Omaha daily bee., 1899-12-17
STOCKS In LONDON TUMBLE
New York, on the other Hand. Tends
Upwnrd-BuyinR ON Lone
don slump.

LONDON, Dec. 16.-The news of the defeat
OF General Butler at Tugela river caused a
momentary panic on the stock exchange here
today, where there was intense excitement
in all departments. Immediately after the
openng iobbers started realizing and all
prices opened from one to six points below
the closing prices of yesterday, consos being
down l u. Rand mines were heavily affected.
starting at 90 as against yesterday evening S
closing price Of 3Sa4. DeBeers opened at 2Slh,
as against q; Chartereds at s. as against az
and Goldfelds at SIS, as against Z 5-16.
Americans were very nat and were freely Of
fered by local and continental holders at
prices which they found difIiculty in obtain
ing. Foreigners moved in sympathy with the
other securities. Partisan stocks however,
held their own comparatively well.
After the first rush the market steadied
somewhat still, spectators were reluctant
to engage in fresh commitments. conflnng
themselves to the closing of operations
The prevailing views Of the situation are
Of the most serious character both politically
and monetariy, the latter mainly because a
fresh defeat of the British troops will delay
longer the supply Of South African gold.
Two unimportant failures were announced
early in the day.
Prices on the Stock exchange closed better
than they opened, but below the best Rand
Mines closed at SO, DeBeers at 24ia, Gold
fields at 1916 and Chartereds at 3A.
NEW YORK, Dec. 16.--Fve minutes OF
active trading on the Stock exchange at the
opening today demonstrated that the market
was to be allowed to run into unopposed
demoralizatioG. Running sales at the open
ing showed quotations far apart. Extreme
declines in the internationally listed stocks
ran up to 21s points, in sympathy with the
decentralization caused on the London Stock
exchange by the unexpected disaster to Gen
eral Butler in South Africa. But even on
the opening transactions the prices quoted
were on a scale upward the recovery of / to
points being almost instantaneous. The
leading industrials and specialties were
greater sufferers than the railroad stocks
dealt in on the London exchange. The eX-
treme decline in this group reached points.
In the general list the fall in prices was
not excessive. Sales for London account
were on a large scale, especially as the rally
lifted prices above the London parity, so
that there was an inviting profit in selling
stocks here that had been bought on the
slump in London.
The trading at the opening was attended
by considerable excitement, and, indeed, the
Wall street district showed unwonted signs
of activity before the stock market opened
The news in the morning papers of General
Buffers reverse brought brokers and stock
operators early on the ground TO make prepa-
ratlons for the demands upon them. Many
did not wait for the opening Of the New
York exchange, but cabled buying orders to
London, thus helping on the rally there
before the trading began in New York
The vigorous support by distribution of large
buying orders through the principal portions
Of the list was thus made effective and the
market moved upward almost from the open
ing. The recovery caused a pause in the
rush to liquidate and the market became
quiet and lost all appearance of excitement