The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-12-06
STOCK MARKET
DISCOURAGING
Liquidation Was the Order of the
Day.
THE EARLY DEALINGS FIRM
The Spasmodic Character of the Selling
and the Dizziness of Intervening Pc
RODS Reflected the Operation
of Loan Contraction.
THE EARLY DEALINGS FIRM

New Yorl1, December 5.-Today's events in
the stock. market brought additional dis
enlargement to those who had been at
tempting to maintain or advance prices Of
securities. Liqudation-was the order of
the day, and many holders who have wait
ed for weeks on deferred and perhaps
clearing up of the situation, and the bull
market being inaugurated, threw over their
holdings today.
The weakness was as apparent in the in
dustrials and specialties, but the railroad
stocks were very generally sold. There was
some buying of stocks last week on the pre-
sumption of speculative professionals that
the presidents message was to be bullish
document, and it's publication today brought
profit taking from those sources in the
natural order of events. The paragraphs of
the message bearing on the subjects of the
industrial combinations was the ground for
special weakness in the Industrial depart
ment. Quite a number of these securities
are from l to points lower on the day.
The spasmodic character of the selling
and the exceeding dullness of the inter-
vening periods reflected the operation of
loan contraction by the banks. the success
sive calling of loans, throwing blocks of Sc
curlIleS upon tne market WHICH no
support awaiting them. There were some
slight signs of frmness in the early deal
ings, especially in Sugar and some of the
railroad stocks. The trunk lines remained
comparatively firm throughout, but the
slight evidences of strength elsewhere gave
way to the general tone of weakness.
Call money reached per cent. early in
the day, and receded to six and a half the
close, but the easing of the rate did not
bring any strength to stocks in view of the
general outlook. Shipments of money are
still being made to New Orleans, and the
New York exchange rate at important in
terror centers continues at a material dis
count. Notwithstanding yesterdays dis
bursements by the sub-treasury of over
$500, 600 on account of bond redeEa2uons that
institution was creditor at the clearing
house this morning to the extent of oyer
100000. Its gain from the banks since last
Friday has rea ched 81, 653 000 The majority
of the banks being still very near or below
their legal reserve requirements, this
shrinkage in resources is forcing still fur
Their contraction of loan liabilities.
The tendency is increased by the APP
proach of the annual settlement period Ior
corporations and preparation for the special
demand for money which will be made by
1T upon the supply. Sterling rates again ad-
yanced today in New York, Paris ana Ber-
lin The New York rate Is now wlthn a
fraction of the gold export point ana II Is
palpaDle that oHiS d sun ~.
the local market will hold 1t below that
noint. Prices of bonds declined in SYM
nathv with stocks. Total sales, par Yalue,
81 $50 COO United States now As and Old as
registered advanced \, and do coupon ana
rs Il in the bid price The rs declined "A.
Nev York. December 5.-Money on call
hrmer at 6dS per cent; last loan, per
cent
Prime mercantile paper, 51s66 per cent
Sterling exchange strong, with actual pu-
siness in bankers bills at s4.S61sd4@ for de-
mand and at s4.S1ss614.S11a for sixty days.
Posted rates $4.S21a@4.S71a.
Commercial bills, $4.s01sd4s1.
Silver certificates, 5S1A@59h.
Bar silver, So
Mexican dollars, 47A.
Government bonds irregular.
State bonds inactive
Railroad bonds weak.