The Providence news. (Providence [R.I.]) 1891-1906, 1899-12-16
FINANCIAL.
BULLS AND BEARS.
London Selling Smashed the Stock
Market Again Today.
Buffers Defeat and a Bad Bank Statement
Contributed 10 Liquidation.

ARlfildi ~ Ailh .NfNrsl
Wall Street. Dec. 16.--Buller's defeat
wiped out the recovery i'm prices that
distinguished yesterdays operations.
The market opened OFF wiki the 10
O'Clock selling After that there was a
rally Of rather encouraging proportions.
Then came the bank station Mt.
II was bad.
The market hung for fifteen minutes
and then traders began 10 unload and
the close was n picture of dcmoraliza-
tion and discouragament.
N has been big week OF liquidation.
with only scaru recoveIdes and breath
ihg sfiegs.
As good news acts cumulatively, so
does bad news.
when he bad news began to come It
kept coming.
RuHers defeat and the bank state
ment put finishing touches on "a bad
shaking out
There have bon three days OF more
than million transactions a day all on
the down Sc this week Monday, Wed
nesday and Thursday.
Last Saturdays half a million wae az
The rate of a million day too and to-
days business was IN almost the same
proportion.
The unloading of speculative long
stock has been tremendous. Quite like
~ weak-kneed investors have given
up stock. too, especially in the Indus
trials.
ON the other hand there has also
been gold deal Of picking up for the
tin boxes the past two days as there
was reason 20 believe that prices Jf
many stocks We're at the bargain fig
ure.
l,fss
ing We're responsible FOR yesterday
rallies.
But the situation In Boston banking
circles, the exporting o. gold ana the
unloading 10y LondC-- spectators were
tpo much for market ha', was essen
tally groggy from repeated hard
knocks
After the smash on Monday there
was a steadying on Tuesday Then fol- !
lowed "A smash harder than the first. 4
on Wednesday. Prices were carried I
farther down and the day CLOSED in dc
monaliZation.
THURSDAY showed a little steadying
and yesterday there were recoveries
everywhere. many stocks going above
the figures they broke through In We'd
nesday's attack.
But by this noon they We're generally |
speaking about as far down as they !
had landed i'm Wedn lsday'S crash. IN
some Instances a trhe lower But i'm
he ma joritv Of cases not quite so low.
- - Al+h thu
,ingle exception OF Leather common. !
'sCaped the rush But Leather COM
non was already Amos, as TOw as be-
ore its likely rise last month.
Sugar Is "a good example Of the gen
raj course of the market during the n
week. v
Sugar was down from 100 and had
truck 1872. II rallied to. 139 and on
Wednesday went tearing through It's
ormer low figure and landed around n
%. Thursday il steadied and yester- >
ay Ii recovered slowly ID l3j. This / -
oon il is around 129 ~
What Sugar has done practically ev- al
~ stock ON the board has gone o,
hTOURn.
The Changers have been weak second -
My to the Industrials and have suffer fii
i the most. But good stocks and bad bt
ave all been In the same boat
The decrease in deposits OF the New -
ork banks indicate that there are 49,
rnhahlX large interests who have been w
uying stocks on this decline either be- ~ ~.
ause they had 60 or because the prices a.,
l1ked like bargains. ~
The following table shows the change ~
J the prices of standard stocks and ~
hose that have shown marked activity ~
nce a week ago ~