The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-12-21
STOCKS GO TUMBLING.
Extraordinary Rush to Sell in
London and New York.
GOLD EXPORTS VERY LARGE.
One Report Says SO, 600. 600 on sat-
urday-wheat Breaks the Record
for the season.

New York. Dec. Ain n general way
the average Wall street hab!tae was pre-
pared, after the close OF business y~Sre--
day, for probable depression IN the stock
market today. on account OF the ysae-
zuslan message episode and the renewed
heavy outward movement of gold The
actual developments of the day. aceordins-
ly. caused a sensation In financial circles
that has not been equaled since the Barring
panic IN fact. in soma particulars that
gloomy event was oveFshadowed In peint
of interest. The first shock came In che
shape OF panicky market la American
securities in London. with declines ex-
tending to ) per cent. British cOnsois also
came lower The successive cables report
ed great excitement and Wholesale nqui3a-
ton OF the international stocks at rapidly
recedlng figures. Before the opening hour
ii was definitely stated by geld shipping
houses that s., 4oo, 00a OF the SS.a0o 90 that
was expected TO go ont tomorrow would ne
arranged for today. Tha combined inhu-
ence of the developments noted was re-
fiected in wild opening in the local stock
and bond markets. Trading was very
heavy from the outset, and in the initial
dealings breaks occurred extending TO over
2l2 per cent In ST. Paul After a momen-
tary recovery of to IL per cent. fresh
ouuourlng of stocks occurred, which, as
in the case of the London selling. reflect
ed chiefly liquidation by scar,i holders.
and prices erumbled right and left. Stop
orders were caught IN large numbers, and
this. of course, accelerated the downward
movement. Slight rallies occurred several
times during the forenoon, but the eontin-
ued selling pressures swept them away. The
lowest prices, extending TO i5l2 per cent
u Lead preferred. were made around
noon. The volume Of business was On i
tremendous scale. The dealings in the
FIRST half hour registered l+lls4 shares,
and in the first hour 24S sos shares. Trad
Ing in bonds was also on almost CORE
spondingly large scale. The unfavorable
general condition affecting the specula-
ton was aggravated by sensational i'd
vances in the call money market. The
first figure quoted was per cent, ond
by 12:31 o'clock the price was bid up 10 %
per cent. Large sums were loaned at and
between these figures. The sterling eX-
change market also ruled firm and AIsner.
actual rates for demand rising "a over
yesterdays rates, while several leading
firms advanced posted quotations for sight
bIlls to 81 soi2. Toward 1 o'clock the sell
ing pressure abated and sharp rally IN
prices occurred, followed by reaction, IN
which a large part OF the Improvement
was lost on a jump In call money 10 80
per cent, the highest figure of the DAY.
A break of 6 per cent. stimulated liberal
UNSliAS III the last iOuA, teaNSsAS aN~~f -
from the extreme low points ranging Up
to IL per cent. in Lead preferred. Near the
close money again stiffened TO 80 per cent.
and closed at that figure. This fact caused
recessons from the improvements noted,
and contributed to an irregular closing. The
market left of unsettled, at net declines
The aggregate sales were 1925 shares
including us. 100 in Sugar.
The bond market was in as demorahzed
n condition as the share market, and heavy
blocks Of bonds were thrown over on lqui-
dating orders. The foreign selling was
very large, and the International issues
sustained material losses. In sympathy
with the stock market there was sharp
rally in the late afternoon trading, the re-
coveries IN prices reaching per cent. Deal
ings were on a heavy scale. aggregating
81 24S. 900, or about three times the recent
daily average. Governments sagged sharpe
" on sales OF 10000.
Money and Exchange.
Money on call, 5Gs per cent; last loan,
60 per cent: closed. 50 per cent bid; prime
mercantile paper. 4i24ol.. Sterling ex-
change. firm, with actual business In bank
ers' bills at sls9i.q4s9Is for demand. and
81 S7&F4Ss for co days: posted rates,
8. ssI2a4Ss and s4S9hd4e0ia; commercial
bills, s4.s7l2.
silver certificates. 66lsc.