The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1895-12-20
SLUMPED.
Panic on the New York Stock
Exchange
Preceded By Tremendous Dump
age of American Securities
ON LONDON CHANGE.
Four Failures of New York
Firms in Few Minutes.
WildExcitementAmongBrOkers
ON the Floor.
CABINET is STIRRED.
Hasty Consultation Of the Pres
ident Over the Situation.
Must Have More Gold Bonds at
Once
EhHCn nD yrHN cTTzED
Hasty Consultation Of the Pres
ident Over the Situation.
Must Have More Gold Bonds at
Once
CAUSE OF THE SLUMP.
Periodical Ghost Dance Of the
Gold COnspiratOrs
To Force Fresh Stream of Gold
from a Long Suffering People.

NEW YORK, Dec. 2O.-The opening of
today's stock market was awaited with
extreme anxiety, for the market of yes
iurday had already expressed grave and
general misgiving, and today's early Il
nancial cables were far from reassuriug.
The foreign stock exchanges were, as
usual, open several hours before the be-
ginning OF business in New York. In
London there was a wild collapse in
American securities from the opening.
Selling orders were apparently rushed
in not only from England but from in
vestors on the European continent where
many millions of American stocks and
bonds were sold during the period of re-
viving national credit last May and June.
London quotations for American shares
went three to four points below yesler-
days New York closing, before today's
local market opened.
On the New York stock exchange
business began in a condition not far re-
moved from panic An enormous mass
of foreign selling orders broke opening
prices in all the most active stocks from
to 9 points. Naturally securities
largely held abroad were especially
heavy sufferers; such stocks as New
York Central, L. & N, st. Paul, and
Denver s Rio Grande preferred falling
with extreme violence. But the wreck
of values was not confined to such stocks.
New Jersey Central, which is almost
entirely owned in the United States
broke six points; Rock Island, which is
not traded in abroad. broke 80; Mis-
souri, Pacific 5. and go on throughout the
list The widest decentralization pre-
vailed during this movement some
purely speculative stocks such as the
lndustrials, crumbling away 2 points be-
tween sales.
Call loans were made today from to
z per cent No time loans were made.
Call money is up to per cent on the
stock exchange. This is the highest
quotation reported for about two years.
Later Developments.
The failure of Nicholas rockingham
s Co., was announced today on the stock
exchange. 1t is an important one. c. 5.
rockingham is the only member of the
firm, his mem bership dating from 1871
The failure is due wholly to the fall in
stocks
The failure of S. s. Sands & Co, has
been announced on the stock exchange.
The failure was precipitated by the
heavy decline in stocks over night The
firm is one of the oldest on the street and
has been regarded as one of the most
substantial
De Neufville & Co., have announced
their suspension on the stock exchange.
j. J. De Neufville says the failure was
due 70 decline in the stock market and
their inability to call in margins.
How the Break Came On.
The break in the stock market today
came to most people in the street as a
total surprise. nothing being in sight
over night to portend any extraordinary
developments.
Before the opening this morning, how
ever, matters began to assume n ques-
tionable shape in the judgment of Wall
street veterans. The fast quotations re-
ceived for American securities from
London created a sensation and pre-
pared the bankors ana brokers for
stormy day.
The prices recorded showed declines
extending to5 per cent and the London
market was reported decidedly ragged"
Each successive cable indicated still
lower figures, and it was finally reported
that many ''lobbers" on the London stock
e1cnange had refused to accept orders.
Inc uniaVorabie news was coincident
with preparations by the gold shipping
houses for Saturdays exports to Europe.
The initial trading was highly sensa-
tonal and declines were made all along
the line, extending to Al per cent Like
'ie AOnUon seAllhg, tue Dulk OF the sales
represented liquidation,
mOmentary rally occurred around
!O:l5 of = to ~ per cent, but blocks of
investment and speculative stocks were
soon thrown over and the market took a
fresh plunge downward.
Gilt edged investments went round at
handzome bargains Before midday
breaks, extending to 1870 in lead, pre-
ferred, had been made. A sinister fsa-
ture was an advance in rates for call
money to 70 per cent, rejecting
the calling of loans In the time sneci.
fed, three failures we're reported on the
New York Stock exchange and one on
the Consolidated exchange. Only Que.
that Of S. S Sands & CO. was of finan.