The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-12-21

NEW YORK, Dec. 20.-The stock mar
ket gave q demonstration of improved
tone and nerve in the spirit with which 1t
accepted a slump Of 1874 points in Brook
Ign Transit. accompanied by sympathetic
weakness in other stocks allied to 1t. 1t
cannot be said that this violent decline
was viewed with indifference, for it ef-
fectually checked the advancing tendency
in the general market and worked a re-
action extending to over points in a
number OF standard railroad stocks and
4 to points in some Of the industrialS.
Thanks to the earlier rise in the market,
however, and the rally following the
slump, net losses are in nearly all cases
small, and substantial net gains are
shown in nearly all stocks.
The break in Brooklyn Transit was at
tributed to the forced liquidation Of O
very large inside account, concerning
which many unfavorable rumors of Mon
day were revived in full force and exag-
gerated by the bears, with view to
breaking the market. AT this time last
year, after a notable advance, the stock
sold at about u, and by April of this
year 1t touched the extreme high level of
157, without ever having paid dividend.
In the Decentralization which followed the
sudden death of ex-Gov. Flower, the Or
ganized efforts to support and save the
market converged upon this stock and
kept 1t above par. It's Vicissitudes since
have been many and various, and trans
actions IN 1t alone have gone to make up
the bulk Of the trading on the stock ex-
change on many days There have been
single weeks when the total transactions
in this stock exceeded several fold Its
total capital issue, and it has been the
favorite of the highly speculative class
who delight In manipulation and mystery
Previous to this week, its low price for
this year has been 7514. On Monday
1t touched 651A in the general demoraliza-
ton. Today 1t touched 81, and rebounded
6k.
This review Of the course Of single
stock is fertile in suggestion of explana-
ton for the whole series of events in this
weeks stock market. During the time to-
day when Brooklyn Transit was show
ing most acute weakness, the rate for
call money was quoted at A per cent, and
was in plentiful supply on satisfactory
collateral. The rate at no time rose above
9 per cent, and in the late dealings fell
to 2 per cent, or yesterdays low level.
During the day an engagement of gold
for shipment to London was announced,
and rumors were current of further
heavy engagements to go out on Satur-
day. The announcement and the prospect
seemed to have no effect on the local
money market. The anomaly Of a per
cent money rate and gold being allowed
to 60 out while stocks are forced to
liquidation at heavy sacrifices, warrants
no other conclusion than that the security
offered for loans to carry stocks in some
instances is unsatisfactory. Such Is
known to be the case.
Yesterdays measures of protection and
relief were still In force today, but it was
made manifest that care and discrtmina-
ton are to be exercised in applying the
resources contributed. There was liquida-
ton yet to be accomplished today and 1t
pursued it's course but was not allowed
to unsettle and demoraliZe the whole mar
ket as was the case on Monday. The
tone Of the market during the early hours
was nearly normal, except that trading
was very active and fluctuations rather
wide. Prices had advanced and received
an additional impulse upward with the
announcement of the increase in New
York CentraPs dividend rate, that stock
rising to 1907. Extreme declines from
the high level in other than Brooklyn
Transit were: Sugar, ~; Federal Steel,
6; Peoples Gas, Manhattan and Tennessee
Coal, about 8, and Tobacco and Metropo-
itan, 4.
The weakness in the railroad stocks
which showed the largest declines could
be traced in part to the same sources as
those which were responsible for the
break in Brooklyn Transit. The declines
extended 10 points only in Rock Island,
.Atchison preferred, Burlington, st. Paul
and Louisville. In Brooklyn Transit,
Sugar, Federal Steel, Tennessee Coal and
Peoples Gas, the recovery reached 3 to
6h points, and it amounted from 1 to 2
points all through the list. The market
closed strong at the rally at mixed net
changes.
Tho hond market was rather active and
showed late reactions from the early
strength. making the tone irregular To-
tai sales, par value, $3,15O0O0. United
States Is, As old As and IS advanced
u in the bid price.
STOCK QUOTATIONS.
The following were the fluctuations of
the leading railway and industrial shares
furnished by c. II. F. Smith & Co, mem