Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-20
ESPECIAL FROM DOW. JOINTS & co. ]

New YORK, Dec. l9-Although the room
had practically discounted the gold exports
announced Tor to morrow, the weak close on
Saturday was construed to mean that there
would be no easier tendency in money to.
day. London sent considerable buying Or
ders, but it soon became evident that money
was ti-hter than at any time yet, and that
there was sharp discrimination against in
dustlials in collateral This started a pan
icky feeling in Chicago Gas. Distillers and
the whose industrial group, with the excep-
uion OF Sugar. The pool in Chicago Gas
threw over heavy blocks of stock, forcing
the price down to So a fall of points. Bulls
CT Distilers took fright at once and sold
steadily. 1t was clear that the bears had
practically covered a. prices above 60 and
The next pause in the fall was at 5s11S, where
q Iar.-e supporting order was filled, the price
then Jreaking to 81. Nancy had been bid un
from 10 per cent to so per cent very large
amounts loaning at the high rates.
\ little after noon the rush to sell and the
rush for money eliminated, and about this
time traders began to take stock of the posi-
ton An idea that the worst was about
known began to gain ground. 1t was
argued that railroad stocks as a whole had
shown practically no weakness of moment
all tie pressure having been on the indus.
trials and due to long stock Moreover il
was clear that the trouble was due more to
discrimination in collateral than absolute
scarcity OF money. A rally then set in
causing n rise OF three points in Cllicauo
Gas, Distilers and Cordage and some of the
railroad stocks actually sold above Satur-
days closing
The market during the afternoon was de-
Cidedly feverish, with only moderate fluctu-
ations, but in the last hour Reading broke
traders selling freely reports that the
company was short OF funds, and its lack of
Tallying power was quite noticeable until
Phlladelpnia houses supported it just at the
close.
There was large crop of failure ruu,ors
but none mareria!ized and money gradually
eased of and closed offered ate
1t WAS announced from Washington that
Secretary Foster saw no need as vet to sell
bonds and considered that gold exports
would cease for the time being after this
week
In high banking circles more hopeful
view of the situation is taken.
txnorts tomorrow on the EIbe amount to
s., 5000
Authorities say that million gold NAV on
cn Wednesday. Shipments of money from
Philadelphia are liHely if rates remain high
here.
Chicago was bullish on the Erangers and
predicts sharp rally in railroad stocks on
any improvement in the situation.
rBY ASSOCIATED PREss.1
NEW YORK, Dec. l9.-The week opened with
unusual activity and excitement at the
Sock Exchange. The sales aggregated 6,e..
JOS shares, the largest total for a very long
time past. The great feature of speculation
was a bad break in the industrial stocks due
chiefly to the export movement of gold.
which has frightened up the money market
and has caused the banks to discriminate
against those securities as collateral in
loans. The situation was aggravated this
morning by tine announcement that sS 900 0OO
gold had been taken Tor shipment TO EuroDe
bv to-morrOw's steamers. This alarmed
small holders and evidently made an i'm
preston upon some of the larger operators
who proceeded to -liquidate quietly. Chi |
cago Gas was the first TO reflect the selling of
long stock on large scale. 1t broke rapidly |
from 9O3< to IS amid intense excitement and |
was promptly followed By drop in Distil- |
ling and Cattle Feeding from GA to 81 ex-uivi- |
dend in National COrdage common from |
1897 TO I343<, in National Lead from 4l5S to |
80 in National starch from 3215 10 e9L1 in /
American Sugar from 1867 20 l0l%, in Cen
eral Electric from l12 TO l0916, and in Ma
tional Linseed Oil from 405s to 50. The sharp
drop naturally brought out a good deal of
stock on stop orders.
The hearfsh feeling was intensified by an
I'd dvance in call loans to 30 per cent. These
rates did not rule for any length of time,
however, and before the close both local
and foreign bankers were liberal lenders
and decline TO per cent ensued. After i
O'Clock operators recovered confidence to a