The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-12-23
|STOCK MARKET
AGAIN TROUBLED
Liquidation Was in Order All
Through the Day.
NO SIGNS OF PANIC SHOWN
Prices Yielded Readily Without Any
Active Resistance-Sugar Was the
Most Notable Stock on theDe-
cl:ne-Lo Seven Points
NO SIGNS OF PANIC SHOWN

New York, December 22.AThe stock mar
ket had to undergo further liquidation to-
day. Prices yielded without any very active
resistance, but there were no signs of panic,
and the liquidation was conducted in an
orderly manner. The principal causes of
weakness were evidently local, and seemed
to be largely due to the condition of affairs
in Boston,
The closing out of the Globe National
bank was the cause of widespread uneasi-
ness, and brought large offerings on the
New York market of the favorite Boston
stocks Sugar was the most conspicuous
n example, as is shown by it's extreme decline
pf seven points.
This stock was under very heavy pressure
I aN day on rumors of a continuation of the
trade war, as well as on the forced selling
of Boston account. Burlington, Federal
Steel and Atchison, preferred, were also
sold from Boston. London was a large SELL
er of stocks in this market, and the de-
preston there exercised a large sentiment
, al influence The rise in the private dis
count rate and the fears of trouble at the
settlement now imminent are causes of APP
prehension. Some of the faYorite internal
tonal stocks were acutely depressed from
time to time, notably New. York Central,
St. Paul, B. e. o., preferred; Missouri Pa
ciic Reading first preferred and Denver
and Rio Grande preferred. The bears We're
energetic operators all day and supplement-
ed their efforts by the circulation of some
eXtravagant rumors regarding the financial
condition of various houses and proprietorS.
The effect on some of the trust companies
was to induce large calling of loans as
measure of precaution against any extra
ordinary demand that might be made upon
them.
The rumor-mongering of the bears was
so fragrant in some cases as to cause the
discussion by some of those who were the
greatest sufferers of legal measures directed
against the offenders. During the last hour
the bears were very large buyers to cover
short contracts and the effect on prices was
seen in recoveries running all the way from
l to points in the principal railroads and
industrias. AS a result net losses were re-
duced within a range of points, except in
q few inconspicuous stocks, which had not
moved previously during the week. num-
Der of stocks, including those which have
suffered most severely during the week
rose slightly above last nights level. The
rate for money flurried at one time to 8
per cent, but ruled for the most part at 6
per cent or below. Estimates of tomor-
rows bank statement are all at sea owing
to the extraordinary conditions that have
prevailed The banks have gained on the
regular interior movement, but the extra
ordinary demand from Boston has offset so
that the net loss on the interior movement
IS about 81 000 On su11-treasury nnera-
tions they have gained about $30OOOOo
Bonds were weak in sympathy with
stocks the speculative issues showing some
sharp declines. Total sales. par value "
ZOO 600 United States new As advanced ~
the old As and SIS, u in bid price.
New York December 22.-Money on GALL
steady at 4@S per cent, last loan, A. ruilng
rate, 6.
prime mercantile paper. 515d6 per cent.
Sterling exchange. firmer, with actual
BUSINESS in bankers bills at A.S7A for de-
mand. and $4SO9l @$4.sO7s for sixty days:
Posted rates, s4.Sl19ds4.sS ana SfSo@$f'oo72-
Commercial bills, $4S0Gs4.so1A
silver certificates, 5S19459l2
Bar silver, 5S1a.
Mexican dollars, Ala.
Government bonds strong.
State bonds weak.
Da;t-oa5 bonds weak.