Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-14
Some Support Developed in Stocks
ats New York.
THERE Was HEAVY SELLING AGAIN
IndustriaIs Continue to Bear Brunt
Of the Attack. .
GENERAL MARKET REPORTS
Special Dispatch to The Evenina Star.

Special Dispatch to The Evenin& Star.
NEW YORK, December 14-As was to
have been expected, after the demoraliza-
ton at the close Of business yesterday, to-
days market opened nervous and irregular.
Advances varying from u to v per cent
were recorded during the Initial trading,
but under an enormous volume of business
some further Hqt1datfon was forced. The
flrst hour was one of the most active
periods Of the year, upward of 0O,OO0
shares Of stock changing hands at the rate
OF 5000 shares, minute. Confusion was
entirely natural under the circumstances.
The selling differed from that of yester-
day to the extent that supporting orders
were abundant and that short rates were
literally covered. Several prominent opera
tors Dought literally against previous sales,
ana this business. while not of the best,
stayed the dangerous and unreasonable
sefiing which had begun to make serious
inroads into financial confidence.
The first reliefaso the tension came in
London cables rejecting partial recovery
at that center. The Bank of England did
not advance its rate, as was regarded as
certainty prior to the announcement to the
contrary. British victories and relief of
Ladysmith were announced in private cable
advices. and this news coupled with the
ouoyant tone in the Kaffir shares served to
revive the steadily decreasing confidence
among local traders
! London houses bought back very con-
siderable proportion of yesterdays sales,
and would have done even a larger bust
ness had not cable communication become
difficult.
Rumors of gold exports were plentiful
but at the assay office no actual inquiry mad
been reported. Demand sterling was
trife easier than yesterday, and the pros
poets for an outflow on Saturday are less
alarming.
Traders circulated rumors of gold exports
and predicted an early issue of clearing
house certificates. The only basis for the
latter statement was the actual necessity
for such an expedient in Boston. The over
loaning OF money on mining shares did &C.
casion difficulties at that center, but relief
was prompt and the difficulty has probably
been met and passed.
Atchison preferred and Burlington, gave
some hint as to the needs of currency for
urgent demands of some character.
The governments decision to anticipate
| interest was fayorably received, and the
local situation is helped to some extent
Loan brokers, however. were surprised that
money rates were not decidedly easier dur
ing the day.
Discrimination against the industrials
having become so general among the banks
| many of the larger houses refused to buy
them except for cash. This action was
made the basis Of sharp attack the
steel stocks. during which new low levels
were recorded. "A later effort to buy back
the early sales was followed by a sharp
recovery.
Sugar fiuctuated Violently but. under ru-
mors of a gigantic consolidation. made a
rapid gain of per cent. Manhattan was
forced down sharply for loss of 4 per
cent all of which it regained under buy
ing appearing to come from inside sources.
The chief element in the days improve
ment was the fact that large interests were
willing to resist the decline. :,
Liquidation carried on to the extent re-
| corded since the beginning of the present
month must be followed by an cratic mar
ket for some time to come. Every advance
will bring out stocks which could not be
marketed previously without loss to the
houses handling them.- --,
New low points should be reasonably safe
for investors, but discretion and cash are
both needed. There is no reason for hurry
however. and a period of dullness would
be welcome