Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-12-18
Tremendous Break in Values on New
York Exchange.
CALL LOAN RATE REACHES 70 Per CENT
London Market in Little Better
Shape on War News
GLOOMY PROSPECT AHEAD

- -, " e
NE" lynn, Deeeiiioer Inc opening
OF TO-DAY stock market reflected a further
pressure of long stock and a nervous light
enins of snacu1a,ive accounts IT became
evident aor,y g., ,ha 49,, tho. ,io,,,aotio,,
49, -. - ~ N' 10. 80 81
"as " pe renewed ana buyers were us
couraged in consequence. London sold
stocks, but the real disturbance was nearer
homo Vagina runners IF difficulties uer. in
49, IT.; - 49,. -.
- az, Gnu i"'ei 'he iouoSe I.Ae"on9e
trust company CLOSED its doors. foilo"lhe
this announcement a wel-known firm of
brokers was forced to follow because in
volve11 in tho tr,st con,n,ny,s oefoirs
This evidence Of local weakness added To
the concern of last week. sent prices crum-
bling on all sides. A heroic effort on the
part of some of the clearing house banks
to keep the money rate around per cent
made faint impression on sentiment, and
at one time seemed to stem the decline
Call Joan. Co tn IN par ran<
Inc heeos VI 'he street "ouio not submit
TO such an arrangement, however, ana dur
ing the afternoon the call loan rate rose
violently to IN mar cent This action dom,
onst-.ts5 t,o ~, ohona,tor 20 49, ,,t,,a-
uils al.u ,ie ieai eiiai aver Vi 'ne si'ua@
e,on anu prices were no longer consloerea.
STOCKS were thrown over IN MAD rush TO
oe renewed OF STOCK market ilaDlllty ana
oemoralizatlon ensued. properties which
nave hitherto withstood pressure to con-
siuerapie degree because OF excellent inside
SUPPORT gave way 10 the general avalanche
Oh ioIlg STOCK.
Decnnes or ana 10 per cent were re-
Corueo IN the railway list, Whlle industrial
trial shares witbont reesrd for 90 rnine
capacity or any of the customary consid-
eratlons' were thrown over because the
past records were forsotten in Ia nresent
needs the good and bad shares taking the
same path. The scarcity of money and the
Sertainty tnat England VIII continue TO
for .he narIa IL tndo,e 49,. 'e eSo'
""" i"' n"'A A''e
4ei'hei iiiohes hoi cohiioeHoe was III
evidence. mistrust or STOCK owned ana
an unwillingness to buy from a distressed
neighbor were visible on all sides During
the last hour whom rnonav v.s at Ito
49,. -.
hishest piices' lhe seiihs prohe again Oh
a large scale.
me Steel stocks, Sugar, Tobacco and all
the fndustrials broke through the feeble
buying orders. In order to protect ac-
counts carrying miscellaneous line rail-
road shares We're sacrificed. Rock Island
broke Sharply and Peoples Gas. paying q
per cent, could not be kept near par in face
OF the advancing money rate
Nothing ike todays selling has been seen
since the Venezuelan panic several years
ago curing this same month.
The struggle shows no signs of abate-
ment The passage of the currency bill
was ignored, and there was nothing in the
situation which was regarded as in the
least degree comforting.
Sona Srnnnr+ ut III. S..rt
>-E,,U von1- r,, 10
+ha stool o,.olo,no - 49, -.
r,,,, ~ 90 o,,,,,.aIo,,.;o, .,-aa..s
IT, $1,000. IT, -.aaz;,,a.- - 49, -.
VI '-ie -o
4,tat nc. oeioie 'he openins heie sho"eu
that some power OF resistance TO the de-
pressing effect of the military disasters in
South Africa had developed there. promis-
tne that much reliaf n the si,ra+io, tha-o.
i. .I. 49, - ~ ~ 81 81 - IN IAeie,
~ INC M eo'oiitifS loi,e VI Vic Siosiiis
us ss5s. net r. On oa.uiuay selVeu as an
aeii.9ii.ioii mat our markets hao troubles
VI 'hen o"il " lace. All commission
houses We're demanding large additional
margins ana the disposition OF tired mold
ers 10 iet go ana take their losses made 1t
Serldih tnat oHeflhgs 10 hquldate would De
heaVy. supporting ORDERS at the opening
saved the market from violent losses, and
sugar worked back TO point above Satur-
day night.
tive for supporting the market was to at
ford opportunity to realize. Forced liqui-
dation on large scale was obviously going
on, and the tone became weak. The an
the many new trust companies threw the
market into Generalization and confusion
on account of its affiliations with some of
the new industrial combinations. The sus-
pension soon afterWar Of a board mem
Der, whose weakness was supposed to pro-
coed from much of the same source, made
the depression more acute.
Not Due to Whining Ont N.rgfnx
nh nida.os -. $50,
ihe "iuespread nature OF the nquioallon
precluded the superstition that it was sole
ly due to the wiping out of margins on
speculative commitments in stocks The
most substantioI stocks 1yara +hror,,, o,-an
with az iittie raeard 70 Iba nrjen thau 80
bringing as the aresnest ad ,,,ost ,rtraS
industriaIs Thai ieree and innnrtan4
finanniai intarastS ,-ars haina farpoa 60 ~
make sacrifice to secure ready funds was
me h cei i;t,aa. iao' s.anu,ls out cleary
tho Clearne Homse Assnn;at;o, 80 1891 ~.
to a decision to charge no higher than
per cent for renewals of call loans today.
ana to avoid as far as possible the charging
OF extreme rates Tor money: The market
Quoted Gown some me. arter TINS news
was announced, Out pe1ore mat tlme tho
1all In prices or stocks mad extended for