The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-12-21
The Market Elsewhere

New York, Dec. 2O-The stock mar
ket today gave a demonstration of i'm
proved tone and nerve in the spirit
with which it accepted a slump of
13% points in Brooklyn Transit ac-
companied by sympathetic weakness in
other stocks allied with it. 1t cannot
be said that this violent decline was
viewed with Indifference for it effect
ually checked the advancing tendency
in the general list and worked a reac-
ton extending to over points in a
number of standard railroad stocks
and from to points in some of the
industrials.
Thanks to the earlier rise in the mar
ket, however, and a rally following the
slump, net losses were in nearly all
cases small and some substantial net
gains were shown by important stocks
The break in Brooklyn Transit was at
tributed to the forced liquidation of a
very large inside account. At this time
last year after a notable advance the
stock sold at about 70 and by April of
this year it touched the extreme high
level at 1877 without ever having paid
a dividend
In the Generalization which followed
the sudden death of ex-governor Flow
er, the organized efforts to support
and save the market converged upon
this stock and kept it above par Its
victssitudes since have been many and
various and transactions in it alone
have gone to make up the bulk of the
trading on the stock exchange in many
days. There have been single weeks
when the total transactions in this
stock exceeded several fold it's total
capital issue and it has been the fav-
orite of the speculative class who de-
light in manipulative and mystery.
Previous to this week it's low price for
this year had been 1871. On Monday it
touched 651a in the general demorali-
cation. Today it touched 81 and re-
bounded 61a points.
During the time today when Brook
lyn Transit was showing most acute
weakness the rate for call money was
quoted at per cent and was in plenti-
full supply on satisfaction collateral.
Engagement of gold for shipment to
London was announced and rumors
We're current of further engagements
to go out on Saturday. The announce
ment seemed to have no effect An
anomaly of a per cent rate and gold
being allowed to go out while stocks
are forced to liquidation at heavy sac
ihces, warrants no other conclusion
than that the security offered for loans
to carry stocks is in some instances un-
SettiS1ciSlOly s measures OF
protection and relief were still in force
today, but it was made manifest that
care and discrimination are to be exer-
cised in applying the resources contri-
buted.
There was liquidation yet to be &C.
complished today and it pursued its
course but was not allowed to unsettle
and demoralize the whole market as
was the case on Monday. The tone
during the early hours was very near
ly normal except that trading was quite
active and fluctuations rather wide.
Prices had advanced and received an
additional impulse upward with the an
nouncement of the increase in New
York CentraPs dividend rate. Extreme
declines from the high level in others
than Brooklyn Transit were: Sugar.
712, Federal Steel, 6, Peoples Gas. g.
Manhattan & Tennessee Coal about i
and Tobacco T.
The declines extended to points only
in Rock Island Atchison preferred.
Burlington, st. Paul and Louisville.
In Brooklyn Transit, Sugar, Federal
Steel, Tennessee Coal and Peoples Gas
the recovery reached to 61s points and
averaged from to points all through
the list. The market closed strong at
the rally at mixed net changes.
Bonds were rather active and showed
late reaction from early strength.
making the tone irregular. Total sales,
par values, $3150,000. United States Is,
old As and new IS advanced u in the
bid Drice