The daily morning journal and courier., 1899-12-14
THE STOCK MARKET
E Bscame Weak and Demoralized ed Toward
 the Close Yesterday.

the Close Yesterday.
 New York, Dec. 13.-The stock mar
 ket became weak and demoralized to-
 ward the close of to-day's session, and
 stocks were thrown over wholesale on the down grade. Prices went below the low point of Monday all around and the market ended in a highly excited condi- | tion The few rallies that were effected were due to the nasty taking of profits by the bears which were sufficiently at 1 tractive on the day to induce the clos ing out of short accounts by the pro- fessional operators who persstently sold the market at the higher level The market made some headway against the depression during the early dealings and at one time had very largely over come the opening losses, which were reflected from the foreign exchanges. The weakness abroad was due to the ! growing seriousness of the situation of the British campaign in South Africa. London was very heavy seller in New York, but the offerings seemed to be pretty well absorbed. The grangers rose notably above last nights level during the morning and Sugar and Brooklyn Transit also made conspicuous gains to- wards recovery from the recent de- pression, but later in the day the oper- ators in stocks shut their eyes to ev- erything but gloomy appfehens,ons over the future. The existing condition of the money market was at no time strin- gent and in the late dealings the rate for call money ran down to 1-2 per cent. The announcement of the deter imitation of the Pennsylvania railroad to distribute stock at par to the extent of 10 per cent. of the capital came as total surprise and under ordinary cir- cumstances would have been a deter4 mining factor In rallying the market. It lifted Pennsylvania points and New York Central 2 5-S and caused tenn porary Hull in the spasm of liquidation, but the pause was only momentary Equally without effect was the extra dividend declared on Northern Pacific brnging the rate for the year up to per cent The persistent liquidation in Sugar spread throughout the list In the final dealings Sugar went 12 points
 
 1-2, Continental Tobacco preferred 1-2, Great Northern preferred ', Metro politah z, American Tobacco 5 1-2 and Lackawanna 6. Although losses in the railroads were not so wide the liqulda- ton in them was very heavy. The de- clineS reach over 3 points in St. Paul, Louisville, and number of the coalers and exceed 2 points in an extended list. The monetary conditions were appar- ently much easier, but sentiment re- garding the outlook was exceedingly fe- verish and unsettled and the street was full of contradictory rumors. The vio- lent jump in sterling exchange rates both here and at other points made 1t sufficiently evident that London was the real seat of trouble and apprehen- sion was expressed of future difficulties there. The denial of yesterdays report of loan of $10,000,000 by the Bank of France to the Bank of England was potent influence ir upsetting the New York market. Indications pointed to a hope on the part of London of obtain ing gold in New York. The old story of loan by banks of the United States to the Bank of England was revived WilDOul duullltlidl uGldll Illdt lIse DdIlkS had accumulated government bonds which the secretary of the treasury was to buy, thus supplying the needed | gold from the United States treasury. l The amount rumored was $25,00O, GOO. | In the morning the Canadian banks | were said to be calling in their exten- l sive loans with a view of remitting gold | to London, but in the afternoon came | the report that the Canadian branch | banks have received s2,00O,000 in gold | from Canada since Friday and have been free tenders of money to-day. The fact that the sub-treasury this week I, has already absorbed $4,503,0 900 from the banks arouses hope in speculative cir cles of some measure of relief by the treasury department. But the certain ty that any plentiful supply of money would necessitate shipments to London on account of the imperative needs of that center deprives the stock market | of any hope of real relief until the situation in London becomes easier.
 Bonds went off sharply in the late dealings, but declines were relatively small compared with those in stocks Total sales, par value, $1,795,00O
 United States fives advanced IA in the bid price.
 NEW YORK STOCK MARKET.
 sat m In fGruu l