The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-13
FINANCIAL AND COMMERCIAL.
TUESDAY, Dec. IL.

TUESDAY. Dec. II.
The decrease Of nearly 30 per cent In the
volume OF trading in stocks. as compared with
yestcrday's total. was corroborative oil the
view that the liquidation III the Industrial
stocks had run It's course. at least for the pres
emit The market wns irregular. but that was 10
be expected after such q severe shaking down
as IL experienced yesterday: still there was
decided tendency toward Improvement. par
ticuarly in the railway list In spite oil falrly
active money market There was further
linuIdation OF long accounts in the early deal
inqs. but jtrwas not conducted under pressure
"a vas the case yesterday. The selling was
doubtless by spectators who had weathered
yesterday'sstorm. but were so badly damaged
or 40 thoroughly frightened that they deemed
IL wise to.retire from the speculative arena.
London evincsd very little active in
terest in the market. being ensrossed.
apparently. in con jucting the fortniehtly
settlement on the Stock Exchange there. for
the rates for carving stocks through the
new account ranged from 81. to ~ per
cent. In the last hour or Two
of business the list rallied on the publication
OF a rsport that the foreign monetary situation
had been relieved bv loan OF 1000 gold
by the Bank OF France to the Bank OF England.
This report lacks confirmation. Bankers with
close foreign connections were not advised OF
the transactions. but admitted that the report
was plausible.
ASA matter of fact. English fnanciers have
not yet abandoned hopes of obtaining gold
from this country. and. though money IL IN
good demand here. 1t Is possible that more
liberal Disbursements an have yet been
made by the Treasury may enable private
bankers to transfer S2j. OOO. 900 or more OF gold
to the Bank of England. Such trans
action would have to be independent OF
the foreign exchange market and be OF tho
same nature as the loan OF gold that the Bank
uf France made to the Bank OF England in
1880 IL cannot be made unless the Secretary
of the Treasury can secure say. SoO,OOOOOO OF
Government bonds at about current prices.
which are considerably above the figures
named'in his last circular.
A transaction OF this character would be more
definite and public than the methods that
Europe adopted to obtain relief from this
country year or ago when borrowings
Of s5O.OOUOO or S'iO.0OO.OOO were effected
by European bankers and merchants
through the machinery OF the foreign
exchange market. The fact that the
proposition referred TO has been under Sc
rious consideration for several days is OF the
greatest interest as indicating the growing
i'm portnnce OF the United States as a hnan-
cial power and its virtual independence OF for
eign capital. II appears that the only large sup
ply OF gold In the world not actually needed
by the Government owning II Is In the Treas
ury Of the United States and It rests with the
Secretary Of the Treasury and the holders OF
Government bonds to determine whether they
will release some OF II for the benefit OF the
commerce Of the entire world.
IL IL evident that any measure that will ease
the London money market will result in more
comfortable conditions throughout Europe. "a
bas hia try. p,.lI MI In
pardonobe pride II 1t should be instrumental
in bringing about such condition Of affairs.
While upon this point 1t ia worth noting
that all Of the disbursements made
10y the United States in the Philippines
have for some time past been made through
London and not direct. This necessitates con-
slant and heavy drafts by London upon this
centre to meet those disbursements. This Is
n factor in the foreign exchange situation that
appears to have been generally overlooked.
In the stock market the sharpest rallies were
in Sugar Refining. in Brooklyn Rapid Transit.
American Tobacco. aud in the less active list
in American Steel Hoop. Iinsced oil issues.
L. s. Rubber. L. s. Leather preferred. Inter-
national Paper preferred and Union Bag and
Paper issues. In the railway list Northern Pa
ciflc common. Chesapeake and Ohio. and Union
Pacific common were exceptionally strong.
There was renewed weakness In Tennessee
Coal and Iron and in metropolitan street Rail-
way. and moderate realizing in Leather COM
mon The news OF the day included the de-
claratIon OF dividends upon n number OF tho
industrial preferred shares and an official
statement regarding the dividend status
OF Federal Steel common. Toward the
close sharp attack was made upon Sugar
Refining that wiped our all Of the early I'M
provcment and left the price l., per cent.
lower than Yesterday This movement I'M
settled the entire hat n little. aud in consc-
uucnce the closing was irregular.