The Providence news. (Providence [R.I.]) 1891-1906, 1895-12-21
London Receivers From the
Big Panic.
Ex-Governor Flower Speaks
on the Bond Issue.
More Failures Due to the FeveriSh
Condition of Yesterdays Market.

NEW YORK, December 21.-Now
that the Senate has passed the bill
to appoint a commission regarding the
Venezuelan controversy it is not unlikely
that Europe, that is 10 say, England, Will
conclude that America is bent on war,
and consequently will contiD ue to sell
those speculative securities OF which
they are heavily long, in addition TO some
investments. Under these circumstances,
further liquidations may he counted upon
and the stock that will most likely yield
are the high priced Vanderbilts, the Coal
ers and Chicago, Burlington ~ Quincy.
The special message from Congress from
President Cleveland, appealing for fnan-
ciai legislation, encourages the hope
that notwithstanding the attitude OF the
securities something will be done very
quickly TO preserve the country on gold
basis.
1t is thought that further liquidations
will take place not only in high priced
coalers, but in the Nanderbilts and Louis
Vile x Nashville.
In London the panic is subsidinR and
there this morning they are beginning TO
buy in moderate amounts Atchison,
Topeka IL Kansas and Louisville &
Nashville. IL the market takes the cue
from London, ms the senti OF the
street indicated last night. a halt in the
program ought to be had until Monday
at least.
The sentiment OF the street is somewhat
moro hopeful, out recovery OF confidence
will be slow. There are diversified opin-
ions as to what Congress W ill do on the
bond issue and until some light is thrown
on this question the rallies will be fever
| ish and uncertain.
Ex-Governor Flower said regarding the
| Presidents special message: "That mes
sage will convince all sensible persons
| that this Government is on gold basis
and will remain on such. All the chatter
| that we hear on Wall street to the effect
| that unless tho Government acts and acts
| quickly we Will he on silver basis Is the
vsriest OF nonsense. Congress will, in
my opinion, pass resolution in accord
auce with President Cleveland's request
and IL necessary will give him authority
to issue $500, 000 600 in short term bonds.
There is not going to be war, but IL we
are TO fight we must have money and we
must have 1t If we do not. There are
plenty OF folk to buy the bonds and there
Is at the present s75, O00. 600 OF gold in the
country, half of IL held by the banks" "
The Governors opinion echoes the sem
timent OF many prominent business men.
Relative to the bond issue n special from
Washington reports that the silver SEN
ators will vigorously oppose any such
movement.
Mr.. Morgan, the financier, left for Wash
ington last night and was supposed to
have been asked then to consider the pro-
posed measures.
London papers this morning do not at
tsch much Importance re the message,
the worst feature OF the situation being
that England might be doing its Zig hting
now through the medium of calling all
available credits as a means OF producing
political effect.
l.. III. Taylor & Co. OF Philadelphia
have suspended business.
Price & Co. of Boston were unable to
withstand the strain any longer and failed
this morning, making thus far six houses
more or less affected by the message.
Liverpool Cotton is from to 5ia points
down.
PRovIDENCE CLEARING HOUSE.
The cfeHffBgs Of Providence banks
today amounted to 81, 073, 309
NEW YORK STOCK QUorATioNS