The times., 1899-12-15

NEW YORK, Dec. lit would be diff
cult 10 conceive Of a more irregular stock
market than that of today, although. on the
other hand, more or less irregularity and
uncertainty Of tone were 10 have been ex-
pected after yesterdays somewhat techni-
cal developments.
At all events today's market showed
throughout rapid and violent changes of
tone that reflected a general unsettlement
Of confidence. The market opened with a
feverlsh tone, and further severe declines
took place in the subsequent dealings.
Substantial and unexpected relief to the
situation followed the operations for for
eign account in this market, the arbitTage
purchases being well in excess OF yester-
days heavy sales. There was. Furthermore.
an absence Of the heavy and constant local
liquidations that was so effective in yes
terGay's declines
The reversal of the foreign attitude to-
ward this market appeared 10 result from
q number OF circumstances. Among them
were the expectations which were reported
as general in London that the monetary
situation there would be materially ] e ieved
by receipts of gold from this side, per-
eistently circulated report Of a decisive
British victory near Ladysmith, and
further, the fact that the governors of the
Bank OF England did not advance its rate
Of discount as had been apprehended in
some quarters. The effect of the day 5
foreign buying in this stock market was q
pronounced reaction in sterling exchange,
but this did not altogether obviate the
chances FOR exports OF gold by Saturday 5
outgoing steamships
The days situation was Of itself as bare
OF other than technical features as 1t was
yesterday. The money market continued
fairly easy. a logical result Of the enOr-
nous liquidation Of the week. II was the
general testimony of commission houses
that their customers had responded 10 calls
for additional margin incidental 10 the Sc
we're decline in practice with noteworthy
alacrity. The dealings continued in very
large volume, and were fairly well dis
tributed.
The pressure upon the standard railway
issues was much less pronounced than it
was yesterday. and that quarter OF the
market showed a fair degree OF resistance.
The weakest features today were the local
traction issues, where some severe declines
appeared. although the tendency Of these
stocks was without any particular eXplana-
tion.
The fluctuations in the industrial quarter
ana lL kEt SAtcE4dltlts5 LDldDle III f9LEo4 NJ
fning. the Tobacco shares, and Tennessee
Coal and Iron, we're wide and erratic.
Little surprise was created By the infoT
nation from Boston regarding the embaT-
rassment Of a national bank OF that city.
The matter was regarded as a logical cul-
mination of the insatiate speculation in
CoppeTs which had been in progress in that
city for over a year. 1t seemed TO be
commonly assumed, furthermore, that the
net results Of the situation would be the
transfer OF both the oil and copper prop
critics Of the embarrassed parties 10 other
hands, more competent TO finance and de-
Velop them
The announcement that the Treasury De
partment would anticipate the payment Of
interest on the Government bonds due jan
uary was also received with only languid
interest, as il is hoped that more COM
prehensiye recognition Of international
monetary conditions viii result in more eX-
tensive action by the Treasury authorities
later on.
Trading fell away materially in volume
with the course Of the day, and in the main
q rather frmer tone developed. There
we're some evidences that Notwithstanding
the exceedingly heavy liquidation Of the
week the position Of the short account was
& very extended one. At any rate. the de-
nand for stocks in the loan market was re-
corded the most urgent in many months,
and Notwithstanding the 10 per cent
rates prevailing in the money market
number Of active railway issues were bor-
Towers from fat 10 g per cent.