The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1895-12-20
IN 4 u Z
WALL STREET FURRY
England Unloading Ameri-
can Securities Depresses
Values.
TWO FIRMS co SMASH
But Neither Has Important Out
stan i.g Aeeounts-John
Bull Very Nervous.
CONGRESS STILL DELIBERATES
No Reduction in the Resolute Tone
of Our Representatives.
WarIike Prospectings.
CONGRESS STILL DELIBERATES

WALL STREET. NEW YORK, Dec.
20. lS95.-The New York Stock Exchange
was greatly stirred up this morning, the
excitement beginning Immediately at the
opening of the market and continuing
to steadily increase as the day adj
vanced. Brokers were in a fever1sh
state all day and rushed hither and
thi6her. yelling like mad. 1t is years
since the exchange witnessed such a
wild scene. As usual on such occasions
the air was filled with wild rumors and
the stock market was not slow to take
on a parlicky feeling. Some members OF
the exchange feared tn worst, but noble
efforts were made 10 rally the fast de-
clining market, but only with varying
success. The depression was generally
attributed in financial circles to the eff
feet on the foreign bourses of President
Ceveland's message to Congress on the
Venezuelan boundary question. TIT re-
suit of this was averitable avalanche OF
stocks this morning both from London
and the holders in America whose mar
gins had become exhausted by the
tremendous shrinkage in values.
A further drop of one-haif a point in
consols at London accelerated the down
ward movement.
A furry in call loans caused a de-
cidedly further depression in the mar
ket. The enormous shrinkage in values
caused a general shifting of loans and
there was a closer s~cruting of collater-
ais than for along time. Yesterday af-
ternoon the money rate got up to five
per cent. This morning it was opened ait
six per cent. and Immediately thereaf-
ter transactions were effected at u. 10
and % per cent. It is expected that this
advance in rates will lave a further de-
pressing effect
Arbitrage dealers had orders
to sell stocks here and the execution of
these completely demoralized the market,
with the result that in the first few
minutes of trading the general list show
ed losses from last nights final figures
ranging up to seven points in Canada
Southern, which fell to Az. Jersey Cen
trail broke six to 100; Consolidated Gas
six to 146; Delaware and Hudson, five
to 12O; Rubber, five to 261s; Lead. five
to %; Southern railway, pfd., AZ to 24&;
Baltimore & Ohio, five to AZ; Chicago
Gas 4 1s to 64s; st. Paul, AS to 67A;
Rock Island, 35 to 50! Burlington &
Quincy. 2k to 1914; Northwest 2s to 96B;
Missouri Pacific. So to q; Kansas and
Texas, pfd.. 81 to 23A; New York Cen
trail. 1874 to 941A; Pacific Mail, 8 to rs;
Louisville & Nashville, 81 to 45h; Va
bash, pfd:,, AZ TO a; Denver & Rio
In addition to the demoradization at
London and the heavy selling for that
account. the engagements Of s. 400 cog
a very depressing influence. The ship
pers n amounts taken We're, Lazard
5000, 00O and L. Won Hoffman, 81, 500.0 900.
At 11.30 speculation was Just a shade
steadier. The failure OF Nichols Frothing-
n0unced at the Board. c. F. F%rothing-
ham is the Board member. The liatHl-
ties of the firm are not know as yet.
The. concern is a small one. No one was
at the office of the concern this morning
10 make a statement
Mr.. rockingham has been a member
of the Board since 1877. The legal rep
r~esentative of the .coSlcern says. the
was involved in the failure. Clinton e.
Sweet was appointed assignee. Nj.
1irrn's a-ccoaists are 50 held thai ali
Indebtedness will be Eiqlidated. The
contracts on the Stock hxcilange are
paid.
When the announcement of Mr.. Froth-
iaslaam's failure was made by the Chair
man Of the Board. there was a death
Ike silence for a few moments Then
Exchange. The excitement was now
greater than at any time during the
IiUIifiilS, LIN IN 1ccilltE WdSs do III
qnember put it. "tle trouble has at
last begun"
About half an holir later came the
announcement OF the failure of the house
of S. S. Sands, one of the oldest members
of the Stock Exchange. This further
greatly alarmed the brokers and the ex-
.citement increased correspondingly. The
news of the verging panic quickly spread
throughout the financial district. Crowds
Aqlsickly fiocked to the Exchange, crowd
1ng the lobby and galleries. The xeite
ment on the floor was quick to be taken
mp by the visiting throng n the hum
and buzz, combined with the yells of
the operating members, made a memoir
able impression.
All the office of the firm it was said
fhat they had no outstanding interests at
sthe Exchange.
Secretary Wilson states that the call
for the special meeting of the Chamber
oil Commerce to take adverse action on
President C~1eveland's. message IN the
Venezuelan question has been withdrawn.
The call was withdrawn because it was
Thought advisable to await the action of