Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-12-19
REVIEW OF MARKETS
FINANCIAL And COMMERCIAL
Stocks, Money, Exchange. Bonds, Grain,
Cotton, Provisions, Etc.

New York, Dec. 1S.-The stock mar
ket yielded to panic to-day under the
severe stringency of money and the dis
trust engendered concerning all classes
of securities on the exchange. The In
dustrlals were the Severest sufferers,
and were the real centres of the dis
turbnnce. but the efforts to protect
holdings In them precipitated violent Ii
quotation in other classes OF securities.
The Intervening Sunday afforded some
monentary check to Saturdays liqui-
dation, as was expected, SO that the
opening declines in sympathy with Lon
don were in large part recovered, ana
the market seemed comparatively quiet
anu without sensation.
The announcement of the failure of
trust company and of n firm of brokers
prominent on the exchange caused re-
ncwed weakness, and there were calls
for additional margins by commission
houses. A decision by the Clearing
House banks to renew old loans ut six
per cent and to avoid as far as possible
excessive rates for new loans quoted
the market again and caused some re-
covery.
In the afternoon severe stringency de-
velopcd again in the money market,
rates for call loans bounding up rapid
~ to 125 per cent which was the max
imum actually recorded. Unofficial re-
ports were made Of loans at 1S6 per
cent.
The market quickly took on panic
conditions and stocks were thrown over
entirely without regard to prices. Met
ropolitan and Tobacco led with losses of
over 90 points. and large number of
1ndustrials followed with five Ia fifteen
points breaks. In the high grade rail-
road stocks declines ut the extreme low
level ranged from to points. includ-
Ing the Changers, Trunk Lines, Inter
nationals, Southerns and Trans CONT
nentals. In the last half hour, by con-
certed agreement of the Clearing House
banks, S100O0.00O was offered on the eX-
change, which broke the money rate to
G per cent. and caused violent recor-
cries. of from one to ten points In the
prices of stocks. All outside influences
were swallowed up in the acuteness OF
the local situation.
Semi-speculative bonds were Off
from 2 to 3 points. Dealings were not
OH an extraordinary scale. Total sales,
par value, s3,350000. The sples Of stocks
were 1,630,500 shares including: 4Atchi-
soa preferred 706iO; do, common. IT, $50:
B. and O., G,4S0; c. and o. 1890; G. G.
W.. 1o635; C. II. O., $3.50; r. T., 9 10;
d. and Fl. G.700; J.. and N. 4.720: Man
hnttan, 29,470; Metropolitan. 26,9S0; Mo.
Pac.. 1880: Mimi. & st. Louis prefer
red. 1000; j. c.. 7.1l0; N. Y. c., 1O,025;
N. and W., 1855; Northern Pacific,
23,370; do, preferred. 10.S00; Q. and W.,
101O0; Pennsylvania, 16,a40; Reading,
$500; do, 1st preferred. $4,000; do.2d pre-
ferred 1000; St Louis S. w. preferred,
1880; st. Paul. "A gao; Southern Pa
cific, .G6T: Southern Railway prefer
red. 15,h60; Texas Pacific. 5000: u. p.
6e.S6o; do, preferred. 27,l5O: steel Hoop,
6.2l0; Steel and Wire, 23,150: American
Tobnc co. 81 $50; Anaconda, G,i3O; Brook
lyn Rapid Transit. 12l,G25; G. T. l.,
S4o0; Continental Tobacco, 1860: do,
preferred, 12.770; Federal Steel 5S6I5;
do. preferred. 10.T3S: General Electric,
$500: Glucose Sugar 5000: North
American, 1890; Pacific Mail. T.730 Gns,
3c.950: Pressed Steel Car 5000; Surar.
10l ,925; T. C. T.. 23,SOO; Leather. 22276;
do, pref rred, 1920.
New York, Dec. 1S.-Standard Oil,
offered 4.5i.