Evening star., 1899-12-11
FINANCE AND TRADE
Heavy Slump in the Industrial
Stocks Today,
SHARES MORE STEADY
Liquidation Was the Rule Followed
by Bear Raids
GENERAL MARKET REPORTS

Special Dispatch to The Evening Star
NEW YORK. December ia nervous
and excited opening in today's stock market
was followed by the most extensive rauida-
ton of the season. The selling of stocks
was urgent and prices crumhled without re
gard for value. Many of the Industrial
shares We're unsupported and "stop-loss''
orders were uncovered al frequent inter
walls.
The newer importations suffered most I'm
the volume OF the LIQUIDATION. but the wide
fluctuations were not wholly restricted 10
this group.
Tennessee Coal and Iron opened of 3Ig
per cent from its closing price on Saturday
and then declined IL per cent during thc
forenoon under forced selling.
The advance I'm this stock from 30 In Jan
uary TO l26 in September. without the e.
cuSe of either a dividend or tho payment
shareholders. left II in an extremely ytil-
perable condition. The attacks on il las,
week and the aggressive selling today
broke through supporting orders and dis
closed a considerable number OF poorly
margined accounts
American Sugar closed on Saturday az
iSSf2 and sold this morning. ex-dividend
< per cent. at E3it2. a decline Of 1--WE points
The selling Of this stock in one week has
reduced the price about ~ per cent From
It's low point today IL rallied sharply dur
'''S ~ S<AiA9 llObI Aut Esin ftt u per
cent.
American Tobacco sold under par. Man
haitian Elevated was depressed below ifs
Issue value for time, also, and at every
point of the list there was evidence. Of de-
moralization among margin operators.
Railroad stocks We're sustained for time
out later they. too, were thrown over as
the only means of protecting accounts bur
dened with miscellaneous line. The de-
cline up to noon had reached such substan.
tial proportions that the street was dis
- he MO ,a,Ns.,
ing succumbed to the fury of its own flame
slight rally started, due to the covering
or early sales. and then came a hint that
the government would once more tender fis
aid to the banks.
a decision of the Supreme Court and a
presidential message were magniiled be
yond al warrant TO assist a professional
raid on values The Treasury Departmant
is called upon in the emergency to unlock
Its Golfers and put the banks I'm position 20
arrest the attack on security values. The
hope of relief helped the entire market To
the extent that ira ding he Name quieter and
more deiiberation was used in the eXecu-
ton of orders
In few instances some cash buying ~
the railway shares was noticeable. The re-
lief to the loan account had been thorough.
In a sense, but commission houses did not
urge any general buying Of stocks. There
Is not enough NOR ey in the east to allow
for the enormous daily trading which once
| characterized the advancing market
Many accounts have suffered badly by
tile miSteken process Of pyramiding, with
the volume of the stocks held representing
the base Of the pyramid and the margins
equal only TO the area OF rhe apex.
The loss of money. selling was
started, was extremely swift. The call rate
for money varied from Il per cent in the
morning TO per cent during the after
noon.
The condition was due to the rumors of
Secretary Cages presence in the city and
the idea that relief from the treasury is at
hand Considering the British resources
III the TransvaaL London prices held ex-
tremely well throughout the day.