The daily morning journal and courier., 1899-12-12
asinaneiaI.
THE STOCK MARKET
Passes Through some Violent Vfcis tudes.

| tudes.
 New York, Dec. 11.--A perusal of tht
 net changes in prices of stocks as a re
 faint conception of the violent viclssi
 tudes through which the market passed
 during the five hours session. During
 the morning hours the, drastic liquida
 tion which was forced upon the market
 caused great gaps in the values of se- curities, and the market took on an ap-
 pearance of demoralization. The wide
 variations in prices between sales, run
 ming as high as points, were evidences 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 special
 ties ranging, as compared with Satur-
 days close, all the way from 3 to 21
 points, the latter being in Tennessee l Coal seiS
 | Notwithstanding the days violent l fluctuations the market closed with few
 net losses exceeding points The liqui- dation seemed to have been very thor
 ough, and the great improvement in |
 ter part of the day reflected the benefit | to the health of the speculative situa- tion. The influences at work were so
 broad and well defined that they are
 soon stated. One leading cause of the weakness was the large decline made | last week, which wiped out or nearly | exhausted margins on speculative ac- count, and tn calling for additional mar gins forced large blocks of stocks on the market Many were forced to liqui- date, and there was very large contin- gent whose hopes of an upward turn in prices had become exhausted and who threw over their holdings in disgust,
 determined to await a more favorable opportunity.
 The news of the heavy reverse to the British arms in South Africa helped to unsettle this market, as it 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 London at a better figure. The very violence of the selling movement worked it's own remedy, and the day was not half over when evidences be- gan to appear that urgent speculative accounts had been thoroughly shaken >out and the loan contraction pushed to a sufficient extent to afford material re- lief The bears were steady buyers for the rest of the day and there was suf- f1cient contingent of bargain hunters on hand to afford assistance toward the recovery in prices.
 The character of the interests which were acutely distressed was shown by conspicuous weakness in the highly speculative industriais. Besides the de- cline of 21 points in Tennessee Coal, there were losses of to points in members of the metal group, Sugar. To- bacco and the New York specialties. The net loss of Tennessee Coal and Iron for the day was IS points. In the rail- roads only few. cases occurred where declines reached oyer 2 points New York Central, Pennsylvania, number of the coalers, Louisville and Southern Pacific being cospicuous examples. Kansas and Texas was down nearly 4 points.
 The vigorous and determined support in Sugar was the turning point in the days market. This speciality was run up in the late dealings "A points above the low point, scoring a full recovery not only of the early decline, but of the quarterly dividend which was deducted ! from the price to-day There was a 1 decline of 1% points and the stock closed 11s higher than Saturday. | The general list closed for the most part | firm at the recovery. Except for the re- lief afforded by the days liquidation, the signs of tightness in the money | markets of the world were unabated
 The weakness in bonds was much less general and acute than in stocks. The total sales, par value, aggregated -$1,- 390. .000.
 United States old fours and fives ad- vanced A in the bid price.