The times. [volume] (Richmond, Va.) 1890-1903, 1899-12-22
TONE OF MARKET
WAS FEVERISH.
Trading on Smaller Scale Than Any
Previous Day this Week.
The CLOSING WAS UNSETTLED,
Rcars Were Active, and Circulated
Stories OF Panic in London on
Account of Fresh Disaster in
South Africa.

. NEW YORK. Dec. q. THE stock mar
kcf had 10 carry another heavy load Of
LIQUIDATION to-day. Trading was on
smaller scale than on amy previous day
this week. but the tone was fcVerish and
unsettled throughout, and fluctuations
were constant The principal selling pres
sure came from London. where the money
difficulty was aggravated by renewed APP
prchcnsions over the safety OF the British
columns in South Africa and the advance
in the official discount rate Of the Bank
OF France. Much Importance seemed TO
be attached 90 the latters action as an
obstacle 20 the requirement of gold by
the Bank of England London pressure
upon Paris was reelected IN jump Of
four centimes in the sterling exchange
rate at Paris. Forced liquidation on the
London exchange was on a large scale,
and overlooked 10 the New York market
The international stocks were acutely
depressed al the opening. and were not
able 10 make any substantial Roadway
all day. In the last hour there was re-
newod selling Of those groups. which
forced down prices an through the rail-
road list from y 10 = points, the extreme
decline being in Northwestern. The lead
Ing specialtics were also at the low point
OF the day I'm the last hour The bears
were active in the lato drive. and circu-
lated stories Of panic I'm London on ac-
count Of fresh disaster 10 the British
arms I'm South Africa.
Buying 10 cover short contracts caused
some sharp rallies. but they were not well
held, and the closing was exceedingly un-
settled at substantial losses compared
with last nights close.
A notable feature of the weakness, as
was the case yesterday, WAS the easy rate
ruling at the time for call money After
leading al per cent in the morning.
loans were being made at 3 10 per cent.
al the time when prices were dropping
most rapidly. The weakness was not so
aNaat Hsa.HH
trials as was the case yesterday, and II
liquidation was being forced by discrimi-
nation AS to collatorals. the standard rail-
road stocks We're thrown over to obtain
funds FOR the protection of holdings OF in
dustrials. Prices in number of impOr-
tant stocks approached or fell below the
low point Of Monday. and this fact seemed
TO incline holders 10 renewed selling.
Brooklyn Transit was by no means so
conspicuous as yesterday. but the deal
ines We're very large and the fluctuations
were very wide. II was vigorously sup
ported in the early dealings but appa-
rently only for the purpose Of making
market for further liquidation.
support was forthcoming from time 20
time during tho day. which checked the
downward tendency. Sugar was very er-
ratio al a level below last night. and fell
10 within "a Of Mondays low level. Metro
oiitan and Manhattan We're aCutely de-
pressed, the former falling : points. The
New York gas stocks were strong during
the early dealings on rumors OF a settle
ment OF the gas war but they weakened
before the close. Except for the con-
tlnueo strict discrimination against some
classes Of stocks as collateral. easy con-
ditiOns were maintained in the money
market 4 slight decline in the sterling
exchange rate might be due to engage
ments of gold for shipment on Saturday
which, 10 is now taken for granted. Will
De large. Interest begins 10 centre on
what was the effect OF the week events
IN Wall street viii be on the Saturday
bank statement
Bonds weakened I'm sympathy with
stocks. Total sales. par value. S2.Gl0 Og0
United States IS and the old IS advanced
p I'm the bid price
The total sales Of stocks were T21, 100
shares, including AtchisOn. 10 700; do. pre-
ferred 3313J. Baltimore and Ohio. Z 767:
Chesapeake and Ohio, 1O,S4S: Chicago
Burlington and Quincy, 23S7O; Rock
Island, IL 800. Louisville and Nashville
10. 4S5; Manhattan. 15,72l: Metropolitan
Street railway 1919; Norfolk and west
ern, COCO. Pennsylvania. 1850: Northern
Pacific. 24,15O. ontario and Western,
5Tl9, 81. Paul. 26.12j' Southern Pacific
IS ESQ, Southern railway preferred. ssh.
Union Pacific. $50; do. preferred. 1870,
Wheeling and Lake Erie, 1900. do. sec
ond. G.O2O; American Steel and Wire. 26-
go American Tobacco, 2igGO; Federal
steel. 1868. Peoples Gas 1880: Sugar
ol00O; Brooklyn Rapid Transit 10s,52l
MONEY AND EXCHANGE.-Nlon on
call steady an 307 per cent: last loan at 4
per cent. ruling rates q per cent; prime
mercantile paper 5iz0G per cent Ster-
ling exchange easier with actual business
i'm bankers bills al S4SIis0f S7i4 for de-
mand and at A.SOH a SU3s for sixty days
osted rates. 81 S1NQ4S2 and S4.SS04SSi5:
commercial bills 81 S0HG4 SO8,. silver
certificates, 5S3, nJ0i2. bar silver. 80. Mex
lean dollars. 47iz. Government bonds
strong; state bonds weak; railroad bonds
weak.