The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-12-21
A BIG FURRY IN SECURITIES.
THE MARKET GOES TO SMASH AND
THEN RALLIES.

The Venezuelan War Talk Used as a
Scare Crow to Rattle Out the Hold
ers on Roth sides of the Atlantic.
London starts the Wild Scramble to
Unload by Throwing Overheard
10000 shares-Money Goes TO SO
Per Cent. on Call.
New York, Dec 20.-The dealings at tho
New York stock exchange today were at
tended with unusual excitement and prices
broke badly. The Venezuelan question
loomed into greater prominence. and the
news relative to the proceedings at WASH
ington was scanned with more concern.
Before the opening Of the market Il
was known here that prices for Americans
in London had broken anywhere from
to per cent. The result was a great rush
to sell stocks the minute the board open-
ed for business. and tho movement con-
tinued well into the afternoon. London,
which has been selling our securities ever
since President Cleveland's message on
the Venezuela boundary matters was sent
into congress, turned up again at the start
with liquidating orders and, It
Is estimated, sold about $1,000
shares OF various American stocks.
Local operators who have be-
come weakened financially by the recent
break in the Industrials were forced to
sell, and thus add 70 the depression. No
discrimination was used, the gilt edged
issues, as well as the rattle-traps. all be-
ing thrown on the market apparently re-
gardless Of prices.
Rumors OF heavy Withdrawals OF
gold for export to Europe next
week also had a demoralizing influence.
Some Of the estimates were that SlO,OO0OOO
win be forwarded but at the end OF the
day no one could be found to confirm this
or anything like It.
Again, money, which has been
ruling at per cent. and under
to stock exchange borrowers. suddenly
rose TO so per cent, and a number Of banks
began to call In loans. This helped to swell
the amount of offerings of long stocks and
some of the stock exchange firms were
forced to the wall. The firms in question:
Messrs Sand q Co., Nichols, rockingham
& Co., and Deneufville & Co., in announc-
ing their suspensions stated their in
soiveney was due to the failure OF their
customers to respond to their call for mar
gins. At the Consolidated Exchange there
were also two small failures.
The outpouring OF stock and the
lack Of support from any quarter
led 70 break of anywhere from
to 1914 per cent. National Lead.
preferred. declined 1874 Consolidated
Gas, y 10 80; Delaware and Hudson, 4;
National Lead, common, s; Pacific Mail,
6is; Pullman, z; Omaha. s: Southern Rail-
way, preferred 694; Tennessee Coal, Z:
Manhattan, 8si; Jersey Central. o; New
York Central, 6l6; susquehanna, preferred.
8: Canada Southern, 8; Michigan Central,
~; Illinois Steel, a; Louisville and Nash
vine. 1oh; Laclede Gas. s1a; Lake Erie and
Western preferred, s; Lake Shore, 8; Gen.
eral Electric. 9h; Denver. preferred, 81;
Lackawanna, 5: Colorado Fuel, 5ih; st.
Paul, 10; Burlington and Quincy, 6sk;
Northwestern. ~; Chicago Gas, ~; Kan
cas- and Texas. epreferred. 9l1 and Missouri
Pacific, 81.
The Canadian banks were among
the first to call in their loans, and
In answer to inquiries. some Of the foreign
capitalists said that they were compelled
70 use the money to purchase exchange.
Borrowers were compelled to seek else
where, and near the close the Central
Trust Company came in the market and
offered $5,OQ0,00O which broke the money
rate from 50 to per cent. In the final
cent.
The decline in money started up n
little better demand for stocks generally,
and on purchases by bargain hunters, and
others, recovery of 1Gp7 per cent took
place in the standard issues, and IL per
cent. in Lead preferred A rumor which
had some influence at this time, was to
the effect that the head Of the Belmont
Morgan syndicate had been called to
Washington. Lead preferred, rallied IL 10
S4 do common. to "a; Consolidated Gas
el1 to 1914; Sugar, AZ to 967a; Tobacco, sR
and Nashville, sa4 to 42%; Manhattan, 5 10
100; New York Central, 81 to 9S1s; Canada
sog55hgRfbb % 5 Rhode "a IssnS 70 10 Jersey 81 Gsntr
hudson, H4 TO l20A; Lake Shore, to 1fe;
Susquehanna and Western, preferred, 81
to %; Southern Railway, preferred 4; RUB
ber A to %; Liverpool to 64st; and western
Union 2B to $685. The gain was not fully
maintained, however and In the final trad
ing the market was feverish and unset
tied Net changes for the day show losses
of 1Gr7 per cent. The total sales were 743-
2l6 shares, including 1880 shares Sugar.
101,000 shares st. Paul: $500 shares Bur-
lington and Quincy 5000 shares Tobacco
and 34,S00 shares Chicago Gas.
Railway and miscellaneous bonds were
weak and demoralized to-day in sympathy
with the stock market. The depression,
to large extent, was due to sales for
foreign account. Peremptory orders hav-
ing been received 10 dispose of the active
issues at the market The losses ranged
from to 10 Per cent The sales aggre-
gated SS.09500
London. Dec 2O-The Globe saws thai
the holders of American railroad stocks
here and on the continent are selling in
discriminatory and are in a state of semi
panic. fearing that the present political
disturbance viii lead to a financial panic
in the United States.
The stock exchange market closed very
unsettled.
In regard to the panic in American rail-
road stocks the Pail Mall Gazette saws.
"It is not war that Is feared, but a prem
ium on gold II the American shipments
continues"
The Westminster Gazette says: mot
only are the investors in railroad stocks
selling, but large speculations for a fall
are being entered into. IL is not that war
is expected, but the transactions are be-
ing made through fear that the negotia-
tions between Great Britain and the Unit
ed States Will be protracted; at the same
time the spectators are bearing In mind
the currency position IN the United States
and have no desire 20 hold railroads.
oNFxy . uxsxw p.xr,