The Providence news. (Providence [R.I.]) 1891-1906, 1900-05-12
FINANCIAL NEWS
BULLS AND BEARS.
A Week Of Disaster 10 Every Glass
! Of Stock In Wall Street.
Prices Melted Away Rapidly Toward TN
Christmas Panic Figures.

Wall Street, May 12.-The brief boom
in sugar trust stock. which eliminated
with theirlse TO l21 just two weeks ago.
proved a signal OF disaster for the
balance of the stock list.
Since then stocks have steadily de-
clined until the middle of the preseh'
week, when enough support came IN 10
prevert repetition of the panicky
experience of the closing week or 1872
The easing-on which was noted III
this correspondence last saturday re-
suited in n lively tumble this week,
and millions OF paper value nave peeh
wipes. out.
The Grangers and the Pacific stocks
We're the leaders I'm the weakness, Dut
they looked mid and inonensiNe wneh
the specIalties took hold, and Ameri-
can Tobacco broke ten points or more
In one session.
The steel stocks. which were really
the leaders of the downward move
nent as they were OF the upward
movement of couple OF months back,
have been, on the whole, remarkably
steady since the balance OF the list De-
gam TO give way. e,
And Sugar. although ten points or
from it's high figure of two weeks ago:
has not up TO this time given signs or
Aside from the persistent slumping
OF the Changers, which. however
steady. has not been sensationai, tne
break In the tobacco stocks and. In the
last day or so, of Brooklyn Transit.
Metropolitan and Manhattan, nave
been the features OF the decline.
But every class Of stocks has been
affected. GOOD. bad and Indifferent,
railroads and industrials. specialties
and andards. freaks and suDstahtlai
properties-all have suffered alike WITH
out regard to race. color or previous
condition of servitude.
The liquidation seemed 10 De uhat'
tended by any hard drives or heavy
snort selling.
There was no news 10 affect values
one way or another except the mat
ter of gold exports. which has py no.
means assumed alarming proportions
and i~ not likely to.
The war news was favorable To the
English spectators and nothing has
happened at home to affect the value
OF American securities.
But the movement got started and
il has continued with small interrupt
tion, and, IL without any hard drives.
also without any support that was yis-
ible.
Holders of stock who wanted to sell
out have been permitted to do so easily
and gracefully.
They have not been hurried, and only
occasionally pushed.
But they rarely found any eager buy
ers when they came to let 90.
The subjoined table shows the
changes for the week. and they are all
losses. most of them serious losses. es-
pet tally considering that they are
iotses from figures which. in many in
stances. already looked low.
A number jof the stocks are down al
most 10 the point of the figures made In
the s-nrlstmas panic,
But. as whole. the average price OK
sixteen leading stocks shows loss OF
only about 80 per cent. or the recov-
cry made since the panic.
The average price OF the stocks re-
ferred TO on Dec. 22 last was S4. The
spring rise carried the average to 30.
The week closes with the average
around SO.
The following table shows. the
changes in the standard stocks and
such others as have been active during
the week since last Saturday: