The times. [volume] (Richmond, Va.) 1890-1903, 1900-12-14
LIQUIDATION IN
ACTIVE FORCE
Stocks Affected by Exigencies of the
Money Market.
BONDS WERE REACTI0NARY.
T:scrc Was n Sensational aud Buoyan'
Elise in the Eric Stocks That
Served TO Check Liquidation
in Last HalC-Hour.


NEW YORK. Dec. 13.-The stock mar
kct to-day was less under the influence
of the strength of Individual stocks and
more under that of the coming cXiSencieS
of the money market. Even the SenSa-
ional and buGyaut rise in the Erie stocks
in tho last half hour hardly served to
more than check tho liquidation which
WAS in active force in the general market
J~cnty-CiEht years is given the elaI Sed
I'criod since an Erie Company stock SOLD
as high as 20 ON the Stock Exchange
To-day the first preferred sold at Us
In the late dealings. Extreme advances
Tor the day in the compaRy's stock we're
Gis for common. AK for the first preferred
and 80 for second preferred. The author
atNe announcement that a contract Oh
safe had been signed letwecn the Tenn
Sylvania Coal Company and Il syndicate
headed by the central power in the an
thraCitc trade was the cause OF buoyancY.
The bid for Pennsylvania coal was rap
idly advanced without bringing out any
stock. except occasional odd lot 1T
wide intervals until fun lot Of 100 shares
was sold at - and another at a.. The
market for this stock has been purely
nominal. Notwithstanding the notable
effect of this operation on the Erie stocks,
the effect was very small, even on the
other anthracite stocks. which were none
OF them seriously affected. Interest was
manifested in the southwestern railways
on buying seemingly in the interest Of the
bull pool. The interest was most notice,
able in the Wabash securities: the selling
was general throughout the list. The de-
ciines in the steel group ran up TO 2peints
and over. Sugar and the New York pub
lie utilities fell from about to III; Con-
solidated Gas fell from ! to r..
The large absorption of special stocks
early in the week by powerful financial
interests has encouraged the hope among
speculative operators that some relief was
to be forthcoming from threatened Strin-
Eency in the money supply AT one time
ii conferred in expectation that the
Treasury Department would buy bonds
for the sinking fund. The inconsistency
was pointed out OF bidding for Govern
1nent bonds by the Treasury at the same
time they We're inviting conversion into
the refundinS IS. which is 10 continue
until December 31st Another hope was
that the rise in the money rate here
would bring gold from London. but the
flrmer tendency of exchange late yester-
day. and more enlphatically the same to-
day. has brought the speculative contin-
gent face TO face with the certainty of
\ very weak statement. The Sub-Trcas-
Try has already taken out over S4,gU,Ue0
from the money market. compared with
~ surplus reserve last Saturday of nearly
S50I1.45l On Monday next the checks in
payment Of the Standard Oil dividend will
pass through the clearinghouse. involving
tii.- disbursement OF $4,000, GGn
The preparation for this disbursement
as likely TO make additional inroads on
available credits and SO increase reserve
Ie -lirem nts.
Inc pondS OIL the fflc company ana
some of the southwestern railroads were
in demand; otherwise the bonds were
rather reactionary. Total sales. par value.
S4.7S3.n go
Total stock sales to-day were 100 300
shares
MONEY AND EXCHANGE-Mon or
call steady a sac per cent: last loan at
4 per cent: prime mercantile paper, 4AG5
per cent. Sterling exchange firIner. with
actual business in bankers bills at Si.Si3s
for demand and at $500 for sixty days:
posted rates, $4.Sfl4@4.S2 and S4.S5l50
! So: commercial bills $4.S0I4. s012 Silver
certificates. 64G61; bar silver, G4}s; Next
can dollars. 500 Government bonds
strong; state bonds weak; railroad bonds