St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-12
BEARS HUG WILLARD.
All Stocks in Which He Is In
terested Viciously Pound
ed Down.
His Special Brokers Suspend
Payment, With Liabilities
OF Ten Millions.
Not Since Black Friday Has
Ruin in Wall Street keen
So Complete.
Clearing House Banks Pool
Issues, and a Reaction Is
Expected.

New ORK, Nov. 11.-Death did not
stalk upon tie stock exchange to-day,
but as hiGeous 10 many man in Wall
street, ruin was there. Not since the
dreadful time of Black Friday. twenty
one years ago. have there been such sad
fortunes, such disastrous sacrifices,
such utter decentralization as to-day and
the day that preceded it spread round.
Wall street was full of apprehension.
a score of brokers' firms were reported
il trouble. The shameless goSsipS of
the street had risen finally above the
cuwardice of hint and insinuation, and
now openly and distinctly mentioned
names. Houses that have had promi-
nence and importance in Wall
street for years and years were
subject to the assault of rumor. In
sUn.e Instances there were unfortunate
corrOborating circumstances. and suspi-
cioD crystallized into open accusation
quickly. There was a panic. Men may
Call II bv milder names; it was not
milder. Quotations fell to pieces like
the scattering blocks of Il baby'S upset
toy house. The bTaveSt man was gen.
orally displaying his bravery in de-
manding margins from some specula-
ting unfortunate. or in notifying some
other unfortunate that, lacking mar
gins. he must submit to being sold out.
Courage was at discount,
Confidence Was Nowhere.
Though quotations have been drop
Ing through recent months till from
May to November there has been
shrinkage averaging in every stock
close to 30 per cent of its earlier market
value. people v no felt sure that prices
were fair in the old time have grown
weak and heSitating now that the fig
ures of that period are but half repre-
sented in the quotations of the present.
The lower stocks have gone, the higher
they have seemed, or. so. at least,
has appeared the illustrating opin-
ion of W all street conduct. Yet
when two or three Wall street
men have met together in recent
months, some satisfaction has been
found i'll the fact that, despite the wide
spread liquidation and the terrible
Shrinkage in market values. there have
been no failures. This has been taken
as testimony as to Wall streets net
strength, and the average Wall street
man has been proud of the record. To-
day pride on this account ended. While
real failures were taking place on the
stock exchange, lot of tictitions ones
were being proclaimed throughout Wall
street by rumor mongerS, who
Qnoted the names OF conspicuous
banks as being unable to maintain their
credit. Their current senSatiUnaliSm,
SO far as the banks were concerned,
had much more invention than fact ID
1t. Yet there was undeniable appre-
hension in banking circles. Bankers
would not admit this freely, but early
in the day there were conferences
among representatives of clearing house
banks, and the banks of the New York
Clearing House association determined
to provide against every possible
misfortune and eXigency by pledg-
ing their associated credit in be-
half of every bank in the asso-
citation. The associated banks of New
York have available assets OF So, ,000.0O
Against this it was voted to issue clear
ing house certificates in such volume as
the situation might suggest or require.
AS measure of relief, the bankers who
resolved upon it are confident that it
will at once be effectual. There is al
most universal agreement among lead
ing New \ orK bankers that the money
markets recent range and tigbtneSs
came through artificial influences.
Funds have been locked up,
Ou1 VI ONSlUtSS
channels. kept out of reach-alll in Or
der to carry forward the bear campaign
of depression, apprehension, and quo
tation smashing. The provision of
clearing house certificates, unlimited if
need be up to S95, 100000, will, of course,
put 10 rOut all these manipulatiye
schemes. Said member of the clear
ing house committee largely instru-
mental IN bringing about the official ac
ton of to-day: This ends the money
market trouble; loan rates will be nor
nal now. The pinch is over"