Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1886-12-24

fohr WORTH. TEX. Dec. %, lsss.
Trade doomed heavier than ever "a. day
retail trade especially being very large
Country produce is weakening in price.
ous VIII probably not charge until after
the holidays. Prices are generally 0rm
and unchanged.
FINANCIAL.
During the past week the New York
stock market passed through aliauidation
OF the largest dimensions. an ia exneri-
enced violent decline in prices, which AZ
one time looked like panic. The aetiyl.
y was enormous, the recorded sales on
the STOCK exchange on Wednesday last
wnen the break eliminated, amounting 10
nearly 10000 shares OF stock, which is
Ine largest days transactions on record
Inc excitement was also intense, and IL is
matter OF congratulatlon that, In spite
oil the suddenness and violence of the
movement, the street has so far
shown itself sound and able
10 Withstand the strain One
small failure was occasioned. bnt
beyond a certain embarrassment growing
out OF the condition of the money mar
ket, which, IL not subjected to further
pressure, will right itself, there seems to
be little ground for approximations ON thai
score. Indeed, IL is not thought that apy
stock market In the world could, under
similar circumstances, exhibit an equal
degree OF strength aud solvency,
A reaction was of course due after the
advances Of the past six weeks Specula.
tion had run into the "wildcat" order OF
securities, in several cases reaching prices
utterly unwsrranted by the material facts
regarding the properties The public had
gradually come into the market until
the participation by outsiders in
speculation constituted larger aggre-
gate than Is believed to bave been
the case at any time since 1881. In
consequence great amount of fancy
stocks had been taken by the public al
top prices and were carried on more or
less slender margins. AT the same time
the success of the cllques first In the
field In moving their stocks stimulated
Others to like efforts. Consequently the
market was full Of petty pools engaged
in bulling specialties, often
with no substantial basis behind
them. These conditions naturally
create dangerous market. In
which severe creak can easily be pre-
cipitated. As soon as rates for money
began TO become higher, as was the case
two weeks ago, and at the same time
lenders began to discriminate against the
fancies as collateral, notice was given
that the speculation had reached a term
and that the flying Of kites must cease. At
tempts by the pool TO liquldate Immediate
ly became apparent aud resulted In the hes.
itating and ieYersh market of last week.
1t was also noted that the agreement
reached by the conference committees of
the senate and house regarding the inter
state commerce bill tended, whether
Justly not, to produce feeling of I'M
certainty Re garding the future of the rail-
roads, involving, as the bill does, princi.
pies cont airy TO the methods upon
which the prosperity Of the transportation
are GENERALLY thought to rest.
Under the circumstances, II needed only
a serious bear attack TO convert the in
evitable reaction into heavy break. I'm
der the nominal lead OF Messrs. Cam.
mack & Keep, the bears inaugurated
selling movement Of magnitude seldom
seen IN Wall street, and which the al |
ready shaky market was not able |
TO resist. Prices of such stocks |
as Reading, Richmond & West
Point and New England, recently so
pIOlulueutt went uOWn Ien points without i
A halt, and for time the staple and diyi- |
dend-paying securities shared In the de-
cline, though to a less degree. Oicourse
this was accompanied by an immense
amount of liquidation. Margins were
swept away in an instant, and large lines |
Of stocks carried for speculative account |
we're thrown overheard without
regard to cost. When things |
we're seemingly at their worst,
covering by the bears set In, which, aided |
by liberal purchases for some OF the bull
operators, who seem TO have been walt.
ng for lower level of prices, and to
'ome extent by London buying, the de-
Zine was turned and a partial recovery
Effected, which, according to the best
opinion of the street, caves the market,
in a somewhat exhausted, in much
condition than before Brad
streets,
BUTTER -l5a2Oc per n creamery 25c.
O0rTON-Strlct low middling, tngod, 79lc;
rood middling $40.
COFFEE - Rio, fair l5kC; Prime 1910;