The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-12-06
Financial.
THE STOCK nh RK Ell.

Additional Encouragement to Those
Attempting 40 Maintain Advance
Prices.
New York, Dec. 5.--To-day's events
in the stock market brought additional
encouragement to those who had been
attempting to maintain advance prices
Liquidation was the order Of the day.
and many holders who have waited for
weeks hoping for a bull market threw
over their holdings to-day. The weak
ness was most apparent in the indus
trials and specialties, but the railroad
stocks were very generally sold, There
was some buying Of stocks last week
on the presumption that the presidents
message was to be bullish document,
and its publication to-day brought prof
ittaking from those sources. The par
subject of'industrial combinations was
the ground Of special weakness in the
industrial department. Quite number
of these securities closed from / to
points lower on the day, A single lot
of United States Milling preferred sold
at ~, against 22A on the last preceding
sale. This stock sold on September Is
at 1872
The principal influence in the days
weakness, however, was the money sit
uation. The spasmodic character of the
selling and the exceeding dizziness of in
tervening periods reflected loan contrac-
ton by the banks. the calling of loans
forcing blocks of securities upon the
market, with no support awaiting.
There We're some slight signs Of firm
ness in the early dealings, especially in
Sugar and some of the railroad stocks.
The trunk lines remained comparative
ly firm throughout, but the slight evil
dences Of strength elsewhere caused
them to give way to the general tide Of
weakness.
Call money reached 5 per cent early
In the day and receded to 6 before the
close. but the easing Of the rate did not
bring any strength to stocks. Ship
ments of money are still being made TO
New Orleans, and the New York ex-
change rate at important interior cen
ters continues at material discount. |
yesterdays disburse-
ments by the sub-treasury of over $780,,
900 on account of bond redemptions, |
that institution was a creditor at the !
clearing house this morning to the ex-
tent of over 100000. It's gain from the
banks since last Friday has reached ST.
653,000. The majority of the banks be-
ing still very near or below their legal
reserve requirements, this shrinkage in
resources Is forcing still further con- r.
traction of loans. The tendency Is in
creased by the approach of the annual
settlement period for corporations and
for the special demand for
which will be made by it upon
the supply.
Sterling rates advanced again to-day
In New York. Paris and Berlin, notwith
standing a further easing Of the rate
for call money at London. The New
York rate Is now within a fraction of
the gold export point, and 1T is palpable
that only a stiff rate for money in the
local market will hold ii below that
point. The closing of the stock market
was generally easy and near the low
est.
Bonds declined in sympathy with the
stocks. The sales, par value, aggregat-
ID $1,26O,0O0.
Government bonds advanced II for
lew and old tours registered and cou-
BON, and x for per cents. The Q per
,ents. declined n.