The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1899-12-12
ALMOST 4 PANIC
TN WALL STREET
Tennessee Stock Fell Off twenty
One Points.
THE MARKET UNSETTLED
Sales, Running as High as Three
Points, Were Evidence of Ur-
gent Necessity of Selling

New York, December IA perusal OF
net changes in stocks as result of today
trading will give but a faint conception of
the violent viessltudes Through which the
market passed during the hve-hour ses-
sion. During the morning hours the dras-
tic liquidation which was forced upon the
market caused great gaps In the values OF
securities, and the market took on an APP
pearance of decentralization. The wide varl-
ations in prices between sales, running as
high points, were evidence of the
urgent character of the selling.
At the low point the scale of prices pre-
scented decidedly ragged appearance. the
declines in the long list of specialties rang
ing as compared with Saturdays close all
the way from 3 to 81 points, the latter in
Tennessee Coal.
Notwithstanding the days violent fuc-
tuations, the market closed with few net
losses exceeding points. The liquidation
seemed to have been very thorough and the
great important Improvement in the tone
of the market during the latter part of the
session reflected healthy underlying spec
ulative sentiment.
The leading cause of the weakness was
the large decline from last week, which
wiped out or nearly exhausted margins on
speculative account and the calling for ad-
ditional margins forced large blocks Of
stocks on the market. Many were forced
to nquidate, and there was very large
contingent whose hopes of an upward turn
in prices had become exhausted and VINO
threw up their holdings in disgust, de-
termined to await a more favorable OPP
portunity.
The news of the heavy reverse to the
British army in South Africa helped to I'M
settle, this market, DIT did all the other
markets of the world. London bought
stocks here in the first hour but this was
simply to cover sales made earlier in Lon
don at better figure. THE very violence
OF the selling movement worked its own
remedy, and the day was not half over
when evidences began to appear that
urgent speculative accounts had been
thoroughly shaken out and the loan con-
traction pushed to a sufficient extent to
afford material relief.
The bears were steady buyers for the rest
or the day and there was a sufficient con-
tingcnt of bargain hunters on hand to af-
1ofd assistance toward the recovery in
prices. The character of the interests which
were most acutely distressed was shown
by conspicuous weakness In the highly
speculative industrials. Besides the declines
of q points in Tennessee Coal, there were
losses of to points in members of the
metal group, sugar, tobacco and the New
York specialties. The net loss of Tennes-
see Coal and Iron for the day was 10 points
In the railroads only a few cases occurred
where declines reached over points-New
York Central, Pennsylvania, a number of
the coalers, Louisville and Southern Pacific
being conspicuous examples Kansas &
Texas was down nearly points.
The general list closed for the most part
firm at the recovery. Except for the relief
given by the days liquidation the sign of
lightness in the money markets of the
world were unabated The weakness in
bonds was much less general and acute
than in stocks. Total sales par value, ST.
$4,000. United States old As and 5s advance
ed u in the bid price,
New York, December 1.-Money on call
was firm at to 10 per cent; last loan at
per cent; ruling rate, 10 to u per cent.
Prime mercantile paper, 51k@6 per cent.
Sterling exchange was irregular with act
ual business in bankers bills at 4.S6%@4S7
for demand and 4.S1d4.S1A for sixty days.
Posted rates, 4.S2q4.S71a. Commercial bills,
AS0d4. sou.
Silver certificates, $4,000.
Bar silver, 5S&c.
Mexican dollars, 47Ac
! Government bonds were strong.
! State bonds were weak.
J Railroad bonds were weak.