The Anaconda standard., 1895-12-21
LIVELY WALL STREET
A Heavy Depression en- the Stock
Exchange Yesterday.
FINANCIAL CIRCLES WILD
American Securities Assume a
Panicky Attitude in London-A
Sensation Equal to That
Caused by Barring.

New York. Dec. 20.-In a general way
Wall street was prepared, after the
close of business yesterday. for a prob
able depression in the stock market to-
day, on account of the Venezuelan
message episode and the renewed heavy
outward movement of gold. The actual
developments Of the day. accordingly,
caused a sensation in financial circles
that has not been equaled since the
Barring panic; In fact. in some partic-
ulars. that gloomy event was over
shadowed In point of interest. The first
shock came In the shape of panicky
market in American securities In Lon
don. with declines extending to 3 per
cent. British consols also came lower.
The successive cables reported great
excitement at that center and whole
sale liquidation of the international
stocks at rapidly receding figures. Be
fore the opening here, IL was definitely
stated by gold shipping houses that
81. 400. 900 of the s5,000,000 that was ex-
pected to go out tomorrow. would be
arranged for to-day. The combined in
fiuences of the developments noted was
reflected in a wild opening in the local
stock and bond markets. ,1G rn-
Stop orders were caught In large
numbers, and this of course, acceler-
rallies occurred several times during
the forenoon. but the continued selling
pressures swept them away. The low
est prices, extending to 15h per cent.
in lead preferred were made around
noon. The dealings in the first hour
registered 243, ,1S5 shares. i'.'
Towards / o'clock the selling pressure
abated and a sharp rally In prices oc-
CURED. followed by a reaction in which
a large part of the improvement was
lost on a jump in call money to eighty
per cent. the highest figure Of the day.
The X heetion.
Washington, Dec. D.-The news OF the
big slump in stocks on both New York
and London exchanges. and that gold
Withdrawals for export to-day would ap-
proximate s4,00O,000 and possibly more
created a sensation among the treasury
officials. About noon. Assistant Secre-
tary Curtis had a conversation with New
York parties over the long distance tele-
phone and at the conclusion hurriedly
left the department for the white house
where the cabinet was in session. He
was shown into the presidents room
where he was Joined immediately by Sec
retary Carlisle. The substance of Mr.
Curtis information was laid before the
president and cabinet. What measure
If any. will be taken at once by the gov
ernment to allay the panicky situation
is problematical, but there seems no re-
asonable doubt that in case of the con-
tinued large Withdrawals of gold. even
for another week. the president will send.
a message to congress urging the gravity
of the situation as reason for imme-
date favorable action on the recommend
ations already made that the secretary OF
the treasurey be authorized to issue low
er rate bonds to preserve the integrity
of the gold reserve. In the absence of
prompt legislation in this direction, 1t is
not doubted that another bond issue un-
der the same authority as the preceding
ones will be announced. Already the
gold reserve has reached a point consid-
erably below s70.O0O.0o0.