Arizona republican. [volume] (Phoenix, Ariz.) 1890-1930, 1899-12-20
There Was Another Bad
Day on Wall Street,
THE TRANSVAAL WAR
The Present South African Situation
Further Postpones the Time
When the Transvaal Will Add
to the Worlds Supply Of Gold.
The Bears are Making Hay While
It Is Cloudy.

New York, Dec. 19-The stock mar
ket again broke heavily today. The
situation in South Africa was con-
strued at once unfavorabIe to high
prices, as at the least it postpones for
a longer period the time when gold
from the Transvaal will once more be
arriving in London. In the London
stock market there was a severe de-
cline and British consols fell y point.
A mass of selling orders of American
railway shares for London account
came upon the local market and this
selling continued all day and amounted
it was estimated, to more than GO.OOO
shares. The local bear party, headed
by James =. Kedne, was active in the
dealings, and the declines exhausted
margins and uncovered stoD-loss cr-
ders in all directions. There were ru-
mors that some of the urgent Hquida-
ton was for Chicago account. Until
the pressure of liquidation was about
exhausted support was practically
Withdrawn from many stocks by those
interests specially concerned in them.
Some of the industrial shares show
ed the greatest net losses. Sugar re-
fining under enormous dealings being
the worst sufferer. with a net decline
for the Gay of 9a4 points. The total
transactions in this stock We're 252, eco
shares, or somewhat less than one
fourth Of the days total sales of 1,15S,-
600 shares. Other severe declines oc-
CURED in Tennessee coal and iron. Col
orado fuel and iron, Federal steel,
American steel and wire, the tobacco
stocks, Peoples gas, the local traction
shares and many miscellaneous and in
dustrial issues. The railway list gave
way to general pressure, the losses in
the railway shares extending in some
instances to / and points. Announce
ments made during the day of an in
creased dividend by the Northern Pa
cific company and a stock allotment of
the Pennsylvania company had but
a temporary effect in rallying the mar
ket. Reports from Washington that
the treasury department was likely to
take some action to release part of the
idle money in the custody of the gov
ernment also fell flat.
In the late afternoon the sterling ex-
change market advanced sharply. At
the close of business demand bills of
exchange were quoted at $4.SS, which is
close to the gold exporting point, and
this resulted in rumors that q, consid-
cradle shipment of gold to London
would be made on Saturdays steam
ship. There were also rumors that the
governors of the Bank of England
would at their meeting today make a
further advance in the minimum dis
count rate of the bank to per cent,
which would certainly bring gold from
this side of the water. London cable
advices said, however, that those best
conversant with the situation did not
expect an advance in the bank rate.
1t came out yesterday that the
branches of the various Canadian
banks here have been importing gold,
81, 900, 600 of the metal having reached
this city from Canada since the first OF
the week. The bank of Montreal has
brought here by express $1,20O00O since
Saturday The bank of British North
America has imported 100000 by eX
press and the Canadian Bank of Com
merce has received 100000 by mail.
The high rates obtainable for money
loaned here are responsible for the
movement, the balances of the local
Canadian bank branches, which
amount to many millions of dollars,
being all loaned out at these high
rates and the gold being shipped to
settle Indebtedness due here so as not
to disturb the loaned balances.
Washington advices reported yes
trday that the quartermaster-gene
had received a notification that the
transport Sedgwick was on her way
from Havana to this city with $780,
600. funds of the North American
Trust company, and $10S,445 postoffice
funds in addition to its passengers
and general cargo. The trust company
funds will, no doubt, be loaned out at
once in the local money market upon
arrival here.
ESCAPE THE RESPONSIBILITY.