The Providence news. (Providence [R.I.]) 1891-1906, 1899-12-09
FINANCIAL.
BULLS AND BEARS.
A Grand Crash Closed a Week Of
Liquidation in Sticks.
Margins Wiped 0ui in Sugar and IthlcG'.
General List DemOTaIlsS.


Wan street. Dec. 9-After tve days
OF almost uninterrupted sagging and
liquidation that have proceeded with
Increasing speed from day 20 day the
market opened with a crash this morn-
irg and before the short session closed
u was safe To say the wiping out OF
long accounts held On anything less
than ten point margins was practically
completed.
The weeks sweeping out has Deeh
thorough. The sheaitug of hc lainps
has been done with customary Skill
gIaCg and Completeness. Margins nave
been sro1ped out 60 the shells ana mn
some Instances shell and an have bren
swallowed by the NoTdCiOus nedlF. VINO
FOR the past two years have tnJoyeu
only an occasional turn dt the nnrket.
bu, ON the occasions, have reapcI
bOuntifully
No especial causes are tD be assigned
for this weeks smashing Of values.
Money is tight. the Bank of Engsihf
Iate OF discount is high, New NoIh
funds are depleted. But until the wedge
was entered last Monday these factors
We're familiar enough to everybody ana
yet the market persisted no Ilsi"S
aganis, them
Ii had 20 come, the time only being de-
layed until the mass OF outside traders
who work on limited margins had Dc
come assured that the conditions
would ~ealiy have no effect ON STOCK
values 10 counteract the substantial
prosperity nf the country ana the pun
lie confidence In higher prices
After an. TOO. the drive which now
seems to be- about completed has not I
gone so far as did the break which be I
gan iu September last and culmln3t'4 /
with d fast swirl in October Neither /
are the losses SO severe as they Wer" /
In tha dC uidating Of last May. which !
ended with tha crash following upon the I
death Of the great bull leader. former I
Governor Flower.
Indeed the loss in prices since The
bears began TO cut loose on Monday
asst has not averaged more than six or
seven points although in individual
tocks has been much greater and. Of
curse too, the average loss from the
'rlces, made when the announcement
4 the governments purchasa OF bonds
ave an artificial strength 20 the mar
ct, Is fully nine points and In stocks
Ike Sugar and Tobacco as much as 20
What the president had TO say about
'usts. coupled with the supreme
)urt's adverse decision in the Addy-
on pipe ease, were the signals that |
I'D career 'that ended today i'm grand
ump.
Neither the presidents words nor the
pc decision could be taken as affect
2 the investment value of trust stock
Z they were sufficient to affect spec
alton sentiment and sentiment rules
long the money changers often more
an hard fact.
accordingly a market that held
ong m the face of money conditions
AZ ollled for govern n1ent relief and |
foreign money market that COM
led the Old Lady Of Thread'n' Needle
eet To hoist her discount rate 10 the
chest VI has been since the terrible
gentine days. collapsed and went All
smash because OF court decision on {
side issue and "A little chaff by the d
'sident c
he real reason of the collapse. OF u
irs was there were a whole lot OF !
y holders without margin enough .
stand a push and q bit of "A scare. !,
{ then that Is usually the reasr1
V stocks go into a decline in ordi- =
lily good times.
he general list of stocks held fairly d
u today while Sugar and the To- o'
'co issues were making touchdowns
Z the sltuGi0u was rot settled ! a.
iugh AT tn close 10 enable any 90 L
stocks % hold whaf hey recovered =
a bank statement the pr cd not To ~
go had ae expected 4
'hn following table shows the change
0c'v7 ~'ooks a~1 he moro active ID
It has been made I'm the prices g,
YES since they closed cheerfuny and r.
good spirits one week ago: n
Sat ~ -