The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-12-02
STOCK MARKET
WAS COLORLESS
Money Conditions Were Respon-
sibIe For Dizziness.
REACHED ON PR0FIT-TAklNG
There Was an Attempt to Advance Some
of the Iron and Steel Stocks But
This Proved Only Partly
Successful
REACHED ON PROFIT-TAklNG

New York. December 1.-The stock mar
ket today was a narrow and colorless af-
fair. Professional operations were respon-
sible for whatever movement took place,
and changes on this account were not well
maintained owing to the desire of the pro-
fessionals to close up their contracts at
once. The organized buying of the trunk
lines and some other stocks which was
in evidence in the earlier part of the week
seemed to be entirely. discontinued, and
those stocks reacted on profit-taking.
New York Central sold with the rights to
subscribe to the new stock issue deducted
from the price. There were sales of these
rights at from AS to 5h. Union Pacific.
and Northern Pacific showed some strength
and there was an attempt to advance some
of the iron and steel stocks, which proved
only partly successful.
Some of the prominent specialties suf-
fered from bear pressure, notably Sugar,
Brooklyn Transit and the other New York
traction stocks, and the tobacco stocks.
Conditions in the money maket were re-
sponsible for the dullness in the stock
market. The advance in the Bank of Eng
land rate from 5 to per cent. was not
unexpected, but was a confirmation of
disagreeable anticipation from the stock
market point of view. 1t is accepted as
notification of the Bank of England's pol
icy to control the open money market with
the purpose of keeping up rates so as to
attract funds to London for THE future
needs of that market, including the COM
ing annual settlement and the requirements
of the government for the South African
war expenditures.
Sterling exchange, both here and in
Paris, hardened in response to the condi-
tions in London, where, however, the money
rate reacted slightly from yesterdays
price.
The rate for money in New York did not
rise aboye per cent. Preliminary estimates
make 1t evident that tomorrow's bank
statement will reflect a still further i'm
provement in the condition of the banks.
OUT Inc gam IN cash resources will come
wholly from sub-treasury operations on
Which account the banks have gained 81 :
93o,o0O, including bond redemptions and re-
ceipts on account of gold deposited at in
terror points. On the interior money move
ment by express, on the other hand, the
panks have sustained a net loss of over
SzeVoOO Receipts from the interior have
fallen off over $500, 900, while the sihipments
10 the interior have increased nearly s250-
wv. The net gain on last weeks move
ment had aroused hopes that the long ex-
Peeteo renux of funds to this center had
at last set in, but this weeks figures show
that the interior demand lis still unsatis-
fed.
Inc pond market was QUIET and prices
were shaded in the majority of issues. To-
Iai sales par value, $1,340,000. United
states bonds were unchanged in the bid
price. ' O-'
new York, December 1-Money On call
closed steady at SOC per cent: last loan &
per cent. '
Prime mercantile paper, 51s66 per cent.
STERLING exchange firm, with actual bust
ness in bankers bills at a. s614eBs4 S6b for
demand and at s4S0%@$4.S1 for sixty daya
Posted rates, $f.S211a and $4s7
Commercial bills, $4S046Ds4. SOx.
silver certificates, 581s.
Bar silver, So
Mexican dollars, 47k
Government bonds steady,
State bonds steady.
Railroad bonds easier.