The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-12-16
MUCH STRENGTH
In STOCK MARKET.
Considerable Hesitation and
Small Reaction.
MANY SUBSTANTIAL GAINS
The Recovery in the Face of Engage
ments in Gold for Export by
Today's Steamers Was Fea-
ture of the Day
MANY SUBSTANTIAL GAINS

New York. December 1.-THE strength
manifested by the stock market in face of
tine engagements in gold for export by to-
momoW's steamers was the feature of the
day. There was considerable hesitation and
small reaction in the early dealings on the
recurrence of fears over the effects of gold
shipments. Yesterdays recovery in stocks,
it will be remembered, was based on the
hopes that gold exports had been averted
for the time being. The fact that appre-
hension over this development was still APP
parent this morning made the strong adj
vance in prices in the very face of the news
of gold exports all the more striking. The
sterling exchange rate today not only failed
to recover, but drained an additional frac-
tion to $4S1A for demand The shipment of
gold at this fevel for exchange demonstrates
that some considerable advantage is offered
by the Bank of England, as an inducement
for the shipment. 1t is known in fact that
the English institution allows interest to
the shippers for the period of the transit.
1t has also advanced the buying price OF
gold, both for American eagles and for bar
gold.
The incidents of the day which served to
offset the gold exports were several In the
first place the conviction that tomorrow's
bank statement would make strong show
ing, the weeks losses to the sub-treasury
which foot up A,739,000 have been so far OIL
set by the receipts of currency from the in
terror and of gold from Canadian banks
that tine bank net losses in cash are hg-
ured at less than 81 100000. Tomorrow's gold
shipments, of course, don't figure. The
weeks extensive liquidation in the stock
market with consequent reduction in loans
L art, in to how
paratively slight decrease in cash. rise
in the surplus reserves of the banks is
therefore believed to be we'll assured The
arrival from Cuba of Unitd States trans
port brings an addition to the available sup
ply of specie of 81 100000.
The absence of disturbance in the local
money market by the Withdrawals of gold
and the favorable effect produced on the
London market arouse hope that the opera
ton may prove beneficial to the financial
world at large. A favorable effect was pro-
duced on the stock market here by the
buoyant tone in the Boston market arguing
a satisfactory settlement of the difficulties
threatened in that market. Substantial
gains in prices throughout the list are the
results of the days trading.
Price changes in bonds are somewhat ir-
regular and were for the most part narrow.
Total sales par value $1,S05,OOO.
United States new As declined nc and
the SIS advanced Bc in the bid price. A late
advance of 1as in the price of P. c. c. &
ST. L. was feature of the stock market
today.
New York, December 15.-Money ON call
steady at 566 per cent; last loan at per
cent.
Prime mercantile paper, 51aG6 per cent.
Sterling exchange easier, with actual bus
mess in bankers biHs at $4S719a4S7& for
demand, and at $l.S11a@4S1& for 60 days.
Posted rates, $4.S219@4.SS19.
Commercial bills, S4.S1.
Silver certificates, 59Q59%c.
Bar silver, 59Ac.
Mexican dollars 471ac.
Government bonds, irregular.
State bonds, inactive.
Railroad bonds, irregular.