New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-08-22
A SENTIMENTAL PANIC.
IMMENSE RATES FOR DEMAND LOANS.
LEADING STOCKS DECLINE ABRUPTLY-PLENTY
OF CONFIDENT BUYERS, HOWEVER.

Or NONribSrl EMS
There was what may be called sentimental panic
IN Wall Street yesterday Rates for demand leans were
raised from 90 to so and 60 per cent and then tho
old method Of adding a fractional premium was
adopted. The highest rate reported a premium
OF . per cent which about 1875 per cent. After
the demand had been Supplied the rate fell to and
B per cent rumors OF Immediate relief by tho
Treasury Department, and on decline In foreign
exchanges, which suggested the possibility Of gold
imports from Europe. Rumors of both kinds were In
circulation. but they had not been confirmed at this
close Of business.
The transactions at tie Stock Exchange were some
what larger than usual lately, but they were not
sufficient TO make active market. The high rates
Tor money checked trading, and fears Of a general
strike on the Vanderbilt railroads little more than
Offset them. The decline In the leading stocks was
from to per cent but srecialties suffered heavier
losses. The Vanderbilt stocks naturally tho
weakest, and Lake Shore Wed with Canada South
cm and Big Four" in abrupt fluctuations There
positive news about the threatened strike and
the few days before the final decision, which in this
instance will come from Terre Haute, Ind, give
abundant opportunities for umorS ard speculative
ventures. veteran Wall Street operator remarked
"The leaders of the labor organizations and their
speculative friends bave no need to say anything for
the next three days II will be mistake II Mr..
POwdery his confreres open their mouths until the
decision is reached"
The notice which has been given 10 the Vanderbilt
railroads may prevent serious consequences when the
possible strike has been ordered The buying Of stocks
confident and weak holders have been supplaned
in many cases by stronger There were some
buyers who did not hesitate TO express the opinion
that there would be no strike anywhere In regard
TO the policy Of the Treasury Department there wero
many rnmOrs Dispatches describing the financial
needs OF Wall Street In less picturesque
fashion sent to Washington and evoked replies
that the assistant secretaries considering the
situation and probably would suggest means Of
relief 1t could not be learned tla5 any direct answer
from Secretary Window who is a cruise In Eastern
waters received, although Il inferred that tho
Assistant secretaries in communication with him.
The suggestions that were sent 10 Washington
pointed to the asking Of proposals for the sale TO the
Government Of from IS O0O0 900 TO 0OO0 900 bonds.
IL was not limited il said, that the smaller
would be offered. II the Treasury should adopt
any Of these suggestions there is reason for believing
that S100Oo000 Of per cents will be offered at about
127. Recent purchases at prices above The Govern
ment figures might be explained by this advance.
one Of the rlmors circulated in Wall street was
that meeting OF bankers would send formal recon-
mendation 10 the Secretary Of the Treasury Moth.
lug wac known about IL at DreXe Morgan 81 CO.'S. and
President Baker Of the First National Bank said that
If such a conference had been held, was about TO
be held his bank had unfortunately been left out