The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-17
FINANCIAL AVID COMMERCIAL
SATURDAY. Dec. 10.

bATUhDhf, DEC 10.
The news Of the defeat Of the British forces
in South Africa precipitated a condition OF
panic in the London market for Sc.
curities that was reflected here. Owing
70 the difference In time. however. the
foreign market had begun to recover from
the shock II had received by the time
business was resumed on the Stock Exchange
here. Foreign arbltraee houses were the prln-
cipal sellerp. but their selling was not agrees
sivo and was practically Offset by covering
OF shorts and by some buying that
was generally described as good. The engage
ment OF S750.000 more gold for shipment
to-day. making the total OF the outward move
ment s2.5OO.OOO. had very little effect upon
speculative sentiment. The suspension OF q
commercial concern In Boston and Of q small
national bank Identified with It was followed
by moderate selling from that centre.
The market was only moderately active until
after the publication OF the bank statement
Then II began to yield undcr a sudden renewal
Of what appeared to be urgent liquidation
II was most pronounced In the higher
priced stocks. namely Sugar Refining. g.. b.
and Quincy. st. Paul. Metropolitan Street Rail-
way. New York Central. Peoples Gas. Consoli-
dated Gas and Pennsylvania. At the same
time. many OF the stocks In the grade below
suffered seriously. among them Louisville and
NhsHNlHe, lenneHsee SOhl anu lTOn DTOOkyn
Rapid Transit. Steel and Wire. Atchison pre-
ferred and Manhattan Railway. The less
active shares declined with tho others.
This final movement OF prices was not ex-
planned by the bank statement, which was not
decidedly unfavorable. but was generally
attributed TO some local speculative weakness.
The weekly statement Of averages OF the Assoc
ciatcd Banks shows a loss in lawful money OF
less than sl.OOO.OO0
The decrease In loans Is also much smaller
than had generally been expected. Tho de-
crease IN deposits Is inconsistency too small
by about SI.50O.00O. The net result Is q
trifiing increase In the surplus.
Tho statement does MT, OF course. reflect
the true condition o: the banks. since they
have had to supply s2,5OO.0O0 gold for export
since the figures were made up. and have
also received n large amount OF currency
from the interior Further Changes in both
directions will doubtless be made next week.
but the interior receipts will be continuous.
while on the other hand no gold will
be exported until Saturday. That London will
take all the gold her bankers can secure
here Ia a foregone conclusion. Bankers ex-
pect heavy shipments ut the end OF the week
They also look for largo receipts OF currency
from the interior. II Ia possible. therefore
that the money market may be kept upon a
comfortable basis.
rs compared with the final prices OF last
Saturday. the majority OF stocks are lower
Tho more mportnnt net declines are In Tei,-
nessee Coal and Iron "a per cent. Metro
politan Street Railway I0S. Burlington
and Quincy ~. American Sugar REIN
Ing 81. Peoples Gas 81. Baltimore and
Ohio preferred =. American Tobacco
q. Atchison preferred. Federal Steel. Louisville
and Nashville and Missouri Pacific a.. each.
Manhattan Railway a., New York Central A..
Brooklyn Rapid Transit and Reading frat
preferred -. each. ST. Paul and National
Steel 81. each. Union Pacific common and
preferred 81. each. Rock Island and
Southern Pacific g. each, American Mailing
preferred 81. Southern Railway preferred 81.
American Steel and Wire 2'.. Anaconda Mining
and Pennsylvania Railroad ~ each. Continent
tai Tobacco and L. s. Leather preferred ~
each. American Steel Hoop .. Northern Pacific
IL. Pacific Mail y. Republic Iron and Steel
IL and y. J. Central point. The noteworthy
advances are In American Tin Plate ,. per cent
and U. y. Leather ;. per cent.
New York Stock Exchange-sales Dec. 10.
UNITED STATES AND STATE BONDS IN 81. OOOs,
80 rs c..........................l LOON
10 ts4s. c. 33st
10 var deb 95ls
CLOSING PRICES OF UNITED STATES BONDS.
b'd hhed hid asked.
Cs:sr Us4s.
at pl ota.lo2 iac5....i331 I34x
rsss. r.1nos. Csi.o
1913. 1904 ilca ip25.....l33A l31L |
o &C. 1905 s5s.r.
1siH.,.,loeN llcS l9ot"..ll2A li3a |
US+sr. US6s.o.
:"o7....liah ll4s ieo4..".lls4 IlaH
Cs 4S.c. U ) a.u5s
lJ3I.".l / ~ l5h 1924. DCilS
RAILROADS AND OTHER BONDS
Atch T q ST Is Den & Rio O IS South Pacific Is |
10000 ..,...91 5000 800. ySI. 10000 "a
$4,000 ......97ia l. T d q en- as 1000 ... 7 pit
1000 .....g7l5 10000 49, / / n. hO0oO
1000 ......o7h Erie prior a. SOOO 70t.
5000 ......p7ts 1000 -. 40 annOn
10000 ~ Erie prn lien Ais INN oix
$1,000. ...97Is 10000 ...., 90 2500 " "a
Atch r & ST alas Hook V Il r aI.S 23OOo - az |
10000 .....7a 1000 - OOis 5o00o a.
1000 900. 7pl4 hi Cen l. div 3i.s 10000 " oix