The San Francisco call., 1895-12-22
Prices Go Lower, but Brokers
Show Their Confidence
by Cheering.
SEVERAL FAILURES REPORTED.
Financiers Hope That American Sc
curities Cannot Be Depressed
Much More.

| NEW YORK, N. Y, Dec. 21.-While
lower prices were recorded for stocks to-
day the feeling among bankers, brokers
and spectators was distinctly better. The
| panicky tone had departed from the
market and it seemed to be accepted that
/ the worst was over.
When the gong sounded at II O'Clock to
stop business on the Stock Exchange the
brokers, as at the close of operations the
day before set up a cheer. 1t was a
hearty and prolonged one and expressed
sense of relief and also belief that the
financial foundations, while shaken, were
still sound.
The expectation of exciting scenes in the
speculative centers drew large crowds to
the street. By 9:30 o'clock in the morn
| ing, half hour before the beginning of
dealings, the galleries of the Stock Ex-
change were so deDsely packed that it was
necessary to station officers at both the
J Wall-street and Broad-street entrances to
keep back the pushing mass. Hundreds
who were unable to gain admittance to the
exchange stood on the sidewalks, and pc
destrians we're compelled to take to the
| middle of the streets.
The first sales of stock were at prices
from one to nine points below the final
| figures of Friday. The nine point loss was
in National Lead, preferred. There was
an eight point loss in Consolidated Gas.
There was a steady fall in prices till IL
O'Clock, when recovery took place which
lasted until just before the close.
/ Then there was another moderate re-
lapse. Some of the principal net losses
in prices were: United States Cordage
guaranteed, 1917; Illinois Central, 50;
Rock Island, 4; Lake Erie and Western
] preferred, 4 Louisville and New Albany
preferred, 61I; New Jersey Central, 61z;
Alton and Terre Haute, 6; Consolidated
Gas. 6; National Lead, 51z; Wheeling and
Lake Erie preferred, 5aa Chicago Gas,
| 81; Lake Shore, 5; Lackawanna, 4A; Met
ropolitan Traction, AZ; American Cotton
| Oil preferred, 4; Pullman Palace, 4 United
States Rubber preferred, 81; National
Lead common, 81; St. Paul, 39s; Sugar
preferred, 8; Iowa Central preferred,
3; Sugar common, 234; United States
Leather preferred 25s; Bay State Gas IN;
| Whisky, 21z; Big Four, 21z; Southern Rail-
way preferred, ~ Omaha 2, and Susque-
hanna ana Western, 2.
Bonds, as rule, were strong, and they
! generally closed considerably above the
opening prices. The total sales of stocks
were 314, ,959 shares and the total sales of
| bonds at their face value were $2,097,OOO.
! The transactions were very heavy for
two hours business. While orders to sell
were received from London at the start,
| they were soon succeeded by orders to buy
on large scale. 1t was estimated that
the purchases for London account footed
up not far from 10000 shares.
! Two failures were announced on the ex.
| change, but they were OF considered i'm
portant. The notices of them were read
while the advance was in progress and the
! improvement was not interrupted. The
| first failure was that of Hatch Bros. of 66
Broadway.
| The second failure was that of H K.
Burras & Co. of Broad street. The firm
of Hatch Bros. was composed of William
d. and Horace Hatch and it was formed
on September 10, 1892. Their liabilities
were roughly calculated at 100000. Their
suspension was due to the shrinkage of
values. Howard K. Burras had con-
Quoted the business alone under the name
of III. X. Burras & Co. since January-1,
1890. He said that his failure was due to
the refusal of large operator for whom he
did business to respond to call for mar
gins. The estimate of his liabilities was
$500, 900.
Leo A. Feldman and Benjamin Fenton,
the two m-traders" who were sus-
pended on the Consolidated Stock and Pc.
troleum Exchange on Friday. for not pay.
ing the differences against them on the
Clearinghouse sheet, did not make good
the deficiencies at the expiration of twen-
ty-four hours and were formally declared