The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-17
IN THE STOCK MARKET.
Violent Liquidation Has Been Noticed
Durlas The Week.
THE LONDON MARKET HAD AN INFLUENCE
to Control ATnirs--south African
Rcycrscs of British Were Felt.

New York, December le,--The Now York
stock market today made determined stand
against the Generalization reflected from the
London exchange, and by the end of the
first hour seemed to have overcome the
weakness. The appearance however, was
deceptive, Active liquidation was in full
force early In the second hour and ate away
tho recoveries that had been achieved, fore
ing prices below the opening low level, The
market closed with all the symptoms OF
decentralization at the lowest prices OF thu
week.
The days net losses for the principal ac
tive stocks run from to points. In the
railway list the greatest sufferers naturally
were tho shares that are listed on the Lon
don stock exchange and especially those
which have been recent speculative favorites
there. such as New York Central, pennsyl.
vanis. ST. Paul, louisville Atchison pre-
TERED and Missouri Pacific In the list OF
industr.ais ana specialties, the New York
City public utilities. Sugar. Tennessee coal
and Others OF the Iron and Steel stocks were
the largest losers The carly resistance was
due, IN large part. TO the determined sup
buying orders throughout the last week oy
Inside interests IN the various stocks. Those
interests had not waited Tor the opening here
to 60 this, out had canied buying orders TO
London. London in the meantime had been
comforting itself with rumors from Soutp
Africa of retrieval of General Bullers bitter
reversnls The fact that toqGys steamer IL
the last that VIII be available Tor sh pmen.s
OF gold gave assurance OF relief from that
dram during the coming week There was
resumption OF selling orders by cable dur
ms the second hour ana growing uneas!-
ness over the situation in Boston, growing
out OF the announcement OF bank failure
from that center. The bank statement was
! n n yet. n FaX raNl n
/ loans although the cash changes conformed
closely to forecasts. The small loan coutrae
ton barely served to offset the cash decrease,
so that the gain in surplus reserved Is only
nominal The statement does not meade
today's gold engagements, which aggregate
sz,ioO,00U The weeks experience n tue
stock market mas been a severe one to snoS
such small improvement in the money s.Lda-
/ tion. II is evdent that large part oil the
money called IN has been put again under
the urgent stress OF circums ,ances. large
amount is known TO have been transferred
| to Boston to strengthen the monetary situa-
ton there The local money outlook was tine
determ ming of the late break In prices
and withdrawal of support.
1t Is many months since the stock market
has been subjected to so violent ana arasuo
a liquidation AS that OF the past week AT
intervals IL was met with some aggressive
support direct from the TRENDS OF the dt-
ferent stocks and the professional bear opera
tors have occasionally closed out Their
short contracts al the inviting pants offered,
but at other times all other support seemed
WithdraWn, WINE neaNy DOCKS OF SECURITIES
were being forced TO sale W the wip!ng out
of margins Tho shrinkase IN values reached
an enormous aggregate. competent estimates
placing the figure n the hundreds or MIL
lions. AS a consequence, credit facilities were
heavily cut and stocks placed as collateral
were forced to sale for the protection OF
money lenders The bear operators were teis
bold and aggressive and onered prices down
in seemingly reckless manner wherever any
= int.maton could be had OF large speculative
1 holdings. In some of the industrlals which
have been manipulated by speculative poo.s
| the violent decline IN prices disloaged some
enormous holdings and the bears reaped SEN
sational profits. The comb nation OF STOCKS
threw the market into condition bordering on
panic several times during the week. Inc
markets quick response TO any development
in the London money market pointed strong
4 y to that the seat of'trouble. All the
powerful resources of the English hnanclal
center were evidently bong exerted 10 at
tract funds to meet present and prospective
urgent needs. The Bank OF England state
ment shows a continued drain on Interior
points to supply the eHuaordnary trade az
tivity In England just as the New YORK
banks have been drawn upon from interior
points in this country.
The extreme depression in the London stock
market of the news OF the setback TO the
British operations and tho convulsWe re.
coyeres caused by even vague runors OF
successes, warrant the dsauctd,on tna' ts sne
English money murket had adjusted tseu
TO hopes of ucrier relief than now seems
possible by resumption of shipments OF gold
from South Africa The urgent need OF otheI
movement OF sterling exchange at all inc
worlds centers. Both at Paris and Rev YORK
the rate reached the gold export point aut,
ting the week. The Importance attached 10
the matter in the New York stock market
was demonstrated in the decentralization OF
"Wednesday, when preparations were L lls,
to export gold, as well as in the sudden 81
coyery OF Thursday when relapse IN tue
sterling rate raised the hope that soid ex-
ports were for the time aosr fends from 6e
market had run up to nearly s5.oOJ0OO be-
fore the announcement of the treasury ne
partment's decision TO forego rebate IN an
ticipation of the January ! interest on bonus
that measure is looked 10 relieve tbe aLa
from that source in the immediate future,
The course Of interior exchanse nas a rae
in New York and funds have boon received
here, not only from interior points III this
country but In Canada. with tue rellei mus
secured from those sources the effect OF the
gold exports was largely offset The stock
exchange liquidation itself has gone 10 Fueh
supplies of available funda The volume OF
transactions made 1t evident that the "a
terests affected were larger than me oral-
nary professional operations 10 stocks
The weeks developments In Boston snow
that the necessity OF support n the copper
mines market was factor IN the situation l,a On
Large selling was attributed also TO the &C
count OF important Western centors me
decentralization produced in some OF me never ,,s
Industrial stocks was an indlcatloh OF "a"
burdensome nature OF the unaerwrteIh non on,
ines ana the narrow margin for many II the
new quotations which have been belof the
listing prices on the exchange y many casss
u is a maxim OF commerce tnst a genera
which in itself furthers the rise IN prices
But speculative buying OF commodines, when men
is not for consumption and speculative puy'
ing Of securities, Which is not for Investment.
are certain ultimately to carry prces above
the level OF consumption and inyestmen, &c
mand In the case Of securities me PITS ns
ieyeI recedes as the rate for money advances
Speculative Losses become necessary 70 Sc
cure the reimbursement OF true cond.t lions
based on the rate of return ana " h,yInr
has been attracted by the weeks relapse n
prices, but II has SHOWN notable iah's ssr on
10 any suhstants' rally In p rleead haxe
shown extreme declines Of TO ~ poin.s,
All, the more established mortgages nave
shown no fluctuations Of importance
Especial TO The Postl
,,..,hax IA g Mum Son &