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

NEW YORK, Dec. ia perusal of the
net changes in prices of stocks as result
of the days trading will give but a faint
conception of the violent Vicissitudes
through which the market passed during
the five hours session. During the morn
Ing 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 demon
Aviation. The wide variations in prices
between sales, running as high as three
points, We're evidence of the urgent char
acter of the selling. At the low point
the scale of prices presented a decidedly
ragged appearance, the declines in the
long list of specialtieS ranging, as COM
pared with Saturdays close, all the way
from three to tWenty-one Pc nts, the latter
in Tennessee Coal. Notwithstanding the
days violent fluctuations, the market
closed with few net losses exceeding two
points.
The liquidation seemed to have been
very thorough, and the great improve
ment in the tone of the market during
the latter part of the day reflected the
benefit to the health of the speculative
situation The influences at work were
so broad and we'll defined that they are
soon stated. One leading cause of the
weakness was the large decline made last
week, which wiped out or nearly exhaust
ed margins on speculative account, and
the calling for additional margins forced
large blocks of stocks on the market.
Many were forced to liquidate, and there
was a large~contingent whose hopes of
an upward turn in prices had become
exhausted, and who threw over their
holdings in disgust, determined to await
more favorable opportunity.
The news of the heavy reverse to the
British arms in South Africa helped TO
unsettle this market, as 1t did all the
other markets of the world London
bought stocks here in the first hour, but
this was simply to cover sales made ear
lier in London at better figure.
The very violence of the selling move
ment 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 contraction pushed to
sufficient extent to afford material. The
bears were steady buyers for the most
of the day, and there was sufficient
contingent of bargain hunters on hand to
afford assistance towards the recovery in
prices. The character of the interests
which were most acutely distressed was
shown by conspicuous weakness in the
highly speculative industria's. Besides the
decline of twentY-one points in Tennessee
Coal there were losses of four to seven
points in members of the metal group,
Sugar, Tobacco and the New York spe-
ciaIties. The net loss of Tennessee Coal
and Iron for the day was thirteen points.
In the railroads only a few cases oc-
CURED where declines reached over two
points, New York Central, Pennsylvania,
a number of the Coalers, Louisville and
Southern Pacific being conspicuous exam
pies Kansas & Texas was down near
the close two points.
Vigorous and determined support in
! Sugar was the turning point in the days
market This speciality was run up In the
late dealings 5% 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 today. There was subsequent de-
cline of ~ points, and the stock closed
11a higher than Saturday.
The general list closed for the most
part firm at the recovery. Except for the
relief afforded bv the days liquidation,
the signs of tightness in the money mar
kets of the world were undated.
The weakness in bonds was much less
| general and acute than in stocks. Total
sales, par value, $1,S9O,0O0. United States
old As and IS advanced a in the bid
price.
STOCK QUOTATIONS.
Furnished by Charles H F. Smith 8
Co, members of the New York stock ex-
change, Pioneer Press building. who Lave
direct wires to Chicago and New York.
Closing prices are bid:
-C1osinp-