The times. [volume] (Richmond, Va.) 1890-1903, 1901-01-04
ALMOST A PANIC
ON STOCK MARKET
Prices Swept Downward in Torrent of
Selling,
A STORM OF LIQUIDATION.
The Fall il. Prices Gained Momentum
as 1t Advanced-M"ney M;.in-
taislesi 1t Calm Surface, Gail
I.a,c aiming at IL.
A STORM OF LIQUIDATION.
a. Associated Press

pct.ira storm OF is4uuauou Ulohc over
me stuc4A li4aTkvt tv-Gs,y ana s"cpt p4icIS
III = torrent o. SeanuS on q uo"Li"d!u It
course, wuicn was mol euecIuiIiiy chS.Eeu
.ep-e4l al ti,, close 81 inc MAJ het. ) mere
were VIDE prCsa@ttcs IN prices DE mat Time,
but the prculpiJaCe character OF me sell
ms, gave tH- market me appearance OF
sclni-ue n0TalIZauou. opeCulatuIS WHO
were long ga supCAS showed many OF INC
symptoms oil pamc in their scramol" 10
save the Imposing pr0nJS winch The pro-
longed rise nau indicated Tor them on
paper.
me market was so top-heavy by rea-
son OF the vast number cl accounts OF
marrow margin which INFESTED II mat the
kali IN prices gained momentum as II
progressed. The wJpInS out OF margin
with the decrease in the lace Of Na4uc
OF stocks forced them to SaIc 10 prevent
losses by The brokers. Whether any OF
the foundation beyond this was forced
would be difficult To say.
The money market maintained a calm
surface all day. the call-loan rate ruling at
iinued shifting of loans, however, Incl
dent 10 the enormous financial iraHSac-
lions involved in The yearly settlement.
and the disturbance OF loans thus caused
added to the unsettled feeling in the stock
market. The i2GTe:-slL" sum called Tor
by The checks PASSED through the clear
lighthouse banks to-day reached $tHv,i*-
oo5. which with the single exception Of
exceeding tho previous maximum by over
S15.ocnUuo. There Were various contribu-
tory causes assigned 10 account Tor the
violent break. but all of them together
would have proved Intellectual 10 induce
selling in the speculative mood which
has prevailed in Wall Street for many
weeks past
The real root OF the trouble was that
faith in the level OF prices began 10 lie
impaired and q conviction Was borne in
upon spectators that tho large demand
for stocks which WAS expected to continue
during january has been pretty largely
discounted. \ realizing. sense OF the finn
~ authority Of many OF the sensational
stories on which stocks have been adj
Nanccd broke in upon the minds OF buy
erS. who coufOundod their own eager de-
maud Tor stocks with supposed ALIEN
bracinS public demand Seeing them
selves long Of stocks at the very high
level attained by prices and with 4 very
doubtful prospect of d large additional
advance They threw over their holdings
with the utmost precipitancN.
The advance in the bank of England $
discount rate OF from I to > Der cent. was
supplemented by three great banking in
SItutiOnS abroad showing restricted re-
sources on account OF the requirements
for the yearly settlement AT the same
time cables from London described gloomy
forebodings for the future. The develop
tlents in the foreign trade situation favor
this view.
crease. The return to the money market
and 10 the stock market OF the large
funds diSbuTsed here in the yearly settle
Ulents are likely, Judging from precedentS,
10 be delayed. New York exchange AT
Chicago to-day suddenly dropped from 10
cents premium TO 20 cents discount. The
heavy liquidation in Sugar had q very
uasettlinS effect ON sentiment, as it was
commonly attributed to a well-known
steel magnate. who has made his mark
heretofore on the bear side of the stock
market Selling orders from Chicago over
private wires were estimated by Stock
Exchange rumor at as high as 200 oGu
shares, and were attributed to the ac-
count Of this following.
The violent slump in Rubber stocks on
the reduction of the preferred dividend
was additional disturbing influence
The Joint effect of these various causes
can be gathered by a study OF The price
changes for the day in the list OF stocks.
The extreme decline in Rubber MAS "a,
In Rubber preferred ~. III Sugar Gl4.
metropolitan Street Railway 81, Federal
Steel >. and in most OF the leading indus
trial stocks between = and . points. In
the railroad list those stocks which hay.
recently been under most uaIDhbie ma
Dipulati0n were naturally most affected.
The moSI notable decline from the high
point were Erie 1irSt preferred. AZ. Della
ware and Hudson, 1; Northern Pacific.
rs. Baltimore ana Ohio and Delaware.
l.acllawanna and Western 81; F: Iowa Cen
second preferred, Denver and Rio Grande
preferred. and Chicago Great Western
preferred. IL: Kansas and Texas pre-
feIred,324 Union Pacific, Us, and through
out the railroad list from To = points.
The close WAS in many cases near the
lowest.
Tho bond market was very active and
liquidation was in force there. as we'll as
ia stocks, hut the declines in prices We're
ny no means so marked. Total sales, par
value, S;.a13.0eo. United States Is de-
cltned = and new IS *
To-day's total stock sales were 1,56&, 600
shares.
MONEY AND ENcHANGE.-Money on
call easier at 4'-@s!!2 per cont; last loan
al a. per cent; prime mercantile paper
a74d5l2 per cent. Sterling exchange firm.
with actual business in bankers bills at
S4.SliS for demand and at 81 S2a4. SIS for
sixty days: posted rates. 81 S2la04Si aud
S4,S7; commercial bills. $f.SlLa4.S2 Sill
Yer certificates. G4UG1: bar silver G2&
Mexican dollars. - Government bonds
weak: State bonds steady: railroad bonds
weak.