The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-14
in THE STOCK MARKET.
Prices Went Below the Low Point 0
Monday.
CLOSE WAS HIGHLY EXCITED CONDITION
French Lonn to the Bank Of England
Denied-Money May lie Had
In New York. aa

New York. December 1S-The market yield
cd to decentralization during tho latter part
o. today and stocks we're thrown over whole
stale on tho down grade Prices went below
the low point or Monday all around and
the market closed in highly excited condi-
tion. The few rallies that were effected were
cue to the heavy taking of profits by the
bears which were sufficiently attractive on
the LAY 10 induce the closing out of short &C
counts by the professional operators, who
ptisisten,ly sold the market at their level
The market made some Roadway against the
depression during the early eealings ana al
one time had very largely overcome the open.
| ing Losses, which were reflections from the
foreign exchanges The weakness abroad was
due to the growing uneasiness of the situa-
ton Of the British campaign in South Africa
! London was heavy seller in the New York
market but its offerings seemed pretty well
absorbed. Tho grangers rose notably above
last nights level and sugar ana Brooklyn
Transit also made conspicuous progress TO-
ward recovery from the recent depression. But
during the latter part OF the day the operators
in stocks shut their eyes to everything but
the gloomy apprehensions over the future,
The existing condition of money market was
at no time stringent and in the late dealings
the rate for call money ran down to 31s
per cent The announcement of the determl-
nation Of the Pennsylvania railroad to dts
tribute stock par to the extent of 10 per
cent of the capital came as total surprise
and under ordinary circumstances would have
been determining factor IN rallying the
market. 1t lifted Pennsylvania points and
New York Central 2as and caused a temporary
ull in the spnsm of liquidation. But the
pause was only momentary. Equally with
out effect was the extra dividend declared on
Northern Pacific common bringing Their ate
for the year up TO per cent The persistent
liquidation in Sugar gradually spread through
cut the list In the initial dealings Sugar
went u points below the highest Tennessee
Coal loi3 Continental Tobacco 6ls, Great
Tobacco ~ and Lackawanna 6. Although
losses in the railroads are so Wide as rule
tho liquidation in them was very heavy The
Louisville and Nashville and a number OF
ccaers. and exceed 2 points in an extended
list. The conditions were apparently much |
regarding the outlook was exceedingly fever |
ish and unsettled Tho violent jump IN |
sterling exchange rates botn here and other
points made it sufficiently evident that Lon
hension was expressed of future difficulties
there. The denial OF yesterdays carard of
a loan of sl000o,000 by the Bank of France
to the Bank Of England was potent infu
ence in upsetting the market Indications
pointed to a hope on the part of London of
obtaining gold in New York. The old story
the Bank OF England was revived with the
additional details that the banks had accu-
mulated government bonds which the sec
rotary of the treasury was TO buy, thus sup
plying the needed gold from the United States
treasury, The amount rumored was SOS, G00,-
600. In the morning the Canadian banks
were said to be calling in their extensive
loans with view of renting gold to Lon
don but in the afternoon came the report
that the Canadian branch banks have received
s., OOo eco in gold from Canada since Friday
and have been free lenders of money today.
The fact that the sub-treasury this week
has already absorbed $4,5oa,ooo from the
money market arises hopes in speculative cir
ces of some measure of relief by the treasury
d department. But tho certainty that any
plentiful supply of money would necessitatc
shipments 10 London on account Of mpera
tive needs of that center. depriyes the stock
market OF any hone OF real relief until the
situation in London becomes easier. Bonds
went off sharply in late dealings. Total sales
par value Sl,79j.O00
United States IS advanced In the BID {
price.