The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-12-22
STOCKS, BONDS AND COFFEE.
Especial to The Messenger.l

New York, December 20.-Nioient
fluctuations characterized the market,
one of the worst being a drop of near
ly IA points in Brooklyn Rapid Transit,
due to the liquidation of a large in
terest. u is sale hat this decline is
connected with the local gas fight and
was brought about by a determination
to force Brooklyn Rapid Transit in
terests identified with gas to settle the
fight. Another big surprise, but an
agreeable one, was the increased divi-
dend of New York Central, putting il
on a 5 per cent. basis. Half a million
of gold was exported and 81, 600, 900
may go out on Saturday. Private dis
count rates in Europe were advancing,
and it is feared that the Bank of Eng
land may raise its rate of discount to-
morrow. Money was 2 to s per cent,
closing at 3, and time money was Of
fered rather more freely at 6. Towards
the close there was something of a rail-
ly on covering of shorts and investment
buying, which is now a feature. Lon
don sold about 1000 shares. Boston
wants no clearing house certificates
and New York banker say they will
end $40, O0O,0 900 more If necessary. The
money trouble, however, seems to be
over. Some large houses who refused
to sell at the height of the panic are
understood to be quietly selling now.
Although it is a rather mixed and un-
settled situation, one thing is clear
rich men regard stocks as cheap and
are buying them-we mean good rail-
road securities.
Coffee closed 5 points higher, but the
sales for the day were only 10,250 bags,
nobody caring to operate On a large
scale just before the holidays, yet the
receipts at Rio were only 1000 bags,
and at Santos one at all. Rio Jane 70
was steady and Santos 100 refs higher.
Havre advanced "a franc, and Ham
burg "a to " pfennig. Warehouse de-
liverieS were 4,947. We adhere to our
bullish convictions in regard to coffee,
though the speculation is not likely to
start up in the dull holiday season.
S. MUM. SON & CO.
(By Associated Fress.)
New York, December 20.-The stock
market gave a demonstration Of i'm
proved tone and nerve in the spirit with
which it accepted q slump of 1874 points
in Brooklyn Rapid Transit, accompa-
MED by sympathetic weakness in other
stocks allied to it. It cannot be said
that this violent decline was viewed
with indifference, for it ~effectually
checked the advancing tendency in the
general market and worked a reaction
| extending to over 2 points in a number
| Of standard railroad stocks and from
4 to z points in some of the industrials.
hanks to the earlier rise in the mar
ket, however, and the rally following
the slump, n e losses are in nearly all
cases small and some substantial net
| gains are shown by important stocks.
The break in Brooklyn Rapid Transit
was attributed to the force Of liQuida-
ton of a very large inside account.
lit $1,000 hi
rumorS of Monday were revived in
full force, and exaggerated by the bears
with a view to breaking the market.
During the time Of the day when
Brooklyn Rapid Transit was showing
most acute weakness. the rate Ior Cd.
money was quoted al 4 per cent. and
was in plentiful supply ON satisfactory
collateral. The rate at no time rose
above 9 per cent. and in the late deaf
ings fell to 2 per cent. or yesterdays
low level.
During the DAY an engagement OF
gold for shipment to London was an
nounced and rumors were current OF
further heavy engagements to go u
on Saturday. The announcement and
the prospect seemed to have no effect
or the local money market. This
anomaly Of a 2 per cent money rats
and gold being allowed TO go out while
stocks are forced to liquidation a.
heavy sacrifices warrants no other con-
ciusion than that the security offered
for loans to carry stocks in some in.
stances Is unsatisfactory. UGH i
known to be The case. Yesterdays
measure Of protection and relief wers
stia in force today, but II was made
manifest that care and discriminate tor
are to be exercised IN applying the Ne.
sources contributed. There was liQui.
dalton yet TO be accomplished today
and it pursued its course, but was
not allowed to unsertle and demoraiizs
b whole market. Is was the case or
Monday. The tone Of the market dur.
Ing the early hours was nearly normal
except that trading was very activs
and fluctuations rather wide. Prices
had advanced and received an add.
tional impulse upward with a.
ncuncemenf of the increase In New
York Central's dividend rate, that stocl
rising to 1904.
THE bond market was rather active
and showed late reactions from ths
early strength. making the tone irreg.
ular. Total sales, par value, were So.
150. 900. United States 2's, IS Is and
SIS advanced h In the bid price. Th<
total sales Of stocks today were 20. 7ol