The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-12-16
NEW YORK STOCK MARKrw.

New YORK, Dec. l5,-The strength mani
Tested by the stock market In face OF the
engagements of gold for export by to-mor-
rows steamers was the feature of the day.
There was considerable hesitation and
some reaction in the early dealings on the
recurrence of fears over the effects OF gold
shipments Yesterdays recovery In stocks.
1t will be remembered, was based on the
hopes that gold exports had been averted
FOR the time being The fact that appre-
hension over this development was stlll
apparent this morning made the strong adj
vance In prices I'm the very face of the
news Of the gold exports an the more
striking. The sterling exchange rate to-
day not only failed 10 recover, but de-
clined an additional fraction 10 1874 for
demand The shipment of gold at this level
for exchange demonstrates that some con-
siderable advantage is offered by the
Bank of England as an inducement for the
shipment. 1t Is known in fact, that The
English institution allows interest 10 the
shippers for the period of transit 1t has
also advanced the buying price of gold
both for American eagles and for bar gold
For the former the price has been adj
vanced- one penny an ounce 10 two days.
The transaction may, therefore. be regard
ed in certain sense as a special one.
The reported engagement OF $l.750,O00 i'm
gold for export caused no stiffening of the
local money rate, which ruled from 10
per cent. all day. The incidents of the
day which served 10 offset the gold ex-
ports were several. In the first place the
conviction that to-morrows bank $ ate
ment would make a strong showing The
weeks losses TO the sub-treasury which
foot up &7l9,000 have been 80 far offset
by the receipts of currency from The in
terror and of gold from Canada that the
banks net losses in cash are figured at less
than Sl,j000O0.
To-morrow's gold shipments of course
do not figure. The weeks extern
sive liquidation in the stock mar
ket. with It's consequent reduction
in loans, is certain to have more
than offset this comparatively slight de-
crease in cash. A rise In the surplus re-
serves Of the banks Is therefore believed TO
be we'll assured. The arrival from Cuba of
United States transport brings an addi-
ton to the available supply of specie of
$l,20OOO, assigned 10 a trust company, and
of over 100000 of postoffice funds. The alb
sence OF disturbance In the local money
market by tile Withdrawals of gold and the
favorable effect produced on the London
market arouse hope that the operation may
prove beneficial TO the financial world at
large In sufficient degree 10 offset any local
Inconvenience. A favorable effect was pro-
duced on the stock market here by the
bouyant tone in the Boston market, au-
CURING satisfactory settlement Of the diff
hculties threatening that market.
ouDStahual gains IN price throughout
the stock list are the net results of The
days trading. A late advance Of 133s I'm
the price of PittsbuTg, Cincinnati, Chica-
go and st. Louis, was feature of the day.
Price changes in bonds were somewhat
irregular, and we're for the most part mar
row. Total sales. par value $1.S5OOoO.
United States new As declined u, and
the IS advanced n In the bid price.
The total sales of stocks We're $4,000
shares, including Atchson PREFER
ed. 24,N5; Chicago Great Western,
500; Burlington. 81 ,59f; Louisville
and Nashville, $3.50; Manhattan, IT,
965; Metropolitan, $50; New York Central,
6050; Pennsylvania, 1920; st. Paul, 24,550;
Southern Pacific. 25,Sl0: Union Pacific, 49,
$50; Union Pacific preferred, 500; Ameri-
can Steel and Wire, 12.4z5; American To-
bacco, 1890; Brooklyn Transit, $3.50;
Continental Tobacco, $500; General Elec-
trio, $3.50; sugar, "a, $50; Tennessee Coal ana
Iron, 5000; United States Leather, S,42O.