The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-12-09

closed between one and two points lower
than last night. The principal victims %
the selling were the Iron and Steel stocks,
as has been the case all the week, and
Tennessee Coal led the group. with mel
loss ef six and one balf points. quite
d number of other metal stocks closed
more than four points lower. American
Sugar was very active and weak through.
out the session and closed at the low
point with a net loss Of four and 4 hal
points. The Tobacco stocks, the United
States Rubber stocks and the New York
Specialties were adj prominent in the
break and lost three points or upwards
Manhattan ELEVATED was rather an eN'
ception and it's loss was only Traction
The bears were active and very aggres-
sive and had much to do with starting tue
decline, but they reaped a rich return
in the tmcovet6mg Of stop loss orders
as nlnrgihs were wiped out aiia lienvy
offerings were pfecipitated on the mar
ket.
a large part Of the selling was forced
by the calling of loans and the difficulty
OF obtaining new accommodation, the
borrowing demand rushing the call loan
rate up to twelve per cent ON the late
dealings. Tired holders who have hoped
for ON upward turn in prices also ahan-
doiied their position and threw over their
stocks. When the preliminary estimates
OF the weekly cash changes made thear
appearance, the difficulties of the money
market were explained.
The bears seized occasion to aggravato
the situation by setting forth story that
the Associated Banks o ftlle United
States" whatever that might inean, had
luahed the Bank Of England S20,000,000,
No basis could be found for the story, but
its inherent improbability did not pre-
vent it having considerable effect in add
ing to the decentralization THE hardening
of money in Berlin and Paris and the
heavy loss III gold by the Bank Of Eng
land for shipment to South America were
evidences of the construction of the
money supply abroad. This was suff-
cient TO keep the sterling exchange rate
firm in spite of our stilTening MONEY rate,
but there was Il significant decline an tile
sale for sterling ON Paris, in response to
measures to SHIFT the pressure upon that
center.
TomorTow's New York bank statement
is expected to show Il loss in cash Of over
$6,000,000. OF this nearly $5,000000
is on Sub-Treasury operations, including
81 $4,000 deposited for transfer to the
South. On the direct interior movement
by express the banks have increased
their shipments more than $600000 over
last week while their receipts from the
same source have decreased nearly $780,,
600.
Bonds were lower throughout Total
sales (par value) $1,725.000.
United States old is advanced u in
the bid price.
The total sales of stocks were 10000
shares. including: Atchison preferred, 49,
$40: Chicago, Burlington and Quincy,
1880: Manhattan Elevated, 1885;
Metropolitan Street Railway, 1881;
Pacific, $3.50; Northern Pacific,
10000: Pennsylvania, 6,4S5. Philadel-
phia and Reading first preferred. $500;
Chicago, Milwaukee aud St Paul, 1o,
610: Southern Pacific, 30,035; Union Pa
cifc, 1880; Union Pacific preferred. TO-
go: Wheeling and Lake Erie. 5.62J:
American Steel and Wire 30.360; Amer
can Tin Plate, 5,7T5; American Tobacco
IS, $50; Brooklyn Rapid Transit. G3660:
Tobacco 1880; Continental
preferred, 5.563; Federal steel,
5S.475; Federal Steel preferred, 5,292:
United States Rubber. 5.047: United
States Leather, 20.SS5; United States
preferred, 1860: Tennessee Coal
and Iron. 1860; American Sugar, 3D.
7G5: Pacific Mail 40; Peoples Gas
Light and Coke Company, 1865; Ma
rional Steel, S,070.