Savannah morning news. [volume] (Savannah) 1868-1887, 1886-12-16


haru to-day, the rate running up TO as nigh
as = per cent per day and interest. The New
England deal was one of the chief factors the
selling of the Boston interest being renewed
with spirit this morning. which provoked
short sales by the New York element, and the
stock broke very badly. Reading also, not
wlthstanding the publication OF The plan of
reorganization, broke 10 points. Other heavy
declines were made by Tennessee coal, Phila-
delphia gas, and Richmond ana West Point.
only one fal ure WAS announced on the board,
although rumors of others were thick at one
Time. The delivery hour. however, passed
with no further announcement Of that nature,
and much better feeling took possession of
the room. The opening was extremely weak,
the declines from last evenings figures eN-
ceeding per cent. for large number of ac-
tive stocks, while Reading was down "a per
cent. Transactions for the first two hours
were enormous. Sales for the first fifteen
minutes Appropriated $4,000 shares. for the
nrst hour $50 900 shares, and up to noon over
oZO.uO0 shares of stock had changed hands.
The declines OF the first few minutes ranged
up to per cent Towards the end of the first
hour slight rally occurred, grangers, trunk
INES and Union Pacific displaying consider
able strength. Tue market as feverish ana
irregular, however, and another slump tol-
lowed soon, New England and Reading lead
ing the decline, with Omaha, Lackawanna.
and New York Central closely following. EN-
IRENE activity was largely decreased after u
O'Clock. accompanied by sligat recoveries in
some stocks. The downward movement, how
ing the lead. In the last hour a general rally
took place, and material advances over the
lowest figures were recorded. The market
closed active but frm at the recovery. The
total days business was l.0SS,44 shares, of
which Reading furnished 49,, goo LackaWanna
lU2, Quo, st. Paul 10000, Western Union $4,000,
New England $4,000, Erie 1000, Louisville
and Nashville 1900, and there was a very
large business in the remainder of the list.
New Jersey Central is the only stock on the
active .lst showing an advance, Its advance
being q per cent. New England, on the other
hand, lost 50. West Point 6}s, Reading 5h,
Manhattan s. Omaha A., NJ ssourl Pacific 35s
Canada southern 334, Lackawanna 354, and
Pacific Mail ga per cent
AIa.cIassA, 2to5 .lO5 Nash & Chatt'a 7015
Ala.clase B, 5s. los New orleans Pa
georgia Is ....... - chic, LIST mort. S2l2
rs, mortgage .ll0 y. Central. NIX
n. Carolina 6s.*ll5H Norf II w. pref 475s
n. Carolina As, 80 Nor. Paciic..... n
o.CAro Brown I" pref 60sk
~ consols.... .lO9 Pacific Mail ...... AZ
Tennessee 's 80. 80 Reading ~ 367s
Virginia rs ...... Ar Richm'd Il Ale lO3.
Va ConsOnda teu *5S Richm'd " Danv- $50
Chpeake como. Richm & w PIT
Chtc. 81 N'nthw'nlll5s Termlnal..... 81
preferred. .l8s Rock Island. -. l2ih
Della, Lack.& W 1891 st. Paul. 80. 9Ul4
Erie. 49, - preferred III
East Tennessee Texas Pacific 20I5
new Stock. 14's Union Pacific -. 6l14
Lake Shore. 800. 92I n. j. Central -. 5lL
Lville Nash. 500 Missouri Pacific 1867
Memphis Char As Western Union 10
Nj bile ONO 1919
ASKED, IBID,
The Evening Post in its financial article
says: "The semi-panicky condition of yester-
day evening was developed this forenoon mt
full- hedgeu panic in some OF the cheap
stocks, and the great decline OF these extended
the panlcky feeling to q good many bet er
properties. though the decline in these was
com paratively small. There is no question
but that the furry was brought about
partly by design. few well-known
CAPT alists are known TO have called
in large loans, and this forenoon money loaned
up TO II, Is and Is per cent. per annum. The
steflng exchange market was entirely de-
morallAed by the pressure on the money mar
Bet, and regular quotations for sterling were
impossible. The New England railroad cleo
ton also had something to do with the panic
Boston parties who have heretofore controlled
that property finding that they had been
ousted. Immediately began To throw their
S ock overheard. and New York parties, who
now control the road, knowing this deter
mined to be ahead of them, though they un-
doubtedly mean to buy their stock back. The
Reading clique also found 1t impossible to
carry their load of that stock and
endeavored in vain to do at once
what they have been doing gradually
for several weeks past, viz. unload. Behind
THESE special causes was also the general be-
lief that the speculation in Southern stocks
must collapse, which it has. 1t is worthy of
remark that so large and sudden drop as Is
sHbWH ABOVE IN Jne snort space OF Two hours
caused no failures of Importance. Only one
was announced up to II O'Clock, that of l..
Marx & Co.
"a prominent broker says that the break in
prices this forenoon is the result of the very
cOnserV alive policy adopted Dv the banks for
the past week or more in regard TO loans. They
have been charging to per cent. on good
stocks,and from to Is per cent. on specialize,
so that brokers being unwilling to carry stocks
at these figures called on holders for more
margins. This brought out large selling or
ders. and as prices fell more stock came out,
resulting TO day in almost panic. The pres
ent break may therefore be credited to tight
money and not to any inherent weakness In
the stock market itself. The reserve being
down to such low figure as $4,000, 000 was an
other unfayOrable feature Of the situation"
COTTON.
LIVERPOOL. Dec. 10, noon Cotton quiet
with fair inquiry; mddling uplands SID,
middling Orleans SID; sales 10000 bales, for
speculation and export |, Zoo bales; receipts
1000 bales-American Il, 800.
Futures: Uplands. low mIddling clause,
December delivery, l5-64d; January and
February, l4-64015 sod; February and
March. l5-640p5 10 Sad; March and April,
5 l6-64@5 15-54d; April ana Mays ls-64d; May
and June. 20-64d; June and July. 2l-64
as 22-6id; July and August. 25-6495 2i-64d.
Market dull.
The tenders OF deliveries at to-day's clear
ings amounted to 300 bales new docket.
$500 p. m.-The sales To-day included 1900
bales OF American.
Futures: Uplands. low middling clause,
December delivery. l3-64d. value; Deem
Der and January. 5 bead, sellers; January
and February, l2-64d, sellers: February and
March. 5 l3-G4d, sellers; March and April,
5 l5-64d, sellers; April and May, II -64d. sell
ers: May and June, 5 l9-64d. sellers; June and
July. s 2l-64d, value; July and August,
23-64d, buyers. Market easy.
500 p. MIXTURES: Uplands. low middling
clause. December delivery. 5 l3-64d, sellers;
December and January, . ll-64d. buyers; jan
uary and February, 11-64d. buyers: Feb
ruary and March. l2-e4d, value; March
and April, l3-64d, buyers: April ana May.
l6-64d. sellers; May and June. 1S-64d. SELL
ers: June and July, 20-64d, buyers; July
dull.
NEW YORK, Dec. 10. noon.-Cotton opened
dun; middllng uplands 91ec; middling Or
leans Ill 6c; sales 81 bales.
Futures: Market opened steady, with sales
as follows: December delivery, ACC; Janu-
ary. sic: February, Q SOC; March. 970c;
April, Q sec; May, . 9Oc.
500 .. m.-Market closed dull and easy.
middllng uplands, 9%c; mIddliBg Orleans,
9ll-l6c; safes to-day 102 bales; net receipts
none, gross none.
Futures: Market closed steady. with sales Of
1876 200 bales, as follows: December delivery,
1909 3Sc; January. 42d9 48c; February,
540g9 55c: March, 9 $500 &c; April. 8 nc:
May. 9 s7(99 5Sc; June. 97019 Csc; July, 10 05
C1lo O6c: August. 10 ll9l0l2c.
Greene n Co.'s cotton future report saws:
"a sharp reaction has followed Yesterdays
furry, and The market went of some 10 points
W It'll a trifle steadier tone at the close. though
there is no positive strength. The break has
been partial reflection from Wall street, as
almost a panlGky feeling In stocks already
causes stringent money market and fore
shadows considerable difficulty in the matter