Omaha daily bee., 1899-12-17

I hundreds OF millions AS conseauencr
credit facilities we're heavily cut and
stocks placed as collateral were forced 10
sale for the protection of money lenders
The bear operators were very bold and
aggressive and. offered prices down in a
seemingly reckless manner wherever any
! intimation could be had OF large s1ecula-
tye holdings In some of the iudustrials.
which have been manipulated by specuia-
tive pools, the violent decline In prices dis
lodged some enormous holdings and the
bears reaped sensational profits. The com
hinattOn Of circumstances threw the mar
ket into conditions bordering on panic sew
eral times during the week. The market $
quick response to any development in the
London money market pointed strongly to
that as the seat Of trouble.
All the powerful resources OF the English
financial center were evidently being eX-
erted to attract funds to meet present and
prospective urgent needs. The Bank of
England statement shows a continued drain
on interior points to supply the eNtraordi-
nary trade activity in England, Just as the
New York banks have been dawn uDon
,, drGm mint interior points in this his country Ihe
market OF the news of the setback TO the
British operations and the convulsive re-
coveries caused by even vague rumors OF
successes warrant the deduction that the
English money market has adjusted itself
TO hopes of earlier relief than now seems
possible by resumption of shipments of
gold from South Africa The urgent need
of other relief is manifested in the vigorous
upward movement of sterling exchange at
all the worlds money centers
Both at Paris and New York the rate
reached the gold export point during the
ter in the New York stock market was
demonstrated In the decentralization of
Wednesday afternoon, when preparations
the sudden recovery of Thursday, when a
relapse in the sterling rate raised the hope
averted Although the subtreasury absorp-,
ton of funds from the market had run up
to nearly s5,0O60O0 before the announcement
of the Treasury department's decision to
forego a rebate in anticipation of the Jan
uary first interest on bonds that measure is
looked to to relieve the drain from that
source for the immediate future. The
course of the interior exchanges has ndi-
Gated a response there also to the need of
relief in New York and funds have been
received here not only from interior points
in this country, but in Canada. with the
relief thus secured from those sources the
effect of the gold exports was largely off,
set.
The Stock exchange liquidation itself has
gone to such lengths as to materially re-
plenish the supplies of available funds. The
volume of the transactions made it evident
that the interests affected were larger than
that of ordinary professional operators in
stocks. The weeks developments in Bos-
ton show that the necessity of support in
the copper mines market was a factor in
the situation. Large selling was attributed
also to the account of important western
centerS
The decentralization produced in some of
the newer industrial stocks was an indlca-
tion of the burdensome nature of the under
writer's holdings and the narrow margin
for many of the new fotations, which have
been below the listing prices on The eN-
change in many cases. 1t is n maxim of
commerce that a general rise in prices in
luces speculative buying, which in itself
furthers the rise in prices. But specula-
tive buying of commodities which Is not
For consumption and speculative buying of
securities not for investment are Ger
evel of consumptive and investive demand.
rhe price level recedes as the rae for
money advances. Speculative losses be-
% true conditions based on the rate of re-
urn and its security A certain amount of
Investment buying has been attracted by
he weeks relapse in prices, but it has
shown notable falling off on any substan-
tial rally in prices. Semi mi-speculative and
newly issued bonds have shown extreme '.e- /
clines of from l to pa points, but the more
established mortgages have shown no
fluctuations of importance.
United States 5s advanced y, old As II and
lew As u in the bid price.
The Commercial Advertisers London
inancial cablegram says: There was a
IN the news of General Buffers repulse
Rand mines opened down points and fell i
'oint further on the SLUMP, The excite, excite
hares, commitments in Americans and
elsewhere being small Afterwards hope
accompanied by rumor that, General Bul;
er had recovered his guns and that General
,lery had crossed the river. There was no
Confirmation of these rumors. Consols were
OOa. a1O1A. Americans opened 2Q3 points
lnder yesterday. They rallied l42 points,
losing firm. The scramble to sell lasted
My half an hour, Paris was fairly frm.
spanish As were f51a, tintos 441s, Anacondas
*, Utahs 5 and Bostons q: There were
Wo small failures here, making ten due 20
ecent declines in mining shares Several
England got G65, 600 gold from Germany
oday and bought e126OO French coin, Call
money was easy, but bills were very hard
mall loans were repaid to the bank.
The following are the quotations for the
eading stocks on the New York exchange