The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-12-15
A SLIGHT RALLY
IN STOCK MARKET
There Was Not So Acute a
PRESSURE
THE CONFLICT WAS FIERCE
Expectation of Further Stress of Liqui-
dation in the Exchange Were Not
Disappointed-Heavy Offer
ings Made from Outset
HE CONFLICT WAS FIERCE

New York, December Interpretations of
further stress of liquidation in the stock
market were not disappointing this MORN
ing. Heavy offerings were thrown upon
the market from the outset and the brokers
were very bold and determined in Offering
prices down. But it was obvious that there
was not so acute a pressure of necessity
upon the market to realize as was the case
yesterday and several developments over
night helped to encourage a support of
prices. The market therefore did not any
time resemble yesterdays dealings
The conflict of speculative interests was a
fierce one before the issue was decided and
prices moved both ways at once in the
opening market and never long in one direc-
ton. The determined support in sugar was
a notice to the bears from the outset that
they were not to have things all their own
way and though they wiped out sugar
opening rise in short order and made heavy
inroads at other points in the Industrial list,
and even forced St. Paul half point below
yesterdays low level for the year. the abb
sorptive power of the steady buying de-
mand proved too much for the reaction
lists.
Subsequent attacks We're made upon the
iron and steel stocks, the New York city
specialties and in fact upon every stock
where any information could be had OF d
heavy account on the long side with the
hope of wipinS out margins and forcing
Iquidations. The success achieved must
have been very moderate judging from the
almost complete recoyeres which We're
caused in nearly all cases when the shorts
began to cover. 1t was noticeable on the
other hand that the buying demand died
away al the higher level of prices achieved.
This encouraged renewed efforts by the
bears up to the period of the last reaction
when they refrained from attacking the
market and the closing was firm near the
top level at substantial net gains all
through the list.
The outlook in the London money market
continued to offer the keynote to the specu-
lative situation. The failure to advance the
official rate of discount by the Bank of
England itself offered suggestion of relief
from yesterdays apprehension of gold eS-
ports from here, though the belief contin-
ued during the morning that gold would go
out by Saturdays steamer. The treasury
department offer to forego the rebate hith-
erto demanded before anticipating the pay
ment of January 1 interest, had a senti-
mental effect in strengthening the market.
The total amount of interest involved is
$500 600 and its availa biity, it is believed,
would make the withdrawal of any gold for
export less felt. Then came the buoyant
outburst in the English market on the
widely disseminated rumor of the relief of
Ladysmith and an alleged capture of Beers.
This served to brighten the feeling in Lon
don and occasioned heavy demand for
Americans. Orders were cabled to New
York long after the usual hours and Lon
don purchases for the day were run up to
10000 shares. Sterling exchange responded
with a drop of over &c in the pound. Ad-
ditonal gold was received here today by the
branches of Canadian banks.
Bonds rallied from early weakness in
sympathy with stocks Total sales par
value S20i5G00. United States bonds We're
unchanged in bid quotations.
New York, December 14-Money on gall
steady al 4GpI per cent; last loan per cent;
ruling rate, per cent
Prime mercantile paper, 51aG6 per cent
Sterling exchange easier, with actual
business in bankers bills at s4.S75s for de-
mand and at $4S12sq4S2A for sixty days.
Posted rates s4.S2la and S4.SSA.
Commercial bills, $i.S104.S1R.
Silver certificates, 59d59k
Bar silver, 59H.
Mexican dollars, Az
Government bonds steady.
State bonds weak.
Railroad bonds Irregular