The times. [volume] (Richmond, Va.) 1890-1903, 1900-12-08
TREND OF PRICES
WAS DON'lyWA ARD.
Liquidation on Stock Market General,
But Not Urgent.
UNEASY OVER MONEY OUTLOOK.
Closing Was Moderately Active and
Easy, With Many Stocks at tho
Low Point-Bnsiness In
Bonds Large.
Liquidation on Stock Market General,
UNEASY OVER MONEY OUTLOOK.
. (py A,soc,..eo rrcs..,

NEW YORK, Dec. THE prospect of a
decline In cash resources OF the banks OF
upwards of Si.0OvUUO proved too much LOT
the fortitude Of spectators. TO-DAY, anu
they sold stocks. reversing the movement
OF yesterday. They had the advantage Oh
new points of strength in a number OF IN
dIr1Cual stocks amongst the @doW-prlceo
ones A deInoraiiZed tone inSone or Two
OF the industrialS more than offset TINS
advantage.
The Suh-Treasury alone has taken up
from the banks during the week 81. luo,-
GOO. including the deposits at the SUB
Treasury for Geographic transfer 10 TIE
interior. The direct movement by eN-.
press. although supposed to be small on
balance, is certainly in favor OF the int
I1or. There is suspicion also mat lhe
local movements of cash which nave
helped out the showing of the banks iof
the last few weeks is not to be relied
on this week. These gains have been due,
to q large extent. to the operations OF a
single bank. in which is cemered some OF
the most importan interests in the imam
cial world, including copper mining
stocks.
The course of Analgamated Copper
during the week has given rise to the ap-
prehension that those identified with it
need not be expected, to have taken
measures to conserve the general money
market situation. The loan item. also, is
the subject OF some perplexing SurmlSeS.
While there has been some speculative
liquidation in the stock market, there has
been some large borrowing for outside
financial operations, including subScrip-
tons to a $1D.UO0,UOO issue of Third-Ave-
nue. Railroad bonds which also closed the
day with the announcement that it had
been largely oversubscribed. II there has
been any conSidera BILE loan expansion
doubtless the effect on the surplus reserve
may prove sensational, especially with
the most trying period of the year in the
money market to be Immediately faced
Liquidation was not urgent on the stock
market, but was quite general. Strength
was shown by the st. Louis and San
Francisco stocks, led by the second pre-
ierred, with an advance of 2A, and the
New York. Chicago and ST. Louis. led by
the second preferred with an advance of
as On the other hand, there was con-
tnued weakness In Tennessee Coal on
persistent rumors that the dividend would
be passed. The stock fell at one time IA
and, after f1uctuating feverishly, closed
within X of the lowest.
Coincident with the meeting of the d.
rectorS of the United States Rubber Com
pany the common stock broke and pre-
1erred Us. without meeting any effective
support. 1t was reported after the meet,
ing that the company had reduced the
price of its goods 70 per cent. and doubts
We're expressed Of the maintenance of the
dividends on the preferred. Pacific Mail
broke near per cent. on the large de-
crease in net earnings reported for
October.
Unsatisfactory results oA the meeting
OF the northwestern railway presidents to
enforce the observance of the freight
rates helped to depresS the railroad list.
There was weakness in Peoples Gas, To-
bacco and the local fractions. The clos
ing was moderately active and easy, and
many stocks were at the low points.
Business in bonds continued large
There was profit-taking in some of the
speculative issues. but there was n nota-
bic increase in the demand for high
grade bonds. which made the market very
broad. Total sales par value 81 ,155 900.
United States IS and is declined J, per
cent on the last call.
To-day's total stock sales were Col, 700
shares
MONEY AND EXCHANGE.-h1oneyo on
call firm at 4do per cent: last loan at
per cent; prime mercantile paper, 4M43
per cent. Sterling exchange weak, with
actual business in bankers bills at 81 SIS
for demand and at $4.S15s for sixty days:
posted rates. S4.S21S and S4.S6is: CONNER
cial bills, S4-Soa4 CASH. Silver certificates,
64GD65: bar silver. G4a: Mexican dollars,
SOS. Government bonds weak; State
bonds strong; railroad bonds irregular.
BANK CLEARINGS.-Total bank clear
inSs at principal cities of the United
States for the week ending yesterday
were See,22j5. GO 544. an increase of l5.3 per
cent. as compared with a year ago. Total
outside New York, 1864 ,925. or A per
cent. increase.