary
spurt. which was evidently forced at mo.
ment when the loan market was bare oi
funds. As soon as the extreme high rates
were quoted two prominent banking house:
appeared in the market as lenders of money
in almost unlimited quantities at 6 pei
cent-the final rate. As was to be expected
the ruling rates for money had q perceptible
effect upon the foreign exchange market
which was decidedly easier and quotably
lower.
The policy of the banks at this time de.
serves q word, ior it undoubtedly eIerts
some influence upon the money market.
Many OF the banks have apparently come to
the conclusion that they will not part with
any of their gold, and they are therefore
strengthening their reserves in order to
meet demands that may be made upon them
from time to time through the clearing
house with legal tenders. IL IN wora, they
are boarding their gold. This may be con-
Servatism, but it is of character that is
likely TO reduce their profits ultimately.
The dealings in stocks exceeded half q
million shares with DIstilling and Cattle
Feeding supplying more than one-fourth of
the total. IN the carly dealings the price
dropped from 6S to 65Ss Within the first
Few minutes OF business nearly $4,000 shares
fr-asF nod in xNrh VaC q
the total transactions in the stock. Dun ing
The remainder OF the day the price huctu-
ated between &c and 81. At the decline the
buying was obviously more effect
tie net loss in price 10 Ia
per cent. Sugar refining, National Lead and
Chicago Gas were the other active indus
trials. Ther, with Distilling, supplied more
than half of The days business. National
Lead was heavy at net decline OF 22s per
cent, but Sugar Refining and Chicago Gas
did not suffer severely
= OF the railway list St Paul, Reading, Union
Pacific and Missouri Pacific were the feat
ures at net declines ranging from Il per
cent for Missouri Pacific to IL per cent for
ST, Paul. Northern Pacific preferred and
New England were conspicuous, because on
comparatively light transactions they
closed a little higher than yesterday.
SPECIAL FROM DOW, JONES & co.
NEW YORK, Dec. l6.-There have been three
which conceded with the movements of
money. The first of these was a sharp break
in the first hour with heavy liquidation,
owing to the bidding up of money to y and
d per cent. All through the forenoon there
was steady selling of industTials on the call
ing OF margins, aId Mr.. White was said to
have given out heavy selling orders in Dis
tillers. There was, however, some covering
OF shorts in railroad stocks, which, in one or
two instances, kept prices almost steady.
About noon two large sterling loans were
made by Drexel-Morgan and Ladenburg,
Thalman & Co., amounting III all to s., Zoo, ,OOO
This caused 4 break In exchange sharp
rally in the market and the Offering of
money st S per cent for the time being. 1t
was evident, however, that there was no
settled leelinG in the minds OF either traders
or money brokers, for money began to rise
again in the early afternoon and stocks
saEged, breaking sharply to the lowest
points Of the day IN the last hour, when it
was announced that half million gold
would be shipped from Boston, and
rising to . Eer cent, considerable being
loaned at TIE high rates.
In the last few minutes mouse identihed
with Drexel-Morgan & Co. offered money at
6 per cent causing the slight rally at the ex-
trcme close. the net result of the day had
been to leave the traders in a condition of
nervousness ana uncertainty, although in
some peoples minds there was an idea that
the situation WAS slightly improved
The weakness of sterling practically re-
moves for the moment the question OF gold
shipments to London. On the other hand it
Is cit that tighs money for some time is cer-
tain. High banking authorities take a
gloomy view of affairs and are convinced
that any Improvement OF a permanent char
acter is impossible until the sherman act is
repealed.
number of Reading collieries have shut
down completely ana Others are working
three-lOurthS time.
London sales OF stocks the last two days
have been considerable.
TBY ASSOCIATED PREss.l
NEW YORK. Dec. l6-As on Yesterday.
everything turned on the gold export and
money questions. Early in the day all sorts
Of rumors we're IN circulation about exports
OF s. OOO, 900 gold by to-morrow's European
amer>, and anywhere from IS ,O00, 900 to
$4,000, 900 next week. These rumors were
reiterated so persistently that finally the
street really believed they were true. A
lact which added to the feverish and uncer-
tain feeling among traders was tine action OF
certain bank presidents in calling in loans,
backed up as it WAS by talk from the same
persons that Europe viii make eXTaordi-
nary drafts upon the gold reserves OF this
country during the next few months.
" neither this sort of thing is intended to
check the outflow OF the yellow metal or is
for the purpose or helping along the specu-
lAUors in stocks has not yet been satisfactor-
lily determined, put it can be stated that
many conservative bankers and brokers eN-
nue-s the belieT that the gold scare will soon
run itSe!i out, and are giving themselves no
gueaSlneSS over the SITUATION. Inc rates for
call loans were this morning quietly ad-
vanced from 10 10 per cent. and stocks de-
clfued under sharp pressure to sell. Then
the money rate iell back to per cent, and
rally ensued, the recovery being assisted by
definite knowledge that only $500, 900 gold
u ould be shipped from Boston.
Everything went along smoothly, and the
leading shares had rallied 3z9l5s per cent,
when the rate for money was suddenly bid
nm TO 20G25 per cent. This started the
sIna alIer-DuIs on the run, and amid consider
able excitement prices went lower than the
figures touched during the morning. Dis
tlI.inC, st. Paul, Chicago Cas- General Elec-
tric Manhattan, national Cordaye Nation al
Lead, Pacific Mail, National Starch and
Ito ). per cent. In the final sales there was
a rally OF a 10 y owing to the fact that
money WIS luaneu at 5El6 per cent on Offering
l,Z- q well-knoWn II banking house with New
York and foreign connections.
Railroad bonds were weaker. The sales
we're 81 O56. .GUO. Reading first preferred in
comes declined s4@5s, do preierred a TO Is,
rose TO GSL[ richmond Terminal IS de-
.clfned 4 ana rallied to ~, The IS broke Z to
m and closed at a Texas Pacific firsts fell
n to TTIm and LETT on at 7S The seconds
w..re weak at 2G1l@27l<. The Atchison and
Kansas and Texas ISSUES declined 1s0I per
cent
L. :. IS eg.........-ll5 iMutual Union os. liz
= : 4s scuup.......ll4 n. j. c. Int. Cert. ..1Il%
= = 100 Northern Pac. lists. .llSk
f5srifir Is OF -g5...lO5 Northern Pac. IDS. lib
I oui. slammed zs.. 81 North. Consols la6k
RI1s.,1i,II IS -. Jos North. Debentures 5sIO4
I-,,, new s,sf lO3 Isl. l.. a. |. NJ. GEN. Is s4x
irDn. new set 5s..IOI It. L. & $ +. q. Mill
TsI,l, now SET ss 755s St. Paul COnsols.
I-g,g'rs.s -, ods - 1U2 lSt T.. {. & Pac. 1stsII7
T-,T trgri6r lsts-.lOT /. p. l., q. Tr. Refs IN