The herald., 1895-12-21
THE MARKETS BY TELEGRAPH
Money, Stock, Bond and Produce
Quotations
WALL STREET SPECULATION
Hardened Brokers We're Prepared for
a Financial Furry
The Actual Developments of the Day Cause q
WALL STREET SPECULATION
The Actual DeveIopm ents of the Day Cause a
Sensation Not EquaIed Since the
Barring Failure

Associated Press, Special Wire
New York, Dec. 2O.-In a general way
the average Wall street habitue was pre-
pared, after The close of business yester-
day, for probable depression in the stock
market today, on account of the Vene-
zuelan message episode and the renewed
heavy outward movement of gold. The
actual developments of the day accord
ingly proved a sensation in financial cir
cles that has not been equalled sincs the
Barring panic, in fact, in some particulars
that gloomy event was overshadowed in
point of interest. The first shock came in
the shape of a panicky market in Ameri-
can securities in London, with declines ex-
tending to 5 per cent. British consols
also came lower. The successive cables
reported great excitement al that center
and Wholesale liquidation of international
stocks at rapidly receding figures. Before
the opening here it was definitely stated
by gold shipping houses that 81 100000
of the IS 900 900 that was expected to go
out tomorrow would be arranged for to-
day. The combined influence of the de-
velopments noted was reflected in n wild
opening in local stock and bond markets.
Trading was very heavy from the outset,
and in the initial dealings breaks occurred
extending to over 2k per cent in
st. Paul. After a momentary recovery of
l to ~ per cent, fresh outpouring OF
stocks occurred, which, as in the case of
the London selling, reflected chiefly liqui-
dation by scared holders and prices
crumbled right and left Stop-overs were
caught in large numbers, and this of
course accelerated downward movement.
Slight rallies occurred several times dur
ing the forenoon, but the continued selling
pressures swept them away. The lowest
prices, extending to 15% per cent in Lead
preferred, were made around noon. The
volume of business was on a tremendous
scale. The dealings in the hrst half hour
registered 141, 1914 shares and in the first
hour 243,l8 shares. Trading In bonds
was also on almost correspondingly large
scale and the losses ranged up to 10 per
ceipts. The unfavorable general condi-
ton affecting the speculation was aggra-
waited by sensational advances in the call
money market. The first figure quoted
was 6 per cent and by IL 80 the price was
bid up to 25 per cent. Large sums we're
loaned at and between these figures. The
sterling exchange market also ruled firm
and higher, actual rates for demand rising
Il over yesterdays rates, while several
leading firms advanced posted quotations
for sight bills to 4.9OE. Toward 1 o'clock
the selling pressure abAted and sharp rally
in prices occurred, followed by a reaction
in which a large part of the improvement
was lost on jump in call money to 80
per cent, the highest figure of the day. A
break of 8 per cent stimulated liberal buy
ing in the last hour. causing recoveries
from the extreme low points, ranging up to
l per cent in Lead preferred. Near the
close money again stiffened to so per cent
and closed at that figure. This fact caused
recessions from the improvements noted
and contributed to an irregular closing.
The market left off unsettled at net de-
clines. The aggregate sales were 743,276
shares, including 700 in Sugar. The
bond market was in as demoralized q con-
dition as the share market and heavy
blocks of bonds were thrown over on
liquidating orders. The foreign selling
was very large, and the international
issues sustained material losses. In SYM
pathy with the stock market there was a
sharp rally in the late afternoon trading,
the recoveries in prices reaching 6 per
cent. Dealings were on heavy scale, ag-
gregating $3,24S, 900, or about three times
the recent daily average. Governments
sagged sharply on sales of 100000.