The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-12-21

| ~
day OF excitement on Wall street and
matters for a time bore tho resem-
blance OF q panic, But this condition
OF affairs had not been unexpected,
ard In measure the dealers had pre-
pared themselves. Before the opening
OF business on the stock exchange u
was announced that 3S,400,OOO In gold
would be sent out Of the country, and
later In the day the export ot t6OO,0Vo
was announced. This, together with
the cable advlces from London an
nouncIng extensive sales OF American
securities, and the tenor of the war
news from all quarters, was respon-
aIble for the general feeling OF uneasi-
ness that prevailed even early in the
day.
The spirit of the market was to sell,
and in the big exchanges this was done
TO an extent rarely before surpassed.
In the stock exchange the sales for
to-day were 775,76l shares,
AS result OF the decline In stocks the
failure OF the following firms was an
nounced on the stock exchange during
the day:
Nichols, Frothingham & Company;
Samuel s. Sands 4 Company; De Neut::
NhG * NoiHPoHSi ~ a. ~
d. Fenton.
with the fall In prices the banks call
cd In all their loans, thus adding to the
complications Of the situation. Much
money was loaned at very high interest
| to carry stocks, and In many Instances
renewals would be made under no con-
ditionB whatever. As the selling move
ment continued right up TO the closing
hour, with but slight and momentary
reactions, the effect was demoralizing
IN the extreme.
Exciting Scene.
Just before closing time In the stock
exchange the galleries were crowded
with spectators; the door OF the ex-
change was never scene OF greater ex-
element and sellers were almost fight
ing with each other to get at the buyers
who were largely In the minority. There
was excitement, too, and plenty OF IT,,
and II Is anticipated that tomorrow
will be q repetition OF to-day
In regard to the situation, Frederick
d. Tappen, president OF the GRllatin
| National Bank. who was chairman OF
the clearing house loan committee dur
ing the last panic, said that at the pres
| ent time the New York banks are all
right, and are ready TO face any emer-
| gency that may arise. He added that
| the surplus reserve amounted to {2O,-
O0O, 900, and that therefore there was no
cause for alarm on the score OF money.
Mr.. Tappen pointed out, however, that
while these conditions now prevail, the
situation Is still serious one, though
likely TO be allayed soon.
Regarding the cable to the effect
that the United States was endeavor-
| ing to secure loan of $50. .000,O 900 on the
| ha
| street do not take any stock. The rumor
is ridlculed. and those bankers without
whose knowledge II would be impps-
sible to make such a loan stated that
they had not been approached in any
way.
Addison commack, the veteran oper-
| ator, said to-day OF the situation: The
stock market seems to indicate bad
state OF affairs and the situation Is the
warrant for every man taking care OF
his holding"
The Evening Posts London cables
say:
The Panic in London.
There was q severe panic In the stock
exchange here to-day All American
securities, shares and bonds alike nre
practically unstable here.
| IUU UunlC AV"uhl NhA uuN uuatu ~
much on politics or war scare MS on q
predicted financial crisis IN America.
Five million more dollars In gold are
said to be engaged for shipment from
New York tomorrow, making ten mill
ions In all, but this Is not absolutely
confirmed. II is however, only ques-
ton OF tlmo when more gold Will go.
The decline In consols was not on In
vestors selling, but on both sales. In
American, on the contrary. the rush OF
genuine holders to realize was enor-
nous, the shock received by the tone
OF the Presidents Venezuclan message,
and still more by It's acceptance by the
house Of representatives, being one OF
the seVcrest ever experienced here.
Other markets were fiat In sympathy
with the small business
II Ia rumored that three million dol
lars in gold have been engaged by
RothschIld for shipment FROM Amer
leu. cannot confirm this but the re-
port comes from a good quarter