The times. [volume] (Richmond, Va.) 1890-1903, 1900-12-11

CALL MONEY RATE
RULED HIGHER
No Stringency Evident, But Five Per
Gent. Was Minimum.
SMALL VOLUME OF DEALINGS.
Buying OF Stocks. However. overbore
Selling, and More Net Gains Than
Losses Were observation-disclosures
Irrcsu ar.
SMALL VOLUME OF DEALINGS.
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NEW. YORK. Dec. l0-T-he effect of the
doubtful outlook in the money market
was clear to-day IN the small volume OF
business in stocks. The money market
showed no sign of stringencV, anu 10
liquidation was precipitated. in lae.' aila
buying oYerbore the selling, ana theIe
are more net gains than losses as result
OF the days operations.
The buying seems to come from un mex
pected spots. judging fSom the TACT ina.
from recent depression were in foremost
demand to-day. This was notably uue
OF the steel group. led by Tennessee Coai;
which has been the object OF q l'roiollse4a
raid by the bears mt an expense 81
points in the value of the stock q ratiE
of AZ points at the extreme hish t pm.
to-day, therefore, seems moderate osis e..
members of the steel group moved III
sympathy. and gained upwards OF a point
all around. with the exception OF steer
and Wire. The latter stock was unoer
pressure. While IL recovered at one time
to above Saturdays level il closed weak
and affected the whole group
No action was taken on The dividend OF
the Tennessee Coal Company TO re1u1e
The recent rumors that IT would be
passed. The Steel and Wire directors or
dered the payment of the last instalment
of the years dividend declared last year
The strength of Sugar was attributed to
renortst of an oversold condition in the
trade indicated in an advance in the sell
ing price of refined sugar by he indepen-
dent refners. Other industrial stocks
showed sharp recoveries. with no news to
explain the movement beyond the obvious
fact that they ilayr- been recently sold
short by professional operators.
The movement III the railroad list
seemed to be due to the same cause, but
was much narrower There was no evil
dence OF the large organized buying at
any point that has occasionally featured
The market. The Erie stocks We're much
lower. although the first preferred and The
second preferred were at one time adj
vanced rs and lB. respectively. The
1ittSourg. c., e. and ST. Louis stocks
rose :sia each on light demand, which,
however, brought out very little stock
advanced To . per cent, and ruieo from
that to Is per cent There was an sign OF
SIringenCy and renewals We're easily Ell
tccted. but all lenders held sttffly for the
advanced rates. The opinion has been in
wall Street that 10 rclicf was 10 De eX-
pected by gold imports. owing 10 the large
requirements OF Ioreign money markets,
but the violent declare in foreign ex-
change to-day. both In London and at
continental points, aroused renewed con-
lecture on that point. Posted rates for
sterling We're marked down full cent in
the pound. and the actual rates Tor short
and long sterling fell nc and for cables
&c. The response of to-norrow's money
market in London TO this development is
awarded with interest.
Eric bonds continued in large demand,
and were the feature of the bond market.
The price movement otherwise was irreS-
uiar. Total sales, par value. 81, 430, 900.
United States refunding rs and old IS
declined u and new is advanced = per
cent on the last call
The total sales of stocks today were
54I, 800 shares.
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