The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-12-12
Day OF EXCITEMENT
Stock Market Undergoes Vic
lent ViciSSitudeS.
LIQUIDATION TO A SLUMP
Later Strength Mends the
Market Money Situation

| New YORK, Dec. Ian exciting time
! was counted upon on the stock exchange
this morning and the expectations of out
! siders who gathered in the galleries TO
witness the ferment were not disappoint-
/ ed. Saturdays fall in prices had brought
! in a large volume of selling orders from
( holders Of long stock, who have been
| ciinging to their holdings in the expecta-
/ ton that the market would weather the
money difficulties until the end Of the
| year and prices would resist any serious
decline. The propensity which prompts
humanity to follow the leader" was
! strikingIy exemplihed in the morning
stock market, when people who would
not think of selling stocks last week,
when they were worth 10 10 points
higher. tumbled over each other to sell
this morning. Many Of them were forced
to by the calling of loans with which
they were holding their stocks. Last
weeks shrinkage of value of stocks
placed as collateral for loans served to
cut down the credit facilities of opera
tors. The news Of a serious reverse to
the British arms in South Africa awaken
ed lively apprehension in the minds of
W
in the hullabaIoo they raised to encour-
! age the decline The so-called trust
stocks were the center of attack and
Tennessee Coal, Brooklyn Transit, Ameri-
| can Tobacco, Sugar, Tin Plate and Colo
RADIO Fuel were all severely handled
A perusal OF the net changes in prices
of stocks as a result of the days trad
ing will give but faint conception of the
violent vicissitudes through which the
market passed during the FIVE hours
session. During the morning hours The
drastic liquidation which was forced up
on the market caused great gaps in Ire
values of securities and The market took
on an appearance Of demo Il liz alton. The
wide variations in prices between SAFES,
running as high as 3 points, were evi-
dence of the urgent character If the sell
ing. At the low point the scale Of prices
presented a decidedly ragged appearance,
the declines in the long list Of specialJies
ranging, as compared with Saturdays
close, all the way from to q points,
the latter in Tennessee Coal Notwith-
standing the days violent fluctuations the
market closed with few net losses exceed
ing points The liquidation seemed to
have been very thorough, and the great
Improvement in the tone of the market
during the latter part Of the day re-
flected the benefit to the health Of the
speculative situation. The influences at
work were so broad and well defined that
they are soon stated. One leading cause
of the weakness was the large decline
made last week, which wiped out or near
ly exhausted margins on speculative ac-
count, and the calling for additional mar
gins forced large blocks of stocks on the
market Many were forced to liquidaue
and there was a large continent whose
hopes of an upward turn in prices ha1
become exhausted and who threw lver
their holdings in disgust, determined to
wait a more favorable opportunity. The
news of the heavy reverse to the British
arms in South Africa helped to unsettle
this market. London bought stocks here
in the first hour but this was simply to
cover sales made earlier in London at a
better figure. The very violence of the
selling movement worked its own remedy
The bears were steady buyers for the rest
Of the day and there was a sufficient
contingent of bargain-hunters on hand
70 afford assistance toward the recovery
in prices. The character of the interests
which were most acutely dist essed was
shown by conspicuous weakness in the
highly speculative industrials. besides
the declines Of q points IN Tennessee
Coal there were losses of four - seven
points in most Of the metal group. Su-
gar Tobacco and the New York special
ties. The net loss Of Tennessee Coal and
Iron for the day was 13 points. In ne
railroads only few cases occurred where
declines reached over two points, New
York Central, Pennsylvania. a number Of
the Coalers. and Southern Pacific being
conspicuous examples. Kansas and
Texas was down nearly four points The
vigorous and determined support in ST.
gar was the turning point in the days
market This specially was run up in
the late dealings "a points above the low
point scoring a full recovery but of the
quarterly dividend which was deducted
from the price today. There was the sub
sequent decline of IA points and the
stock closed ~ higher than Saturday.
The general list closed for the most part
firm at the recovery. Except for the re-
lief afforded by the DAYS liquidation the
signs Of lightness in the money markets
of the world were undated. Closing
prices of stocks we're as follows: