The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-12-22
SCARE STILL ON IN STOCKS.
ANOTHER BIG RUSH TO UNLOAD AT
NEW YORK.


Their HoIdings-The Financial
Kings of the Old World Determine
ed TO Prevent War.
New York, Dec 21-The action of the
Senate yesterday in unanimously passing
measures providing for the formation of
the Venezuelan boundary commission led
to heavy selling again this morning for
foreign account, and this with forced sales
by local operators led to a sharp break in
prices at the opening Of the stock ex-
change. Blocks of stocks for the account
of out OF town operators, who were una
BILE to respond to the calls for margins,
were thrown overheard, for anything they
would bring, and this added TO the feeling
knowing whether the brokers handling the
various deals had been involved. Presi-
dent Cleveland's message on the finances,
sent in to congress, did not have the IA
VorabFe ERECT on the market at the start
that was looked for IN certain quarters.
In fact in the first hour prices broke any
where from ] to IL points, and as yester-
day there were no signs of supporting or
ders in any direction. Cordage guaranteed
scored the banner loss. selling down l3
points from 25 TO y.
Co, of Philadelphia, who have con-
nections in this city, and the SuSpen-
sion of Hatch Brothers and H. X; Bur
idS q w. Ol llC 4Otat SUCK tACHdllStt
were announced in the order named, and
this accelerated the downward movement
After the early slump a steadier tone set
in and on buying for investment account,
as well as for the purpose of covering
short contracts, a rally of 1Q5 per cent
followed. London firms were buyers in a
moderate way. The impression is that the
! bulk of the trading for this account was
for the purpose of covering short contracts
put out at higher figures The recovery
in the market was taken advantage of by
last
hour new low records were made for a
number of the leading issues. At this time
Rock Island sold down TO 50, Pullman Pal
ace TO l46, Manhattan 10 81, Jersey Cen
/ trail to 49, and Lackawanna to 104, all the
| lowest Of the week. The closing was fe-
| verish with operators rather anxious as
| to the course of the Sterling Exchange
market and the gold movement next week.
/ 1t was generally agreed that this is the
| key to the situation. Reports We're current
/ OF an informal consultation OF tne
| bank presidents and of the like
| lihood of the closing of the stock
| exchange for two or three days next
| week, but these reports were branded as
| pure inventions by persons in authority.
| The transactions for the day were 3l49oS
shares, an Unusually heavy total for a
The railway bond market to-day
/ was depressed on further liquidations for
/ both home and foreign account At the de-
| cline local investors bought the glltedge
| issues, and a recovery from the lowest
/ point was recorded. The transactions ag-
! gregated 81, 600.
sales Of listed stocks to-day aggregated
| 24s646 shares and Of unlisted stocks b5,SlS
| shares.
A cablegram has been received by. Pres
i ident McCord of the produce exchange
from Chairman Watts of the London Bal
/ tic, the principal grain exchange of Lon
i don, which was read by President McCord
/ from the rostrum of the exchange. 1t was
as follows: "At the annual dinner of the
/ Baltic last night Yankee Doodle was re-
ceived with loud cheers, and the health
| of the United States with three times
three" The members Of the produce ex-
| change greeted the reading of the mes
sage with loud applause.
London, Dec. 2l--After fiat opening of
| the market on the stock exchange Amer
| ican securities recovered, but they did
! not sustain their recovery fully at the
| close. The other markets closed better
| under the influence of an Improvement in
consols, which movement is taken TO in
| dicate that influential circles consider the
| political tension better. Those looking
/ beneath the surface apprehend that un-
| less the political situation improves there
] will be a crisis in London worse than
| that caused by the failure of the Barings,
not on account of the American railroad
| shares, but on account of American rail-
/ road bonds, which are held not only by
! private parties in England, but by many
| insurance companies and similar insti-
tutions. These bonds are already un-
The Globe says: "The financial kings
! of the old world are firmly resolved that
| such a horror as war between England
| and the United States shall not occur and
they will not hesitate to employ any
are insisting upon the Immediate repay
| ment of advances made to American
| houses, at the same time intimating that
| they will suspend financial accommoda-
ton so long as the menace of an Ameri-
| can commission to locate the boundary
of British Guiana hangs in the air"
| The head Of the banking house of AL
bert Seligman & Co, No. Diapers Gar
| dens, says: Business returns between
| the United States and Great Britain are
virtually broken off. The people are anx-
| ious, though scarcely any of the promi-
nent firms entertain any idea that war is
| likely to occur The financial situation
| now depends entirely upon the political
atmosphere No financial measures
! would be effective until a political settle
ment is reached. President Cleveland 5
| financial plans might then be introduced
| with effect. An amendment of the cur
| rency would satisfy the demands OF Eu-
/ rope, though this would be only partial
remedy. But it would be very effective
| If the consequence should be an appre-
citation of the price of grain and cotton
and the BALANCE Of trade were turned in
l favor of the United States"
| It it given out that Lord Salisbury caus-
| ed the publication of the Venezuela cor
| respondence between the foreign Office
| and the department of state at Washing
| ton on Tuesday, only upon learning that
the same would be published in America
| on that day.
/ President Cleveland's second special mes
| sage 10 the congress of the United States
| greatly improves the situation. "The
! Presidents enemies" the Gazette says.
Enough stalwart for the application OF
! the Monroe doctrine, will not scruple 70
! attack his currency policy. We hope that
our government will seize occasion to
make it clear that we do not intend TO
| challenge the Monroe doctrine or to raise
| that issue"
| The Pail Mall Gazette says: Even II
| Venezuela were 10000 times right 1t would
/ be impossible for Great Britain to recog-
/ nfze her rights or even make the slight
| est concession to her until President
| Cleveland withdraWs from his MANAGING
/ attitude The sole service which his mes
saRe has done 10 the Monroe doctrine IS
| to call forth a chorus OF disaVOWal and
| rldicule from the whole Of Europe"
washington. Dec. H-At the close of
/ business to-day the treasury gold reserve
| stood, with an Withdrawals out. al t6s,
| 8fl 500 TO-day's gold Withdrawals amount
ed 10 $4,000, taken for domestic use.
! Philadelphia. Pa. Dec. zi.-The firm Of
/ l. u. Taylor x Co, bankers and brokers.
/ failed this morning. This ls one Of the
/ Oldest firms on the street
Boston. Mass. Dec. z.-prico e. Co,
! C0nerffs street stock brokers. have failed.
/ The announcement Wae made on the stock
I exchange this morning,