The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-12-17
STOCKS AND BONDS.

New York, Dec. 16.-The New York
stock market to-day made a determined
stand against the Generalization reflected
from the London Exchange, and by the
end of the first hour, seemed to have over
come the weakness. The appearance,
however, was deceptive. Active liquida-
ton was in full force early in the second
hour and ate away the recoVeries that
had been achieved, forcing prices below
the opening low level. The market closed
with all the symptoms of Generalization,
and at the lowest prices of the week.
The days net losses for the principal
active stocks run from to s points. In
the railroad list the greatest sufferers,
naturally, were the shares that are listed
on the London Stock Exchange, and es-
pecially such recent speculative favorites
there, as New York Central, Pennsylva-
MA st. Paul, Louisville, Atchison prefer
red and Missouri Pacific. Sugar, Tennes-
see Coat and others of the iron and steel
stocks were the largest losers. The early
resistance was due, in part, to the deter
mined support afforded by the distribution
of large buying orders by inside interests
who cabled buying orders to London. Lon
don, in the meantime, had been comfort
ing itself with rumors from South Africa,
of retrieval of Gen. Buffers bitter re-
versals.
The bank statement was construed as
unfavorable in the item of loans, although
the cash changes conformed closely to
forecasts. The small loan contraction
barely served to offset the cash decrease,
so that the gain in surplus reserves is only
nominal. The statement does not include
to-day's gold engagements, which aggre-
gated 81 $4,000. The weeks experience in
the stock market has been a severe one
to show such small Impeachment in the
money situation. 1t is evident that large
part Of the money called in has been put
out again, under the urgent stress of cir
cumstances. 1t is many months since the
stock market has been subjected to so vlo-
lent and drastic a liquidation as that of
the past week. Shrinkage in values
reached an enormous aggregate, competent
estimates placing the figure in the hun
dreds of millions. AS a consequence cred
il facilities were heavily cut and stocks
placed as collateral were forced 10 sale for
the protection of money.
The combination of circumstances threw
the market into conditions bordering on
panic several times during the week. The
markets quick response to any develop
ment in the London money market point
ed strongly to that as the seat of
trouble.
Semi-speculative and newly issued bonds
have shown extreme declines of l to pa
points. But the more established mort
geges have shown no fluctuations of i'm
portsnce.
United States SIS advanced q. old As Y,
and new As "a in the bid price.
The total sales of stocks to-day were
sos. 1e0 including the following: Chesa-
peake and Ohio. $780, Burlington. 10205;
Louisville and Nashville 1910; Manhat-
tan, $50; Missouri Pacific, GAS; New
York Central, $500: Northern Pacific, S.
OPS: st. Paul, 80, $50; Southern Pacific. a.
100; Union Pacific $3.50; American Tobac-
co, 1i7JO; Brooklyn Rapid Transit, 2i75O;
Federal Steel, 1885, Peoples Gas. 1880;
Sugar, 1895: Tennessee Coal and Iron g.
$50. Leather 1885.
New York Closing Stocks.