The times., 1899-12-23

NEW YORK. Dec 22.-WalI Street is
likely to remember for a long time The
current week, which, it was pithily stated
today, contained a blue Monday and very
dark. if not black, Friday. The real story
Of the days market may be as succinctly
told as those of its predecessors during the
week That is to say, that liquidation was
again in extremely large volume and on
the other hand, that there continued to
be throughout the day buying of stocks Of
the most substantial character. There was
once more an almost utter absence of con-
elusive facts to which could be referred the
severe declines in prices, but, as affecting
speculative sentiment the absence OF facts
was more than counterbaIanced by the null
tiJude OF rumors which were persistently
circulated throughout the day These
Tumors. 1t may be said, had no other con
frmation than was furnished by the record
OF the stock tape. Their general purport
was emphatically denied in every quarter
enabled TO speak with authority and in
all probability slight credence would have
been accorded to them, but for the con-
dition of the market itself 1t goes with
out saying, and il is even a cruel truism,
that everyone having vested interests has
suffered through the protracted and severe
decline in prices. Beyond question, there
has been heavy liquidation Of securities
by large capitalists actively engaged in a
number OF local enterprises, but it is
wholly incorrect to infer that the resources
OF the people in question have been fully
swept away, and there are no valid grounds
for the assumption that their credit has
been materially impaired.
The failure OF a large national bank il
Boston the affairs of which it had been
supposed. had been adjusted. was an
nounced this morning, and constituted
further initial blow to the already badly
shaken speculative confidence. The pro-
nounced weakness reported in the London
market was further disturbing factor, and
in the early dealings there was heavy sell
ing in this market from both quarters, but
the arbitrage houses subsequently turned
buyers. and on balances were purchasers Of
a small amount of stocks. The recovery
that appeared in the London market before
the close of business was reported as due
to the expectation of additional heavy re-
ceipts of gold from New York, and it may
be noted that sterling exchange again ad-
yaEced very sharply. both in Paris and
Berlin The actual engagements of gold for
shipment tomorrow were far below the es-
Inmates made earlier in the week the
prophets Of that period overlooking the in
surance and other restrictions placed upon
the amount OF gold TO be shipped on any one
steamship.
War rumore played some part in both the
London and the local market, but in the
light of experience their influence appears
to be on the wane. IN the matter Of call
loans, borrowers had no difficulty in OBJ
tanning accommodations at and under six
per cent throughout the day. Business will
not be resumed upon the London stock eX-
change until Wednesday, owing 10 the pro-
tracted suspension of business customary
there at this season. This circumstance sug
gests some interesting possibilities in the
event of the receipt OF any decisive news
from South Africa in the mean time.
The day on the stock exchange resulted
in a large number Of severe declines in
prices. attended by occasional sharp rallies.
Notwithstanding this it was matter OF
comment that there was an excellent de-
mand for stocks on all recessioRs.