The daily morning journal and courier., 1899-12-16
THE STOCK MARKLT.
Gold Shipments and Fear of Their Ef-
 feet.

|
 New York, Dec. 15-The strength
 manifested In face of the engagements of gold for export by tomorrow steam
 CTS was the feature of the stock market
 to-day. There was considerable hesi- 1 tation and some reaction in the early dealings on the recurrence of fears over
 the effects of gold shipments The
 fact that apprehension over this devel-
 opment was still apparent this morning
 made the strong advance in prices in the face of the news of the gold exports all the more striking. The sterling ex-
 change rate to-day not only failed to recover but declined an additional frac- ton to 4S71s for demand The ship
 ment of gold at this level for exchange demonstrated that some considerable advantage is offered by the Bank of ment. It Is known in fact that the English institution allows interest to the shippers for the period of transit. It has also advanced the buying price of gold both for American eagles and bar gold. For the former the price has been advanced 1 penny an ounce in two days. The transaction may therefore be regarded in a certain sense as a special one. Whether it was for this reason that the local stock market took small account of the beginning of the export movement Is subject for surmise. The reported engagement of 1,700,0 in gold for export caused no stiffening of the local money rate which ruled at from to per cent. all day. The incidents of the day which served to offset the gold exports were several In the first place was the con- viction that tomorrow bank state ment would make strong showing. The weeks losses to the sub-treasury which foot up $4,739,000 have been so far offset by the receipts of currency from the interior and of gold from Canada that the banks net losses in cash are figured at less than $1,500.000. To-morrow's gold shipments, of course, do not figure. The weeks extensive H. q1idation in the stock market with it's consequent reduction Of loans is certain to have more than offset this compar- atively slight decrease in cash. A rise in the surplus reserves of the banks is therefore believed to be well assured. \ The arrival In Cuba of a United States transport brings an addition to the available supply of specie of $1, 250,000 assigned to trust company and over $lOO, ,000 of postoffice funds. The ab sence of disturbance in the local money market by the withdrawals of gold arouses hope that the operation may prove beneficial to the financial world at large in sufficient degree to offset any local inconvenience. A favorable effect was produced on the stock market here by the buoyant tone in Boston arguing a satisfactory settlement of the difficult ties threatening that center. Substan- tial gains in price throughout the stock list are the net results of the days trading. A late advance of 1898 in the price In Pittsburg, C.. c. and St. Louis was feature of the day, Price changes in bonds were somewhat irregular and were for the most part narrow. To- | tai sales par value s1. .S05,000
 United States new 4s declined A and | the 5s advanced h In the bid price.
 NEW FORK sT0CK MARKET.
 Opening, Highest, Lowest Quotations On the New York Stock Exchange, reported |
 by Prince X Whitely, Brokers, 15 Center |
 Street. New Haven, ,