The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1898-12-02
In Wall Street.

New York, December To-day the Stock
market was again largely influenced by the
state of the foreign money markets. Dis
count rates at foreign centers underwent a
still further increase today and the accom-
mediation of these demands by American
capital was evidenced by an advance of Ac
In the actual rates for sterling exchange at,
New York. The resumption of the process
of loaning abroad put stop to the demand
for gold in London for export to the United
States, enga gements already made being
cancelled, and the subsistence of apprehen-
sion on this account in London resulted in
considerable buying of stocks in the New.
York market for London account. The
continuance of a stringent requirement for
money in Berlin was still shown by the
withdrawal of 1,4S0,000 additional from the
Bank of England for shipment to Germany.
The weekly statements of the Bank of Eng
land and the Bank of France revealed the
fictitious character of the recent rise of
money rates in London and Paris. In the
case of the former there is a loss in gold
of nearly $4,000,0 00 while the pressure upon
the bank for loans on account of the rise
in the private discount rate has resulted in
an increase in other securities of over $751;
000 000 The Bank of France has lost $3.50 900
in gold and a somewhat larger amount IN
silver, while at the existing bank rate the
outside market has borrowed $22, 765 900
more than the loan account of a week ago.
The revelation of financial stringeney In
the worlds great money centers suggests a
liquidation of so drastic character as TO
give natural pause to speculation in all
markets. But though there was d lness
in the standard stocks in New York prices
were very firmly held apparently on the
superstition that the money difficulties
abroad were in way to be worked out
satisfactorily, which is confirmed by the
retention of the existing Bank of England
rate Meantime, speculation turned into
c.annes of industrial specialties There is
long list of these showing very material
gains, but each was influenced by Individual
causes, either real or fictitious. Sugar adj
yaneed on the belief that the regular divi-
Tdend would be declared next week; Rubber
on the reported demand for the product;
Consolidated Gas, on rumors of pending
consolidation Of gas interests; Linseed Oil
on the report of a plan for re-organiza-
lion, and SO On through the list. The
strength in Consolidated seemed to have
sympathetic effect on gas stocks gener-
ally. In the railroad list, while prices gem
orally advanced, the number of stocks to
snow conspicuous strength was small 1t
included Central and Southern Pacific CIV
ing color to reports of a plan of a settle
ment of the government claims; Oregon
Snort Line Oh the measure for absorption
by Union Pacific and Kansas City Pitts
Durg and Gulf, and Chicago and Alton.
gains, in the latter not being maintained.
however Louisville and Baltimore and
OHIO showed strength. Net gains outside
Oh the industrials are mostly fractional
There was a good demand for bonds and
conspicuous gains in some Instances Total
sales, 4370,000. United States new as adj
Fanced u and the u.s. old As and SIS reg
istered, x in the bid price
Money on call. steady at 2A6D2b per cent.
last loan, 21a.
E
Prime mercantile paper 3A04H per cent.
Sterling exchange firm, with actual bust
ness In bankers bills at A.S4lk@$4S 4% for
demand and at $4.S114G$4.S1h for sixty DAYS.
Posted rates, $4.S2d$4 S21k and s4s5lb.
Commercial bills, $4.S01s6$4S1
Silver certificates, 6014@6115
Bar silver. 59%. ~
Mexican dollars, 1884,
Government bonds, strong.
State bonds Inactive.
Railroad bonds strong
New York, December 1--rotaI sales
stocks today were 1852 600 shares including:
Atchison, preferred, 24,S20; Central Pacific
1890; Louisville and Nashville 81, 100: Man.
haitian, 1885; Northern Pacific, 6S30: JJnions
Pacific, 1880; Union Pacific, preferred
1519S; St Paul, n,gS6: Southern 500.
Wheeling and Lake Erie. 10,f1O; Wheeling
and Lake Erie, preferred, $500: Tobacco :
1920 Peoples Gas. 1854; Lead. 1886: Sugar
S2420; Rubber, 1854.
BY Private Wire to Paine Mrrnby q, ~ .