The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-12-21
STOCK MARKET
HAS STRONGER TONE
There Was Considerable Demon
Stration of Nerve.
BROOKLYN TRANSIT REVIE w
During the Early Hours Trading Was
Active and Fluctuations Rather Wide
Liquidation Was Not Allowed
to Unsettle the Market

New York, December 20-The stock mar
ket today gave demonstration of i'm
proved tone and nerve in the spirit with
which 1t accepted sumps of ia points In
Brooklyn Transit accompanied by SYM
pafhetic weakness in other stocks allied
to it.
1t cannot be said that this violent decline
was viewed with Indifference, for it effect
ually checked the advancing tendency in
the general market and worked a reaction
extending to over points in number of
standard railroad stocks, and from to
points in some of the industrials. Thanks
to the earlier rise in the market however,
and the rally following the slump, net
losses are in nearly all cases small and
some substantial net gains are shown by
important stocks.
The break in Brooklyn Transit was at
tributed to the forced liquidation of large
inside account, concerning which many I'M
favorable rumors of Monday were revived
in full force and exaggerated by the bears
with a view of breaking the market.
At this time last year. after a notable
advance, the stocks sold at about 70, and
by April of this year touched the high
level of 157 without ever having paid
dividend. In the Generalization which fol-
lowed the sudden death of Ex-Governor
Flower the organized efforts to support
and save the market converged upon this
stock and kept 1T above par
The vicissitudes since then have been
many and varied and transactions in it
alone have gone to make up the bulk of
the trading on the stock exchange for
many days. There have been single weeks
when the total transactions in this stock
exceeded several fold its total capital is
sue, and ii has been the favorite for the
highly speculative class who delight in
manipulation and mystery Previous to
this week it's low price for the year had
been 7514. On Monday it touched 651s in
the general Generalization. Today it
touched 81 and rebounded 6h.
This review of the course of a single
stock is fertile in suggestion of explana-
ton for the whole series of events in this
weeks market. During the day when
Brooklyn Transit was showing most acute
weakness the rate for call money was
per cent, and was in plentiful supply.
There was liquidation yet to be accom-
plished and it pursued its course from yes
terday but was not allowed to unsettle and
demoralize the whole market as was the
case on Monday.
The tone of the market during the early
hours was nearly normal except that trad
ing was active and fluctuations rather
wide. Prices had advanced and received
additional impulse upward with the an
nouncement of the increase in New York
Central dividend rate, that stock rising to
1902. Extreme declines from the high level
in other than Brooklyn Transit were: Su-
gar, ~; Federal Steel 6; Peoples Gas, Man
haitian and Tennessee Coal about 5, and
Tobacco and Metropolitan A. The weakness
in railroad stocks which showed the larg-
est declines could be traced in part to the
same sources those which were response
BILE for the break in Brooklyn Transit.
The decline extended to points only in
Rock Island, Atchison preferred, Burling
ton. st. Paul and Louisville & Nashville. In
Brooklyn Transit Sugar, Federal Steel,
Tennessee Coal and Peoples Cas- the re-
covery reached 8 to 81 points and it
amounted to from L to points all through
the list. The market closed strong at the
rally at mixed net changes.
The bond market was active and showed
late reactions from the early strength MAX
ing the tone irregular. Total sales, par
value, So $50 600. United States Is, IS, old As
and 5s advanced Y in the bid price.
New York, December 20-Money on call
steady at 2@9 per cent; last loan per cent;
prime mercantile paper 51s66 per cent; ster-
ling exchange steady, actual business in
bankers bills 4S7A for demand and 4.S1 for
sixty days: posted rates. 4.S2d4.S215; COM
mercial bills 4S016d4S1; silver certificates,
59d59A; bar silver SO; Mexican dollars, 471a.
Government bonds strong state bonds in
active; railroads irregular.
(Py Private Wire TO Talbot e Palmer)