The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-14
FINANCIAL AVID COMMERCIAL.
WEDNESDAY. Dec. IS.

"WEDNESDAY. Dec. ID.
The iiauidatlonjn stocks was resumed to-day
and was upon q more extensive scale than on
Monday. Il was not confined TO the Industrial
shares still they were really the leaders In the
movement. The hrst effective selling came from
London when the fresh defeat Of the English
forces In South Africa moralized the financial
markets. The sales by foreign arbitraee
houses were fairly well taken until II became
apparent that they were being supplem ented
by local liquidation and also that the European
selling was likely TO precIpitate exports OF
specie The Indications are that speculative
accounts that were impaired by Mondays de-
cline In prices were closed out to-day either
because OF inability TO protect them or through
apprehension.
In the last hour the selling became urgent
and sharp declines resulted from enormous
transactions. Over four hundred thousand
shares changed hands In the last hour Sugar
Refining supplied nearly quarter OF the total
transactions. which were in excess OF a million
shares. and sustained net loss NJ
nearly ten points. Transactions OF
this magnitude indicate liquidation
BY more important interests than professional
operators. A plausible Inference from tho
dealings and course OF the market for sugar
Refining during tho last week or ten days Is
that holders OF tho stock who are best informed
a. to the prospects OF the company have
abandoned hope OF an INN Mediate settlement Of
the reflning-trade war;
Tho feature ofthe market that attracted more
general attention than tho late break 10 Sugar
Rennine was the persistent selling Of the high
priced railroad stocks. namely. 81. Paul. Chi
cago. Burlington and Quincy. New York Gem
trail. Metropolitan Street Railway and Manhat-
tan Railway. Louisville and Nashville suffered
alv ~ n
All OF the news having bearing upon railway
securities was favorable. In addition to excel
lent trafflc returns there was the declaration Of
an extra I per cent. dividend upon Northern
Pacific common. making 3 per cent tor the
year. and the on nounce ment OF valuable rights
upon Pennsylvania stock. Money on call was
easier ruling at q aud Z per cent. but that fact
seemed to have no effect upon speculative
holders OF stocks who for various reasons
sought relief In throwing over their securities.
Among the noteworthy net losses were ,hose
Of IN per cent In Tennessee Coal and Iron. 81
In American Tobacco. ~ In Peoples Chs and
~ In Baltimore and Ohio preferred Declines
Of two points or more were the rule throughout
the remainder OF the list At the close OF busi-
ness sterling exchange had risen to 81. 81 for
sight drafts. or to within one-half a cent a
pound OF the point at which gold would
be the cheaper form OF remittance. AZ the
Bank OF England has begun TO offer induce
ments to attract gold. II would not be surpri.-
ing II shipments OF the metal from this side
were made on Saturdays steamers. H. how
ever. they are not made at the end OF the week
they will have to be deferred for n week. as tho
steamers employed by bankers In making
transfers Of specie now sail but once week.
That the London monetary situation has
become acute may he inferred from the
fact that the Street rate Of discount at the
close was up to OK per cent. The advance
in private discount this week has led
to expectations OF further advance
in the bank rate to- morrow. but that may BIO
averted II gold Is engaged here tomorrow for
shipment on satur lay. The probability OF such
engagements was discounted to an extent
In to.day's stock market The prevailing rates
for money at this centre have begun to attract
money from Canada. Since the bcglnn nv OF
{ he week the ngencieA Of tho CANADIAN banks
have received over S2.0OO.OOO in gold from
I heir head Offices. They have sent the specie
here to cover drafts. rather than reduce their
balances. which have been lent at high rates OF
interest.
Suggestions that the Government take fur
Their steps to release some Of the money that
II has collected In excess OF its needs are ac-
coriing TO all accounts. being con siderei at
Washington a. well rs bv local bankers, and as
to-dnv's exchange market makes IL plain that
tire, IL H. possible that the Treasury will in turn
relieve the situation here The closing Of the
stock market was active and weak at about the
lowest prices.