New-York tribune., 1895-12-22

BUT BENEATH THE SURFACE LIES THE
MENACE OF A GREAT CRISIS.
AMERICAN RAILROAD BONDS ALREADY UNsAI-
ABLE IN LONDON-MoST OF THE SALES IN
STOCKS MADE BY sPECTLAToRs-ALL
AWAIT ANXIOUsLY THE CLEAR

ING OF THE PoLrTI-
CAL HORIZON
London Dec N.-After a fiat opening of the mar
ket on the Stock Exchange American 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 indicate that innuen-
tial circles consider the political tension lessened
Those looking beneath the surface apprehend that
unless the political situation improves. there VIII
be 4 crisis in London worse than that caused by
the failure of the Barngs not on account OF Ameri-
railroad shares but on account Of American
railroad bonds. which are held not only by private
persons in England but by many insurance COM
panies and similar institutions. These bonds are
already unstable
At 1890 o'clock the quotations showed the follow
ing declines compared with yesterdays closing
figures: Canadian Pacific IA Erie. a. Erie seconds
@ Illinois Central !: Mexican ordinary /; st. Paul
common a.: Reading u: Mexican Central fours.
2: Louisville and Nashville. 2%S. and Atchson com
mon. a. Ncw-York Central was unchanged, ana
PENNSYLVANIA showed advance OF l. The quota
tions however. were entirely nominal
At the close the quotations. compared with
those of u 30 O'Clock showed declines OF IA In Cana
dian Pacific. - in Erie. y in Illinois Central u IN
St Paul common !. In Pennsylvania q In Louis
willie and Nashville and q. in Atchison common The
following advances were shown. Erie seconds, z12'
Mexican ordinary y, Reading, r. and Mexican Cen
trail fours |. while New-fork central was uh-
changed The closing quotations. however, Ike
those at 1890 o'clock. were only nominal Tne move
ments in consos during the day were slight
WHAT THE BANKERS THINK.
The United Press has obtained an expression OF
opinion from some OF the leading hnanciers ana
stock operators of the metropolis.
The head OF the banking house OF Albert Selig-
man & Co. OF No Drapers' Gardens. says; Busi-
ness relations between the United States and Great
Britain are virtually broken off. The people are
anxious though scarcely any of the prominent firms
entertain any idea that war is likely 10 occur The
financial situation now depends entirely upon the
political atmosphere. No financial measures wGula ~
Presilent Cleveand's financial plans might then be
introduced with effect An az nroe SI sough
this would be only partial remedy; but Il % wouid
be very effective II the CONSEQUENCE rd sC1 coiion and
the balance OF trade were turned IN iaVor oi 'iie
Water Byrnes. Of the banking house OF j. s.
Morgan & Co. said ne did not think a that az very
arg the oponon that the sales had been
made bv specul1tors and overloaded jobbers. who
were putting dn Of paSc 81 SALE Sch they
plted Mr. Byrnes said he had no doEot that II
saes Would be considerable; but, he added, the
general public had not sold largely hitner,o. "a
rqaun ,,rn prosIent o., Ceveands financial measures
The measures suitable for ordinary ''mes lie s"'d'
Bro%n she Co. merchants ~encrt Of roupdSGs 1oiSny
Court thought that the hna1caI prospcct s th
was better In consequence of the Frightening OF ,he
political sky the sober side OF the Nation haviiiS
hod time 10 assert itself. Power should DC gwen
70 President Cleveland, the representative OF 'ie
firm thought. to protect the gold reserve
THE ECONOMIST ON THE PANIC
"'rhe Economist" in its financial article, says:
"Apart alto gether from the Venezuela business
British investors do not tako sanguine ou'looN
in America owing to the approach Of the Presl-
dental election and the critical condition OF the
ia
bou. long tho depressing effects OF the Presidents
message in regard to Venezuela will last or nov
flr thev will spread. but We are disposed 70 LOOK
for an early and perhaps general recovery ,- es-
neciallv as American investors are feeling the loss
Of market values most palpably. That should be
\ powerful influence for peace -
..rh. c,a,ist" saws. "President C1evelands mes
sage will postpone the recovery OF the Inarke.s
which seemed to be impending when the uocu-
mcnt was launched"
STATE OF COLLAPSE IN VIENNA.
Vienna Dec Glowing to the panic In American
securities the Bourse to-day was in state or COL
apse.