The evening times., 1899-12-11

| Inc STOCK market tDlS morning udu SuCQ
| a sensational break in prices as can be
compared with no other day tnis year, ex-
| cept that after the death OF Governor
| Flower, last May The opening was many
| points of from the close of Saturday in
| some of the industrial securities, and all
| over the list there were tumbIes varying
| from half point or more in the railway
list TO an average of three points in the in
dustrials. Ii was thought by many that
| such a severe tumble might be followed
! Immediately by reaction, but nothing of
the kind occurred, the downward course
of prices continuing almost without hesi-
tation until noon and after. Holders Of
securities, and of the industrials in par
ticu!ar, threw them overheard with no re-
gard for the prices obtained, and as con-
sequence there were tumbles of three and
four points at time in some quarters.
Few seemed willing after such an opening
to predict what would be the future course
of prices this week. but 1t was supposed
that before the end of the day there wou d
be at least a good temporary rally on the
covering of shorts. Talk OF the money
situation being gloomy until the end Of
the year is heard on all sides. but people
of calmer judgment look for relief from
the Secretary of the Treasury, and aso
from the interior, SO that today's extreme
break may be followed by better market
quite reasonably. Money was at 10 per
cent at noon The number of shares sod
at that time had been more than 600.
one of the heaviest forenoons on record.
Tennessee Coal and Iron was the chief
sensational feature of the morning. The
stock in its phenomenal advance a few
months ago never went up faster than it
has declined in the last two market days.
The close on Saturday was at l0i and be-
fore noon today it was selling at 81, drop
of q points in two market hours. A day
or two ago it was selling around 115 SO
that this break has covered more than 80
points.
Colorado Fuel and Iron went off to A. in
the first tumble, the price of last week
having been around 81. There were quick
rallies In both these stocks after their first
tumble, but the Street refused to consider
them permanent. There was heavy COW
ering of short contracts at the low prices,
however, and it seems not unreasonable to
suppose that they have seen their lowest
points. The earnings Of both companies
continue enormous.
The Flower securities on the whole were
strong. comparatively speaking. Rock ISL
and went as low as 109 ga, break of
point and a half. Chicago Gas went off
only fractionally, and the Steel securities
behaved better than any Of the other in
dustrials, losing only a point or two.
Brooklyn also was comparatively little
hurt Paper. common. however, continued
on its tremendous break, getting as low as
II and fraction, early in the day. All
of these securities were regarded with IA
vor by the people that wait for breaks to
buy stocks cheap.
The railway list generally held its own
well. though the declines were heavier
than they we're last week at any time. AS
had been pointed out in this column, it
could not be expected that these secur-
tiles could escape entirely from the ef-
fects of the panic in the industrials. Many
considered ahe drop in these shares to be
the signal for good covering movement
by the bears. St. Paul went IS low as
120 and fraction. Atchison. preferred. as
low as 63. Burlington as low as s12s and a
fraction. The Northern Pacific securities
declined point or more, as did the Union
Paciics. and Southern Pacific went of a
point. Pennsylvania, the Coalers, the
Southern Railway securities, Louisville