The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-12-14
STOCKS THROWN OYER
Market Wildly Oemoralized
at the Closing.
BELOW MONDAYS LOWEST
Black ForebOdings All at Once
0verWheIm Operators.
BELOW MONDAYS LOWEST

New York, Dec. 13.-The market yielded
of today, and stocks were thrown over
wholesale on the down grade. Prices
went below the low point OF Monday and
the market closed in a mighty excited
condition. The few rallies that were ef-
fected were due 10 the hasty taking of
profits by the bears. which were suffi-
GENTLY attractive on The day to induce the
closing out of short accounts by the pro-
fessional operators, who peTsiStently sold
the market at the higher level. The mar
ket made some Roadway against the de-
preston during the early dealings and
al one time had very largely overcome
the opening losses, which were reflections
from the foreign exchanges. The weak
ness abroad was due to the growing seri-
business of the situation of the British
campaign in South Africa. London was
a heavy seller in the New York mar
ket, but its offerings seemed pretty we'll
absorbed The Changers rose notably
above last nights level, and Sugar and
Brooklyn Transit also made conspicuous
progress towards recovery from the Ie-
cent 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 the money mar
ket was at no time stringent. Hnd in the
late dealings the rate for call money ran
down to 312 per cent. The announcement
of the determination Of the PennsyIva-
mia railroad to distribute stock par 10
the extent of 10 per cent Of the capital
came as a total surprise and under ordi-
nary circumstances would have been
determining factor in raliying the mar
ket. 1t caused temporary lull In the
spasm of liquidation. But the pause was
only momentary. Equally without effect
was the extra dividend declared on
Northern Pacific common, bringing the
rat for the year up TO 3 per cent. The
persistent liquidation in Sugar gradually
spread throughour the list. In the final
dealings Sugar went y points below the
highest. Tennessee Coal 10Iz; Continental
Tobacco preferred sly; Great Northern
preferred Z: Metropolitan I; American To-
ba eco 5i., and L>ackawanna o. Although
losses in the railroads are not 50 wide,
as rule, the liquidation in them vas
very heavy. The declines reach over
points in St. Paul. Louisville and a num-
Der Of the coaIers and exceed 2 points
in an extended list. The conditions were
apparently much easier IN the money
market. but sentiment regarding the out
look was exceedingly feverish and IN
settled and the Street was full Of con-
Trajectory rumors regarding develop
nents The violent jump in sterling ex-
change rates, both here and az ether
points. made il sufficiently evident that
London was the real seat Of trou
bic and apprehension was expressed Of
future difficulties there. The denial of
Yesterdays canard OF a loan Of 100000
by the Bank Of France 70 the Bank Of
England was a potent influence IL upset
ting the market Indications pointed %
hone on the part OF London q Oh
tanning gold in New York. The old story
Of a loan u banks 81 the United States
TO the Bank Of England was revived
with the additional detail that they had
? accumulated government bonds. which
the secretary OF the treasury was %
buy. thus supplying tire needed gold from
the United States treasury The amount
rurnored was & 09gp 90 II the morning
TIE Canadian banks we've said 10 b. call
ing IN their extensive loans with a view
OF renting gold 20 London but IN the
afternoon came the report that tas Can
adam hanks have received $ n 90 IN
gold from Canada since Friday aid have
been free lenders y money today Ire
fact that the ss.b-tr1zsury this week has /
already absorbed $4,000 from the money
market arouses hope in sp@culs tive or f
cles q some measure n relief BIZ the
treasury department But the cert7irtv .
that any pler 1fus supply y money would
recessitate shipments 20 London or ac-
count of the imperative needs q that GER
ter deprives the stock market - any h1rs
a. real relief unt1 the ssfzatiou n Len +
con becomes easier. Closing prices %
stocks we're as follows: