The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-12-17
New York stock Market

New York, December 15.-Today's
market was largely professional and IN
the contest between the bulls n bears
the former enlisted themselves under
tn banner OF the ~coalers, and the lat
ter made local traction stocks their
main resources The fortunes OF battle
seemed TO shift several times during
the day and in the middle afternoon
the bulls seemed to ave gained a de-
cisive advantage. the earlier market
losses in some special stocks having
been almost entirely WHIPPED out and
the bears apparently driven to cover.
In the last hour OF trading. however. a
large number OF loans We're suddenly
called and in replacing them the call
loan rate stifened sharply to 4 per
cent, at which rate q large mount OF
money was placed. This induced liqui-
dalton, especially in stocks which
yielded a profit on the days advance.
The bears, thus encouraged, renewed
their attack on the specialties which
had engrossed their attention all day
and uncovered stop loss orders on the
way down. AS a consequence the tide
of battle was turned completely and
victory lay with the bears.
The scarcity OF money is due to oper-
atoms looking to the payment tomor-
row Of an instalment OF about $500. 900
on the Union Pacific sale. The previ-
Gus payment on this account, amount
ing to over s29. 600, 600, have been left on
deposit in New York banks. but to-
morrow's payment will go direct In the
treasury and be removed from the
money market. Two additional pay
ments of an equal amount remain to be
made, one on December 9th and one
on January 5th and this will also go di-
rectly into the treasury. The payment
by the government on December 24th
of the maturing Pacific bonds. which
o to owe $,9, 600. 600. will be made
by checks, presumably On the New
York deposits to the governments
credit. The movement of currency
continues from New York this week. in
dicating q still further decline in New
York cash reserve. The tone OF ster-
ling exchange was somewhat easier to-
day, but did not respond in a marked
degree to the harding OF the money
market. Time money for the shorter
periods also stiffened apparently.
The early strength IN today's stock
market was aided by the rise in the
price of ~coalers, due to reports OF an
agreement to restrict ;he output next
year The Northern Pacific stocks were
also centres of strength. the preferred
advancing at one time Is and the
common nearly a point Reports from
London and the European bourses
showed a good demand there for these
stocks. Atchison preferred was also
up over a point at one time. The rise
above par of Burlington was a further
feature. The resumption of the quar-
terry dividend Of IL on Cleveland. Cfn-
c~innati, Chicago and st. Louis pre-
ferred, after its omission for two quar-
terly periods, was a feature of the day,
as was the 1 per cent. dividend in
Southern preferred. Sugar was trade
in, e~x-dividend, and at one time during
the day showed a ecovery OF one
third Of the dividend. but In the later
dealings 1t succumbed quite easily and
lost over 2 points on the day. Norfolk
and Western preferred. which was at
one time nearly 3 points higher. shows
a net gain Of 1E.
The bond market was somewhat less
active h Of late and the active list
was only about steady. Some OF the
high priced issues showed sharp ad.
vances. Missouri Pacific collateral 81
lost 3 per cent. Total sales were &c.
100 900. United States new As declined
hc bid The total sales of stocks We
400, 500 shares