St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-12-21
AL MOST 4 PANIC
DAY OF EXCITEMENT ON THE
NEW YORK STOCK En-
CHANGE.
LONDON THE CAUSE OF 1T.
DEPRESSION IN AMERICANS
ABROAD ALARMS HOME SPEC
ULATORS.
LONDON THE CAUSE OF 1T.
HIGH RATES ON CALL LOANS.
Failure of Five Dealers Who
Couldn't Stand the Decline
Gig Demand for Gold.

NEW YORK, Dec. 20.-This was a
day of excitement on Wall street,
and matters for time bore resem-
blance to panic. But this condi-
ton Of affairs had not been uneX-
pected and the dealers had prepared
themselves to some extent. Before
the opening of business on the stock
exchange it was announced that
So, 400, 900 in gold would be sent out
of the country, and later in the day
the export of $600,00 was announced.
This, together with the cable advices
from London announcing extensive
sales Of American securities and the
tenor of the war news from all quar-
ters, was responsible for the general
feeling of uneasiness that prevailed
even early in the day. The spirit of
the market was to sell, and in the
big exchanges this was done to an
extent rarely before surpassed. In
the stock exchange the sales for the
day were IT'S, ,761 shares. New York
Central, st. Paul, Louisville & Nash
vile, Wabash, Missouri, Kansas &
Texas preferred, Reading, Atchison,
Illinois Central and Canadian Pa
cific were the principal sufferers by
reason of their International listing.
AS a result fthe decline in stocks
the failure of the following firms
was announced on the stock ex-
change during the day: Nichols,
Frothingham & Co.; Samuel S. Sands
& Co.; De Neufville & Co.; L. A.
Feldman and B. Fenton.
With the fall in prices the banks
called in all their loans, thus adding
to the complications of the situation.
Much money was loaned at very high
interest to carry stocks, and in many
instances renewals would not be
made under any conditions what
ever.
FRANTIC TO SELL.
AS the selling movement continued
right up to the closing hour, with
slight and momentary reactions, the
effect was demoralizing in the extreme.
Money was loaned ON call late in the
afternoon, at as high as so per cent,
and most loans were marked up Is per
cent by the banks. Just before closing
the stock exchange galleries were
crowded with spectators. The floor of
the exchange was never scene of
greater excitement and sellers were
almost fighting with each other to get
at the buyers, who were largely in the
minority. 1t is anticipated that to-
will ha rnratitinn of tn6aV'S
excitement.
In regard to the situation Frederick
D. Tappen, president of the Gallatin
National bank, who was chairman of
the clearing house loan committee
tbs last panic, said that at the pres
ent time the New York banks are all
right and are ready to face any emer-
gency that may arise. He added that
therefore there was no cause for
alarm on the score of money. Mr.. Tap
pen pointed out however, that while
these conditions now prevail. the situ-
alton is still serious one, though likely
to be allayed soon. Regarding a cable
to the effect that tha United States
was endeavoring to secure a loan of
$50, 900, coo on the continent, banking
circles in Wall street do not take any
stock. The rumor is ridiculed and
those bankers without whose knowl-
edge it would be impossible to make
such loans stated that they had not
been approached in any way.
Addison Cammack, the veteran ope-
rator, said today of the situation: 'The
stock market seems to indicate bad
state of affairs and the situation is
the warrant for every man taking care
of his holdings"
NOT WITHDRAWING.
Commack Seligman, of the banking
firm of J. and w. Seligman, said:
every gold reservoir is low, and the
heavy Withdrawals may necessitate the
issue of new bondS.'
He said further that he did not be-
lieve any concerted action was being
taken by foreign capitalists to with
draw credits.
NJ M. Packard & Co., dealers in
spices and teas, made an assignment
today to Joseph Case. Tightness of
money is given as the cause. The firm
was one of the oldest known to the
spice trade. 1t was said the assets
would probably reach $100,000 while the
liabilities are thought to be below that
figure.
Nelson ]. Waterbury, counsel for
rockingham & Co., advised assign
ment for the protection of creditors.
He says'that he believes that the firm
will resume business at an early date.
eff it had been a question of banks,''
said he, "Mr. G. F. Frothingham, who
has been doing business in the street
since 1868, would not have been forced
to make an assignment"
The failure of S. S. Sands & Co., a
member of the firm said, was due to
calls on them for stocks they had in
loan. The failure was precipitated by
heavy decline in stocks over night.
They have no outstanding contracts.
The firm is one of the Oldest in the
street, and has been regarded as one
of the most substantial.
L. Won Hoffman & Co. say that
they will ship tomorrow $1,50O,0O0 in
gold. Muller. Schall & Co. will ship
$9OO,O0 and Lazard Freres $1,000,-
OOO Messrs. Heidelbach, Ickelheimer
& Co. state that if they decide to ship
gold tomorrow the amount will not
exceed 100000.