Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-12
STOCKS PANICKY
DRASTIC LIQUIDATION FORCED
UPON THE MARKET.
NET LOSSES NOT GREAT, THOUGH.
Much Improvement In Tone of Mar
ket During che Latter Part of
the Dny-The Grains Lower-Pro-
visions Weak.

OF the net changes in the prices of stocks
as result Of the days trading will give
but faint conception Of the vicissItudes
through which the market passed during
the fve-hours' session.
During the morning hours the drastic
liquidation which was forced upon the
market caused great gaps I'm the values
or securities. and the market took on an
appearance OF demoralizat ton The vida
variations in prices between sales. rln-
hlhB as nigh as points, were evidence
OF the urgent character OF the selling. AT
the low point the scale Of prices presented
decidedly ragged appearance. the de-
chnes in the long list Of Specialties rang
ing, as compared with SATURDAYS close.
al the way from 3 TO q points. the latter
In Tennessee Coal. Notwithstanding the
Gays violent fluctuations. however the
market closed with few net losses ex-
ceedlng points. The liquidation seemed
20 nave been very thorough. and the
great Improvement in the tone of the
market during the latter part OF the dav
rejected the benefit to the health of The
speculative situation. The influences nj
WORK We're so broad and well defined that
they are soon stated.
CAUSES OF WEAKNESS.
one leading cause Of the weakness was
wiped out or nearly exhausted MARGINS
on speculative account. and the caiIine
for additional margins forced large blocks
OF STOCKS on the market. Many Were
lorced 10 hquidate, and there was a
very large contingent whose hopes Of an
upward turn In prices had become OK
hausted, and who threw over their holo-
ings in disgust, determined to await a
more favorable opportunity.
The report Of the heavy reverse "a
British arms in South Africa helped 10
unsettle this market. as 1t did all the
otner markets of the world. London
bought stocks here in the first hour, but
this was simply to cover sales made
earlier In London at better figure The
character of the interests which were
most acutely distressed was shown bv
conspicuous weakness in the highly specii-
lative lndustrials. Besides the decline OF
II points IN tennessee Coal, there were
losses Of 10 points I'm members Of the
metal group, sugar Tobacco, and the
New York Speciaities. The net loss OF
Tennessee Coal and Iron for the day was
- points.
In the railways, only a few cases oc-
CURED whore declines reached over
points. New York Central Pennsylvania
number Of the Coalers. Louisville. and
Southern Pacific being conspicuous ex-
amples. Kansas and Texas was down
nearly points. The vigorous and deter
mined support in Sugar was the turning
point in the days market. This Spe-
cialty was run up In the days marke;
during the late dealings ~ points above
the low point scoring full recovery
not only Of the early decline. but of the
quarterly dividend. which was deducted
from the price to-day. There was q
subsequent decline OF ~ points. and the
stock closed ~ higher than Saturday
MONEY TlGHTNESS UNABATED.
The seneral list closed, for the most
part. at the recovery. Except for the
relief afforded by the days liquidation
the signs or tightness in the money
markets OF the world We're undated.
The weakness in bonds was much less
general and acute than In stocks. Tota
sales, par value, 81 $4,000. United States
old As and SIS advanced Il in the BID
price.
1.12O30O shares, including Atchison pre-
fferred, 1850; baltimore and Ohio. $50
Chesapeake and Ohio, 1880; Chicago
Great Western. 1850; Chicago, Burlington
and quincy. $3.50; Rock Island, 1850
Delaware and Hudson; 5.Sl5; Louisville
and Nashville 1850 Manhattan, 3i.35U
Metropolitan Street Railway, 1920; Nor
folk ard Western, 9i00 New York Cen.
trail. 1900; Norfolk and Western, pre-
ferred. 62i0; Northern Pacific, i6,5E
ing. lst preferred. 1920; Reading. "a pre-
ferred. $3.50; Southern Pacific, J5.i2o
Southern Railway, Goo; Southern Ran
way, preferred, 1870 Union Pacific, a., go
Union racine, pftltlIcus -O,E5D, amer Cal
Smelling and Refining, $3.50; American
Steel and Wire. 24,24O' American Tobacco
| 80 so; Brooklyn Rapid Transit, los. l35
| Colorado Fuel and Iron, 1875; Continentd
Tobacco, q. $50; Federal Steel 1888; Fede
raj Steel. preferred, 1892; Glucose, z, 2SC
Sugar ex-dividend, 1876: National Steei
6.s75: Peoples Gas, 1860 Pacific Mai.
500; Tennessee Coal and Iron, ii.o2i
United States Leather, $780,; Cn'tee
States Leather, preferred SOD; Roeh
Island, 6,157
MONEY AND EXCHANGE.
Money on call firm at gao per cent
last loan at per cent; ruling RATE To9ll
per cent; prime mercantile paper, 5l2di
per cent. ..
Sterling exchange irregular, with aetua
business in bankers bills at $4S6Ags4.o
for demand and 4SlQslsli4 for sixt,
DAYS; posted rates. $LS2psi2l2 and siST1s
commercial bills. Si.SOQ Nsh
Silver certificates. 59Q6o; bar silver, osis
Mexican dollars, 4Ih.
Government bonds strong. State bonds
weak. Railroad bonds weak.
0HOtnflOuS.