The Savannah morning news., 1900-12-14


under that Of the coming exlEencies Of
the money market Even the sensational
and buoyant rise In the Erie stocks In the
last half hour hardly served to more than
check the liquidation which was IN active
force IN the general market Twenty
eight years is given a. the elapsed pr
riod since an Erie company stock cold as
high as 70 on the Stock Exchange To-
day the first preferred sod at 6sss 10 tho
late dealings Extreme advances Tor to-
day In the company's stocks we're TOT the
common, 81; for the first preferred, -.
and Tor the second preferred. 5A
The authoritative announcement that a
contract Of sale had been signed between
the Pennsylvania Coal Company ana a
syndicate headed BY che central power In
the anthracite trade was the cause OF the
nuoyancy The bid for Pennsylvania Coal
was rapidly advanced without bringing
out any stock except &C asional odd hot
at wide intervals until full lot e. 10
shares was sold AZ 735 and another 80
Last night the stock was 80 bid and 6ib
asked The market for this sto.k has
been purely nominal. and Il cold at go !
last month. which was the highest price
OF the year.
Notwithstanding che notable erect OF
this operation on the Erie stocks and e.
forts made by spectators 10 emphasize
the general benefit 20 result TO the nu-
thraci'c industry a. a whole. the effect
was very small. even on the other an
thracite stocks, which were none II
them. more than steady. some nrmncss
was manifested IN the Southern railways
on buying. seemingly IN tho interest Of
the buu pool The effect was moss mo-
tseahlc IN tho Wabash securities other
wise selling was general throughout tho
list, ana those stocks which have per
sisted IN their upward movement this
week we're a. rule. the weakest This
was noticeably true Of the steel group.
In which the declines ran up to points
or over. Sugar and the New York public
utilities fell from about POINTS to 3A
in Consolidated Gas. A number OF other
prominent stocks, both in the railroad and
Industrial list. fell from ] TO u.
The large absorption OF special stocks
IN the week BY powerful financial inter
ests with independent resources has en-
couragcd the hope among speculative op-
orators that some relief was 10 be forth
coming from tho threatened stringency
IN the money supply Al one time Il CEN
tered In an expectation that tho treas
ury department would buy several mill
lions Of bonds FOR che sinking fund The
Inconsistency was pointed out Of bidding
Tor government bonds hy the treasury at
the same time that they are inviting con-
version into the refundiug 3. which is to
continue until Dee 81 Another nope was
that the rise In the money rate here
would bring gold from London. but the
urmer tendency Of exchange late yestcr-
day and more emphatlca.ly this morning
has brought the speculative contingent
face to face with the certainty Of a very
weak bank statement on saturday Al
ready the sub-treasury has taken out
over 100000 from che money market.
compared with a surplus reserve last sat
urday OF only S5.7Ol.i25 on Monday next
the checks IN payment OF the Standard
on dividend viii pass through the clear
ing house involving the disbursement OF
$ie.oo01. The preparation for this die
bursement Is hkcly 10 make additional in
roads on available credits aud 50 increase
reserve requirements
The bonds Of the Erie Company aud
some OF the Southwestern railroads were
Ia demand to-day. Otherwise the bond
market was rather reactlonaTy Total
sales, par value. Si7S5.0O0 United states
refunding 2s advanced a. and old a !,
and o. y per cent on the last call
The total sales Of siocks to-day we're
10000 shares. including AtchlsOn. $40.
Atchison preferred. ISIS: Chesapeake aud
Ohio 500. Burlington. s.oo0. Eric. s.. $50
Erie frst preferred. 70.252. Manhattan,
300. Missouri Pacific. $40. Missouri.
Kansas and Texas preferred. SOFA. North
ern Pacific, 1850. Ontario ana Western.
ZOO; Pennsylvanil. 2l.Tes. Reading. 1856.
Reading first preferred, Two. 81 Paul,
1885, Southern Pacific. 1870. Southern
Railway. 1890. Texas ana Pacine, II 100.
Union Pad.hc. i0.fi5. Wabash, 1850:
wabash preferred. Ellis; Smelling. 1890:
steel and Wire. 1880. Tin Plate. 1896. To-
nacco' 500 Brooklyn. 2s.72s: Federal
Steel. s.s5; Peoples Gas. $50: sugar.
-S,555i Tennessee Coal aud Iron. l7l2a.
New YnrE Gtn.k L La