The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-12-14

NEW YORK, Dec 1S.-The market
yielded to decentralization during the lat
Ter part of the day, and stocks were
thrown over wholesale on the down grade.
ices went below the low point Of Mon
DAY all around, and the market closed In
nlghly excited condition. The few
rallies that were effected were due To
the nasty taking of profits by the bears.
whlch were sufficiently attractive on tha
uay TO induce the closing out Of short
accounts by the professional operators.
VINO persistently sold the market at the
hlgher level. The market made some
heaoWay against the depression during the
early dealings and at one time had very
largely overcome the opening losses.
Whlch were reflections from the foreign
exchanges.
Inc weakness abroad was due to the
growing seriousness of the situation of
me British campaign In South Africa.
LONDON was very heavy seller in the
New York market, but it's offerings SEEM
ed pretty we'll absorbed. The grangers
rose notably above last nights level and
Sugar and Brooklyn Transit also made
conspicuous progress toward recovery
from the recent depression. But during
the latter part Of the day the operators in
stocks shut their eyes to everything but
the gloomy apprehensions over the fu
ture
The existing conditions of the money
market was at no time stringent, and In
the late dealings the rate for call money
ran down to 31a. The announcement of
the determination of the Pennsylvania
railroad to distribute stock at par to the
extent of 10 per cent Of the capital came
as total surprise, and under ordinary
circumstances would have been a deter
mining factor in rallylng the market. 1t
lifted Pennsylvania three points and New
York Central 29s, and caused q temporary
lull in the spasm of liquidation. But the
pause was only momentary. Equally with
out effect was the extra dividend de-
clared on Northern Pacific common,
bringing the rate for the year up to
per cent.
The persistent liquidation in Sugar
gradually spread throughout the list. In
the final dealings Sugar went IL points
below the highest; Tennessee Coal, 101a;
Continental Tobacco preferred, Sc; Great
Northern preferred, Z; Metropolitan, Z;
American Tobacco, 51k, and Lackawanna,
6. Although losses in the railroads are
not SO wide, as rule, the liquidation in
them was very heavy. The declines reach
over points in St. Paul, Louisville and
a number of the coalers, and exceed
points in an extended list.
The conditions were apparently much
easier in the money market, but senti-
ment regarding the outlook was exceed
ingly feYerish and unsettled, and the
street was full of contradictory runors
regarding developments. The violent
jump in sterling exchange rates, both
here and other points, made it sufficient
ly evident that London was the real seat
of trouble, and apprehension was express
ed Of future difficulties there The denial
Of yesterdays canard Of a loan Of $l0,002,-
COO by the Bank of France to the Bank
of England was a potent influence in
upsetting the market. Indications pointed
to a hope on the part Of London Of OBJ
tanning gold in New York, and the talk
of a loan from the banks of the United
States to the Bank of England was re-
yived with the added detail that the
banks had accumulate ed government bonds
which the secretary Of the treausry was
to buy, thus supplying the needed gold
from the United States treasury. The
amount rumored was So, 0OO In the
morning the Canadian banks were said
to be calling in their extensive loans,
with a view of renting gold to London,
but in the afternoon came the report that
the Canadian branch banks have received
So 000, 600 in gold from Canada since FIJI
day, and have been free lenders of money
today.
The fact that the subtreasury this week
has already absorbed $4,593.000 from the
money market arouses hope In specu-
lative circles of some measure OF relief
by the treasury department. But the
certainty that any plentiful supply of
money would necessltate shipments to
London on account of the imperative
needs of that center deprives the stock
market of any real hope Of relief until
the situation in London becomes easier
Bonds went off sharply in the late deal
ings. but declines were relatively small
compared with those in stocks. Iotal
sales par value, s., 795, 600. United States
"a advanced Il in the bid price.
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith &
Co, members Of the New York STOCK eA-
change. Pioneer Press building, who nave
direct wires to Chicago and New York
Closing prices are bid: