Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-13
Stocks Continued Their Downward
Movement Again Today.
LONDON Was A HEAVY SELLER
Sugar Was the Point of Attack
Entire List Yielded.
GENERAL MARKET REPORTS
Special Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK, December 15.-The decline
in prices was resumed this morning in spite
of the more hopeful tone which prevailed
at the close of yesterdays business. For
eign houses changed abruptly from the con-
fidence of yesterday and were free sellers
during the morning. Denials from semi
official sources relative to the Bank of
France having agreed to advance gold 10
the Bank of England. as was so hopefully
reported yesterday, deprived the situation
Of one of its most encouraging factors.
These denials are not wholly convincing
however, since there are abundant evil
dences of some such transaction.
Local banks are said to be considering
some plan for sending gold abroad, but the
banks refuse to discuss the project. With
money tight, as It now is, the idea of ship
ping gold serves to scare margin operators
and stocks are freely sold in consequence.
The decline today was helped to a very
considerable degree by short sales, but the
manner in which the volume of business
was distributed gives unmistakable evil
dence of actual liquidation. 1t is argued
that an advance of gold by New York at
time when the trade balance is favorable
to America is an indication OF financial SD
premacy which in the long run will produce
exceptional results.
This view, while not always disputed
fails signally as an argument for imme-
date good. The failure to get loans I'M
der old conditions and at moderate rates
Is the one concern Of the moment. There
is need of an enormous sum Of money for
next months disbursements, and a shaking
out of loans has been resorted TO as the
only means of meeting these demands.
When the banks failed to maintain their
reserves. as shown by the statement of
averages few weeks ago, it took concert
ed effort to prevent a decided slump in
stocks.
The government came to the relief Of the
banks, but once the reserves were back
to the point demanded by the treasury an
effort to reduce liabilities was inaugurated.
The pressure on the banks was then trans
ferred to the stock market. A stock decline
was preferred to an advance in money.
While at this stage of remedial action
Congress convened. and fears of antitrust
legislation detracted at once from the col
lateral value of industrial stock issues.
The familiar device of holding up the
standard shares allowed for a relatively
fair marketing Of the undesirable issues
The scare being, in some degree, out of
the industrials, the support was withdrawn
in the railroad list, and today there was
little preference for new or old issues The
Granger shares were weak the Pacific
shares Were weak, and the positive strength
failed to develop anywhere Northern Pa
cine common declared a dividend of l per
cent, and an extra dividend of equal
amount.
Pennsylvania announced a 10 per cent
stock allotment which was followed by
sharp advance; but the buying failed 10
hold the new level Weak accounts which
survived the early decline suffered TODAY
An occasional cash purchase was made. but
there was not enough of this bIyfng to
make an impression.
Sugar was the active feature of the day
fuctuatng violently and dragging down
the entire list in it's wake.