The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-12-14
STOCK PRICES TUMBLE.
Iorpos A 'BBAvr SELLER AT HOME
AVID HERE

Net peciine Of "a Points on sugar, Other
IndustriaIs Severely Affected and De-
eiin,s Of 4 and Points In Railroads
Gold Exports Talked OF but Not Expected.
The stock market broke heavily yesterday
The news OF further reverses In South Africa
20 tho British arms was construed at once un-
favorable TO high prices. asit postpones for q
longer period the time when gold from the
hransvaal will once mere be arriving In Lon
don. In the London stock market there was
4 severe decline and British consos fell
point A mass OF selling orders OF American
railway shares for London account came
mon the local market and this selling
continued all day and amounted. IL
was estimated. to more than 10000
shares. The local bear party headed By James
r, Keene. was active In the dealings. and the
declines exhausted margins and uncovered
stop-loss orders In all directions. There were
rumors that some Of the urgent liquidation
was for Chicago account. Until the pressure
of liouidation was about exhausted support
was practically withdrawn from many stocks
by those interests specially concerned In them.
Some OF the industrial shares showed tho
greatest net losses. Sugar Refining under
enormous dealings being the worst sufferer.
with net decline for the day OF % points.
The total transactions In this stock were 252.-
600 shares. or somewhat less than one
fourth Of the days total sales OF 1.15S.000
shares. Other severe declines occurred In
Tennessee Coal and Iron. Colorado Fuel and
Iron. Federal steel. American steel and Wire,
traction shares and many miscellaneous and
Industrial issues. The railway list gave way TO
general r,ersHre; IN" Losses ,n ,ms r"way
the day pt an Increased dividend by the
Northern Pacific Company and stock al!ot-
mrnt by the Pennsylvania company had but
temper effect in rallying the market. Re-
pSrtnen TV was likely To- take action to release
part OF the idle mogsyin the custody OF the
In the late afternoon the sterling exchange
market advanced shetpy AZ the close Sc. OF bus $,
point snd hLs II n ~ that H6s so +.
also rumors that the Governors Of the Bank OF
England would at their meeting to-day make
ssrta as S' Slins s9$ from this .iis q the
that those best conversant with the situation
DID not sspsct an advance In ~, he bank rate
i mp SatSs so% 5000 600 Of the metal having
reached his city from Canada since the first OF
f Srsus Ss'f here re b. e1Press snss
SATURDAY, The Bank s 81 IA n North
and the CSnadisn Bank o. Commerce has re-
ceiyed $1,000 by mail. The high rates obtain
able for money loaned here are responsible for
the movement. the balances Of the local Cana
adian bank branches. which amount to many
millions OF dollars. being all loaned out, at
these high rates aud the gold being shipped to
settle indebtedness due here so as not to
disturb the loaned balances.
The local money market ruled Yesterday at
q per cent for six months on all railroad
stocks; q per cent. and \ per cent. com mission
for shorter periodic q per cent. and y per cent.
com mission for six months on mixed collateral.
and y per cent and per cent. com ssion on
"aii intnstrials" Money un call ruled on the
New York Stock Exchange at 0per cent. with
went down to -. with the closing rate, 8.
Washington advices reported yesterday
that the Quartermaster-General had re-
ceIved a notification that the transport Sedg-
wick WAS on her way from Havana to this
city with 81, $50. 900. funds Of the North Ameri-
eau Trust COMPANY. and SlOS.445 Post ONCE
funds, In addition to lts passengers and general
cargo, The trust company funds will. no
doubt be loaned out at once In the local money
marx ct upon arrival here.
WAsHiyGToS. Dec. l3;-There is believed to
be littie doubt that the Secretary Of the Treas
ury-wili. before the end Of the present week.
order the January interest on bonds to be paid
IN advance. The purpose Ia To relieve as much
"a POSSIBLE the stringent money situation In
New York, and unless the financial situation
improves within the next few days Secretary
Gage will Issue the order.