Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-12-12
..RE } [ | !: y Z MARKETS
FINANCIAL AND COMMERCIAL
1 took $, Money, Exchange. Bonds, Grain,
Cotton, Provisions. Etc.

4 New York, Dec. 11.-A perusal Of the
net changes in prices of stocks as a
Z result OF the days trading will give
but a faint conception Of the violent
yiss1tudes through which the market
passed during the five hours session.
During the morning hours the drastic
liquidation which was forced upon the
market caused great gaps in the values
of securities, and the market took on
an appearance of decentralization. The
wide variations in prices between sales,
running as high as points, were evil
dence of the urgent character Of the
selling. AT the low point the scale of
prices presented a decidedly ragged ap-
pearance, the declines in the long list
OF specialties ranging, as compared
with saturdays close, all the way from
to 81 points. the latter in Tennessee
Coal and Iron. Notwithstanding the
days violent fluctuations, the market
closed with few net losses exceeding 2
points. The liquidation seemed to
have been very thorough, and the
great Improvement in the tone OF the
market during the latter part of the
day reflected the benefit to the health
OF the speculative situation. The in
fluences at work were so broad and
we'll defined that they are soon stated.
One leading cause OF the weakness
was the large declines made last week.
{ NHaSA WiPSu Oul nearly exhausted
margins on speculative account, and
the calling for additional margins
forced large blocks of stocks on the
market. Many were forced to linui-
date, and there was q very large con-
tingent: 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, rs 1t did all
the other markets Of the world. Lon
don bought stocks here in the first
hour, but this was simply to cover
sales made earlier in London at n
better figure.
The character of the interests which
were most ncutely distressed was
shown by conspicuous weakness in the
highly speculative Industrials. Be
sides the decline OF 81 points in
Tennessee Coal there were losses of 4
group, Sugar, Tobacco and the New
York speoialties. The net loss of
Tennessee Coal and Iron for the day
was Is points. In the railroads only
q few cases occurred where declines
reached over 2 points. New York Cen
trail, Pennsylvania, number Of Coal
ers, Louisville and Southern Pacific
being conspicuous examples. Kansas
and Texas was down nearly 4 points.
s The vigorous and determined support
In Sugar was the turning point In the
& days market. This speciality was run
up in the late dealings TX points above
the low point, scoring Il full recovery,
not only OF the early uecline, but Of
the quarterly dividend, which was de-
Quoted from the price to-day. There
was subsequent decline of ~ points.
and the stock closed l1sc. higher than
Saturday. The general list closed for
the most part firm at the recovery.
Except for the relief afforded by the
days liquidation, the signs of tight
ness in the money markets of the
world were undated.
The weakness In bonds was much less
general and acute than In stocks.
Total sales, par value, $3.50. 600.
I u. S. old AS and Us advanced &c. in
the bid price.
The total sales of stocks to-day
were 1,120,3O0 shares.
New York. Dec. 1l.-standard Old
s.s4h@4.66.