The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-19

can Tobacco fell an extreme 81 l-2; Metro
politan 20 Ia, Peoples Gas ~, ors
IL i-2: Continental Tobacco IL IL; Ten
nessee Coal IL Manhattan Leather ., ana
Leather preferred 9 liz, all In the lst OF
industrials In the railway list, such STOCKS
as Northwest, New York Central, Great
Northern preferred Rock Island. southern
Pacific. Union Pacific, the Northern "a
ciic, Atchison preferred, and In fact the
most prominent and active railroad stocks
in the whole list showed losses all the way
from to points. The rallies with tne
ANAL offering down of the money rate TO
per cent ran from D to 10 points me
DAYS transactions ran UP to total oil
nearly / 1850 900 shares. which is the record
for DAVIS business. The excitement was
intense all day and there can be no doubt
that a large volume of transactions and
record of many quotations was entirely
lost in the seething and turmoil OF brokers,
which surged over the floor of the exchange
and about every post all day long the
changes in prices between sales ran up
to /. and even points both on the down
ward grade and in the recovery.
After the close OF the exchange there
was a meeting Of the clearing house com
mittee to concert further measures for
safety and relief. An issue of clearing
house certificates was discussed but the
hank presidents present decided that 1t
would not be advisable at present,
meeting OF the clearing house committee
was called for II o'clock tomorrow with
view to being prepared for action. IN
case OF further necessity. The demoraliha-
ton In stocks affected the bond market
more or less. but losses were largely con-
fined TO the lower grade Issues. which have
been subject to speculation. The volume
of investment issues brought on the mar
ket by the severe money stringency Is as
yet small
New York. December IS. - The stock
market yielded to the panic today under
the severe stringency of money and the
distrust engendered conce ming all classes
of securities on the exchange The indus
trials were the severcst sufferers and we're
the real centers of the disturbance, but
the efforts to protect holdings in them
precipitated violent liquidation in other
classes OF securities. The intervening sun
day afforded some momentary check 10
Saturdays liquidation, so that the open
ing declines in sympathy with London
We're in large part recovered, and the
market seemed comparatively quiet with
ont sensation The announcement of tire
failure of a trust company and fl m OF
brokers prominent on the exchange caused
renewed weakness and there were calls
'or additional margins by commission
houses. 4 decision by the clearing house
banks TO renew old loans at per cent and
TO avoid as far as possible excessive RACES
for new loans Quoted the marSe; and
laused some recovery. In the afternoon
severe strngency developed again in the
money market, rates for call loans bound
ing up rapidly to l25 per cent which wSs
the maximum officially recorded. urof-
fetal reports We're made of loans at is6
per cent. The market quickly took on
panic conditions and stocks wsre thrown
over entirely without regard TO price.
Metropolitan and Tobacco led with losses
, OF over 20 points and large number OF
industrinls followed with to 10 point
breaks. In the high grade railway stocks
declines at the extreme low level ranged
from to points. including the grangers,
trunk lines. Southerns and Transcontilen-
tails. In the last half hour by conc srted
| agreement Of the clearing house banks.
$4,000 0o0 was offered on exchange. winch
broke the rate for money to s per cent,
caused recoveres OF from to ~ points IN
the prices Of etooks All outside Influences
were swallowed IN in the acuteness of the
local Situation Semi-speculative bonds
we're of from to 3 points Dealings we're
not on an ordinary scale Total sales par
value $3.50 0o0
Paris. December 16.-Business on the
Rourse today was fairly steady The mar
ket closed in a very excited condition and
with an extremely unfavorahle tone
Berlin December tS -- Prices opened
fairly steady on the Bourse today There
was great weakness later, howeyo-, in
/ cen sequence Of large sales in response to a
/ decrease from Western bourses. Cana1'an
Paclacs were fiat. Spanish tours declined.
Following are the closing quotations on tho
principal stocks in New York:
Closing
Sales hid