The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1900-12-07
New York stock Market.

New York, December 5
market somewhat reversed the specu-
lative position of yesterday The ear
ly part of the day showed a continuance
Of the reactionary tendency. London
lock its cue from the depression here
yesterday and sol the Americans. Of
ferings from that source amounting to
some 80. 900 shares. The professional
traders also continued bearish and
sold stocks short, but it became obvi-
u during the course of the day that
there was no Urgent pressure to liqui-
date. The decline in prices brought no
large offerings and the bears were dis
inclined on this o TO pursue their
campaign Consequently they bought
to cover their contracts and turned the
market upwards. The ecove was
helped by strength in a few stocks,
but whether the upward course OF
prices late. in the day was due general
ly to any other cause than the taking
of bear Profits on the short sales,
which were invited by yesterdays
weakness, remain to be seen.
The developments in the money mar
ket, which is the true index of specu-
lation at present, continue against the
presumption for active speculation.
Call money rates went to 5 per e
again today, and the movement of cur
rency to the interior continues unabat-
ed. Today 5000, 900 was transferred
through the s~ub-treaSury to Chicago
and 1915 900 to New Orleans. This rate
of depletion is far too large to permit
of any existenSive credit expansion by
New York financial institutions and
would not require a long continuance
to force a sharp contraction of loans
1t will be remembered a in the pc
Rod of repression, preceding the cleo
ton bankers were practically unanf-
nous in the opinion that resources must
be conserved for the enlarged require
mentS of business after election. The
~outpouring of credits after election,
however, was on such a large scale as
to overwhelm all demands and force
an easy money rate, in spite of the flu
riouS speculation which ragged for sew
eral weeks. Now after enormous in
roads have been made by such specula-
tive commitments as we'll as by invest
ment in securities upon available cred
it's the expected demand for money is
manifesting itself.
The large movement of currency to
the interior, and the very large volume
of interior bank c~learings are a plain
indication of the active need for money
through the country. An active money
market is generally expected between
now and the first of the year, after
which the January disbursements are
expected to make for easier money A
loan contraction by New York banks
seems, therefore, highly probable, and
the effect on the stock market will be
measured by the financial u
of those holding stocks. A period OF
quietude in speculation and a gradual
liquidation of weak accounts is an i'm
portant safeguard against such a situ-
alton. The strong points in today's
market were amongst the low priced
minor stocks, the Fries, Peoria and
Eastern, the Wabash stocks, the ST.
Joe and Grand Island stocks and 9TH
erS of that class being conspicuous.
Atchison preferred and Missouri Pa
ciic were also strong, and Brooklyn
Transit and the steel stocks were in de-
mand. Sugar was feverish, and after
rallying from early weakness to about
a point over last night it lost the gain
again in a few minutes trading. The
Amalgamated Copper had an extreme
decline Of Az before showing n re-
Stance, but they strongly recovered
over half the loss.
Business was better sustained in
bonds than in stocks, and some i'm
portant gains were shown, but there
were also reactions in other points.
Total sales, a value. were 81, OPS, 900.
United States r%efunding rs declined Il
and the 3's, As and SIS "A per cent. on
the last CALL.