Omaha daily bee., 1899-12-03
MOVEMENTS OF STOCKS AND BONDS.
ProfessIonals Try to Discount Fn-
YnrnhIe nnnk Statement.

yOrable Bank Statement
| NEW YORK, Dec. 2.-Todays stock mar
! ket was sluggish and drifting throughout.
| Professional traders were inclined to buy
stocks at the opening, with the idea of dis
| counting favorable bank statement. The
| appearance of the statement the tape
| was the signal for light realizing move
ment and as there was no outside demand
! to absorb it prices fell away. The closing
was dull but distinctly easy the down
ward drift having established "A liberal
sprlnkling of net losses where the level had
/ been higher throughout In the. early deal
ngs. Sugar and Glucose We're strong on
! the reported plan for consolidation and alb
sorpton of competitors. There We're evil
dences of strength in Union Pacific North
ern Pacific, Burlington and Chesapeake &
| nent industrials. None of the gains werc
well maintained. the whole list being af-
| fected by the easier tone in the final deal
| ings.
The bank statement was fully as favor
able as had been expected. though the
| liberal expansion In the loan account was
unlocked for The high rates for money
| and the satisfactory security offered are at
| tractive in inducing the banks to keep
| their loans close to the limit of the legal
| allowance. The lack of response to the
bank statement was due to the understand
| ing that the recuperation in reserves was
wholly due to bond redemption operations
| movement of currency is still In favor of
| the interior on balance and that the prog
| reSS of the sterling exchange rate toward
| the gold export point, further step OF
which was made today, leaves the future
| of the money market still unpromising
| from the stock operators point of view.
| Activity in stocks during the week has
| been restricted to few individual securi-
! ties and the general list has been rather
| neglected. The dropping tendency of prices
was partly Offset by the heavy absorption
of the great trunk line stocks and the
sharp upward movement in the prices of
those properties; The reports put In circu-
alton to explain these movements are
| mostly anonymous and are far from being
! explicit. They range from Allegations of
consolidation OF ownership TO mider In
timations of a friendly and mutually ad-
| vantageous cooperation. Though lacking
| explicit knowledge the Wall street public
| finds confirmation from the stock tape of
| its conviction that policies have been in
augurated which promise substantial i'm
| provements OF the trunk line situation The
| special field of the benefits to accrue is in
| dicated by the way some other railroad
| stocks have suffered on account of shift
| Ing of holdings into trunk line stocks
Besides the great trunk line stocks there
| has been a movement in a number Of eN :
! tremelY low-priced stocks, selling under
| $50 and a few even under so per share The
| strength Of these stocks was attributed al
| most entirely to individual causes. but the
general tendency toward consolidation
| either of small lines with each other or OF
| small lines with powerful existing COM
panies was a consnicuous element in The
| explanations offered OF these movements
| Such movements have resulted in a faIr
| sprinkling OF net gains through the list
but the majority of stocks are slightly
lower.
Disappointment over the failure Of the
money market to work easier I'm snite of
| last Saturdays improved showing of the
| banks was the PRINCIPAL motive Of the dis
nosition to embark on speculation. Now
that open market rates are ruling
| at or above Der cent brokers have
been charging their customers accordingly