The times., 1899-12-14

NEW YORK, Dec. 13-The opinions
commonly held and in fact expressed to
the effect that the liquidation OF speculs-
tive accounts reached its climax Monday
were shown in today's market 10 have
been without foundation. The market
opened weak and further extensive de-
cIines were scored with the course Of the
day. The railway list this morning sup
planted the industrial quarter in respect Of
activity, and it was there that the liquida-
tiOn was most heavy and effective in point
of declines recorded. In the absence Of
anything very definite 10 which the heavy
selling Of the railway list could be referred,
all sorts OF rumOrs cropped up with the
course OF the day TO explain what was ey1-
IDENTIFY in progress in the market
II goes without saying that such de-
cline as has taken place in the stock mar
iet OF late has weakened the account OF
thousands of speculators and has doubtless
impaired the resources Of commission
houses whose want OF foresight or whose
cupidity has tempted them 10 extend IN
due encouragement and facilities to their
customers. AS is invariably the case in
similar market circumstances, the sources
Of the heaviest selling Of the day were in
everybody's mouth while nothing was said
assumed. however. that the days absorp-
lion OF stocks was not for the account OF
weak or marginal buyers.
The market opened unfaYoTably affected
by the pronounced weakness of prices in
London. where stringent monetary cOndi-
tions prevailed. and the further British re-
verses IN Africa produced declines in all
quarters Of the market Foreign houses
sold heavily in this market the liquidation
on this account aggregating fully $4,000
shares. The foreign selling was at once
followed up by the already noted local
liquidation and by aggressive bearish oper-
ations
The heavy foreign selling imposed fur
ther strain upon the foreign exchange mar
kel, where a material advance in rates
took place, which produced the inevitable
rumors that experts of gold were imminent.
These were, howeveE discredited by the
most Trustworthy authorities in the for
eign exchange market. Some disappoin, =
ment followed the absence of any confirm
alton OF yesterdays rumOTs regarding an
advance Of e 600 900 by the Bank Of
France to the Bank Of England. The rate
OF discount in the open London market
was reported fractionally higher than the
Bank OF England's minimum figures. which
renders particularly interesting the action
Of the governors Of the bank at their meet
ing tomorrow The local money market
was remarkably easy during the greater
part OF the day. and most of the borrowing
on cali was effected under 8 per cent.
OF news bearing upon particular stocks
the most important was the announce
ment Of q 10 per cent scrip dividend on
Pennsylvania Railroad stock. this company
appearing to have followed the example
set by. the New York Central. The an
nouncement Of the dividend was attended
by a pronounced, but rather short-lived ad-
vance in the stock. In the general circum-
stances Of the day, as might be expected
little or no attention was paid to the traffic
returns reported by various companies.
Naturally the London listed stocks show
ed the most severe declines OF those re-
corded In the railway list The Atchisol
issues and ST Paul. and Louisville and
Nashville were particularly weak.
Elsewhere in the market there were SHARP
losses scored in the tobacco stocks, Ten
uessee Coal and Iron, and the anthracite
coal group The particular movements
noted could be accounted for only by the
relative amount and the character of tht
liquidation that appeared there.