The times., 1899-12-13

NEW YORK. Dec 12-Further sharp
depressions were common iu the stock
market in the first hour of business, re
fection Of the fag-end Of the heavy liqui-
dation OF Friday Saturday and yesterday.
The dealings were. however. in very much
diminished volume and the trading had
little of the pronounced feverishness that
characterized it yesterday As was the
case then. the buying Of stocks was de-
rcrlbed technically as being much better
than the selling. The effects of the recent
heavy liquidation OF speculative accounts
was very evident in the money market
which was comparatively easy through
out the day. BY far the most important
news was The announcement that the Bank
of England had arranged with the Bank
Of France for q transfer Of 60 eco, 600. II
was said that $500 000 would at once be
delivered TO the Bank of England on ac-
count of the total amount Early in the
day the London money market had been
reported shade easier. doubtless in an
tiCipation Of this important transaction.
The latter would seem to demonstrate that
the per cent rate established by the
Bank OF England has been sufficient TO
strengthen satisfactorily the reserves
Of that institution, and there would
appear 10 be no necessity for any
additional advance in the banks rates
OF discount Probably because Of this
transfer sterling exchange in Paris be-
came easier, but in New York there was
Z further material advance in that market.
Foreign houses continued TO buy stocks
Oh balance IN this market, their aggregate
takings being upward Of Il. 600 shares.
Apart from the transaction between the
English and French banks the most impor-
Iant circumstance Of the day was the evi-
dent elimination Of the recent liquidation
IN stocks. As noted, the dealings were by
no means so animated as they were yester-
day, but on the other hand, the dealings
disclosed plainly the transfer Of stocks into
stronger hands, and the willingness of
large operators 10 take a more aggressive
stand upon the long side OF the account.
Aside from the extent TO which the
money market has been relieved by the re-
cent liquidation there was little 10 account
for the lower rates for money on call
TOday's figures showed a loss BY the banks
to the subtreasury since Friday OF $4,000,
000 and except for intimations that the
Treasury nigh; anticipate the January in
IeTest on the Government debt. there were
no evidences Of further Washington inter
veutiUn In the situation. The railways re-
porting for the first week Of the month
made extremely satisfactory showings.
The liquidation al The opening Of business
was rather more pronounced in the railway
quarter than in the industrials and spe-
cialties. although naturally, the resultant
declines were not so severe. The most
notable losses Of the first hour were suffer
ed by Metropolitan Street Railway Ten
nessee Coal and Iron Sugar Refining, and
American Tobacco. but these declines were
quickly recovered on subsequent dealings
The declines in the granger shares, Louis
vile and Nashville. New York Central,
and Southern Railway preferred were we'll
IN excess OF one point but they also were
Cancelled in the subsequent general recov-
cry. Apart from the traffic returns pub
lished and the dividend notices of the day,
there was nothing Of any Importance bear
ing upon particular stocks.