The times. [volume] (Richmond, Va.) 1890-1903, 1899-12-21
ANOTHER SLUMP
ON STOCK MARKET
Net Losses are Small, and Some
Stocks Show Gains.
THE TONE IS MUCH STRONGER.
There Was Some Liquidation hes'er-
day. But II Was Not Allowed TO
DemoraIirc the Whole Market
as on Monday.
THE TONE is MUCH STRONGER.

NEW YORK. Dec. 2o-Thc stock mar,
kcf gave "a demonstration OF lHPiVEVv
tone and nerve i'm the spirit with when II
accepted "a slump of 1873 points IN Brook
lvn Rapid Transit, accompanied oE SYM
uafhcfic weakness I'm other stocks. ~ can
not be said that this decline was NicNSu
with Indifference. for II euectuaily chtCh-
cd the advancing tendency I'm the general
market and WOrkca reaction extending 10
over points in a number or standard
railroad stocks. and from 10 points IN
some Of The industrals. ihehks 10 'ne
earlier rise I'm the market however, ana
the rally following the slump, net losses
are in nearly all cases small ana some
substantial net gains are shown by I'M
nortant stocks The break in Brooklyn
Rapid Transit was attributed 10 the forced
liquidation of very large inside account,
concerning which many untdNorable ru-
mofs OF Monday were revived IN run
force and exaggerated by the bears with
view to breaking the market
During the time to-day when Brooklyn
Rapid Transit was showing most acute
weakness the rate for call money was
quoted M per cent. and was In plentiful
supply on satisfactory collateral. The
rate no no time rose above q per cent,
and in the late dealings fell 10 . percent,
or yesterdays low level During the day
an engagement Of gold for shipment TO
London was announced, and rumors were
current of further heavy engagements 10
90 out ON saturday. The announcement
and The prospect seemed 60 have no ei-
feet on the local money market
The anomOy OF a = per cent money
rate and gold allowed TO 20 out while
stocks are forced 10 liquidation al heavy
sacrifices warrants no other conclusion
than that the security offered for loans 10
carry stocks in some Instances Is unsatls-
factory. Such is known TO be The case
Yesterdays measures of protection and
relief We're SIN I'm force to-day. hat II
was made manifest that care and discrlm-
instiOn are 90 be exercised In applying the
resources contributed. There was liQui-
dalton yet 10 De accomplished to-day. and
~ pursued its course. but was not allowed
20 unscttlc and demOralizc tho whole mar
kef as was The ease on Monday.
The tone Of The market during the early
hours WAS nearly normal. except that
trading was very active and fluctuations
rapid. Prices advanced, and received an
additional impulse with the announcement
ga the increase I'm the New York Central
dividend rate that stock rising 20 l3S.
The bond market was reported active.
hut showed late reactions from the early
strength. making the tone irregular To-
tal sales. par value. Si.l5Oooo United
states rs 3s. old as and IS advanced y
IN the bid price
Total sales of stocks to-day were 9Oi 700
shares. including AtchisOn preferred. A.
1Sj. Chesapeake anu Ohio. 14.SfJ. Chi
cago. Burlington and Quincy. $3.50; Rock
Island, 12.3ll Louisville and Nashville,
130i5; Missouri Pacific. 1l.02J. New York
Central. 1892. Norfolk and Western.
0lai, Northern Pacific. lIl1O; DO. pre-
fcrred. 7.712 Pennsylvania, 1906. Read
ing first preferred. lo $50; St Paul. %
10. Southern Pacific % 10; Southern
railway. 61Oo, do. preferred $50. Texas
paciuc. 5000. Union Pacific. 1860. DO.
preferred. 145S5: American Steel and
Wire oG.71O. Brooklyn Rapid Transit
fsG.GSf. Continental Tobacco. 1880; Fed
eral Steel 5000. DO. preferred. ex-div,
= 2cO. Pacific Mail 6Oj. Gas. 20 S35; SUI
gar. - 42t, Tennessee coal and Iron. To-
Is5: United States Leather. 1O,325. Ameri-
can Tobacco. 1851.
MONEY AND EXCHANGE.-Mone on
call steady al 2N9 per cent. last loan at
per cent; prime mercantile paper 5lgUd
per cent Sterling exchange. with actual
business I'M bankers bills az Sfb7h for dc
mand and no - ~ for sixty days. posted
rates 81 s20iS2is and SLNSie. commercial
bilis. - S0is n4s1 Silver certificates. 591
5gts: bar silver %: Mexican dollars. i7i4.
Government bonds strong; state bonds in
active. railroad bonds weak.