The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-16
FINANCIAL. AND COMMERCIAL.


FRIDAY. Dec. Is.
There was auietinE down OF the specula-
ton In stocks to-day which was natural after
the unusual excitement OF the last few days
| but contrary 10 precedent and almost general
| expectation tho market did not gag. Prices
| were Irregular during the FIRST hour or two. for
| further moderate purchases by London. and eff
forts on the part Of some professional operators
| to bid M prices we're met by dribbilne liduida-
tion. The engagement Of 81. Toe. 900 for ship
m ent 10 Europe to- morrov-a transaction fore
Swallowed In this column two days ago-was
not unfavorably regarded by the Street Some
stocks had been sold In anticipation Of tho
event, but the sellers showed a disposition to
recover them before the close OF business.
As matter OF fact the Street regarded the
transaction with equinan,ity because Il had
been told In advance tho reasons why gold IL
transferred to London at this time. and It
show cd It's appreciation ofthenn. Briefly stated
the specie f. attracted to London bythe rclative-
ly higher rates otintersst there. and a. the Bank
OF England wishes 10 strengthen its reserves
before the end Of the year II has raised It's
price for American gold eagles to 98s. %. and
allows 2 per cent. interest upon gold In transit.
The Bank Ia also drawing geld from the Con-
tinent. As the gold-carrying steamer dsss not
sail until late tomorrow II 10 Feasible that to-
day engagements Of specie maY b increased.
The LOCAL money market was net affected
adversely by the beginning Of what may
prove TO be considerable outward move
ment OF gold. Money on call ruled at . per cent.
while time loans w-refauoeably easier. a. noted
in detail further on in this column. This oon-
dillon OF affairs Ia OK planned In Fart BY the enor-
nous liquidation In securites that has taken
place and also by the return dow Of money
from tho interior which appears to have finally
begun in earnest. At all principal westarn
points exchange on New York 10 now at sub
stantial premium and Western bankers advise
their correspondents here that they believe the
premium will be permanent. So far as gold Is
concerned this city has received from Canada
this week more than will be shipped abroad
tomorrow. still. the supply from that quar-.
ter ia not likely to he large and II. a. some
bankers believe. there are tn he heavy exports
OF gold at the end Of next week. It may become
desirable for the Secretary OF the Treasury to
raise his price for tho bonds hs has undertaken
to buy for the Sinking Fund. The situation
would not cause . moments apprehension
were IL not for tho unbusiness-liks method OF
administering the Govern ment finances.
Sugar Refining again held the first place In
the speculation on the Stock Exchange, sup
plying over sixth Of the total transactions
and scoring a net gain 81 ever 4 points. Other
strong features were the local traction
stocks. Steel and Wire issues, American
Tobacco and OF the less active shares,
Steel Hoor. Smelling common. Linseed
OIL preferred. Colorado Fuel and r. @. G. and
ST. Louis common. The last was m ore extern
svely dealt in than for . long time at net
advance Of over 10 points II was currently
reported that a decision had been rendered
favorable to the min ority stockholders In their
controversy with the Pennsylvania Railroad
Company, The closing VIVA stron q At siiobt