Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-12-21
Better Feeling Prevails in the Stock
Market.
LONDON CEASED SELLING And BOUGHT
What Is Shown BY the Weekly
Bank Statement.
WHAT CONGRESS MAY DO
Special Dispatch to The Evening Star.

NEW YORK, December 21-Declines
varying from / to per cent marked the
opening of today's stock market ard the
demoralzed liquidation of weak accounts
was Immediately Resumed The volume of
business during the first hour was enor-
NOUS and attended by all the Incl
dents of a financial panic.
Several suspensions were announced, and
sales under the rule were frequent
London ceased selling at the close of the
first half of the session. and bought mod
| erately This fact, coupled with the ex-
tremely low prices then prevailing, at
tracted some purchases for local account.
The involuntary reaction of The last
twenty-four hours, While appalling in its
immediate results, has been instrumental in
placing stocks in remarkably strong hands.
1t is hoped that calmer reasoning will pre-
vail during the coming week, and that the
uncalled for foreign excitement will not lead
| to further sacrifices of private fortunes on
| both sides Of the Atlantic
| The crisis of the present situation is gen.
| orally regarded as having been passed, but
| the usual after results are still dreaded.
Rumors that Messrs. EdmunGs, Phelps
and White were to compose the commits
sion on which devolves the duty of ascer-
tanning ouI liability in Venezuelas dispute
were received with much favor.
Yesterdays Message.
| AS to what Congress will do with yester-
best view seems to be that a longtime low
| interest-bearing bond will be issued, and
| that the duty on wool and crockery will be
| increased. 1t is important that the bonds
| should contain a gold clause at this time
Of distrust. hut concessions must be made
| to secure this result.
There is no longer any doubt that Con-
| gress will be forced into speedy action, not
| witnstanding the selfish, personal consid-
eratons of the politicians. If the mes
| sages to Congress had been presented in
! the reverse order the patriotic influences
| of the treatise on international law would
| have had a more substantial basis and
values would not have descended to an
| almost unacceptable level.
The Bank Statement.
The bank statement reflects large con-
| traction in loans and the loss of 81, 40, 900
on account of gold shipments. The re-
duction of nearly six millions in deposits
| is directly due to the changes in the two
| items quoted.
The furry in money is shown to have
| been due to a lack of confidence and not
| to any scarcity of FUNDS, the banks hav-
ing practically $2O,00DOO0 of surplus re-
serve at the close of the week. All the
| banks in the clearing house association
| while attaching all due Importance to the
seriousness of the situation, are reported
as being absolutely sure of their ability to
| provide for any emergency.
The foreign exchange market is COM
| pletely damoralized owing to the wide fiuc-
| tuations in money rates, but as time loans
| are being made under the legal rate it is
likely that natural conditions viii soon
| prevail. "
Gold shipments will be announced as soon
as the money market will justify the pro-
cess.
The market continues to be one of ex-
| IRENE uncertainty and offers no induce
| rent to those who have no losses to pro-
| tect. A disinterested position is the only
| one surely profitable at the moment.
| NEW YORK, December 21.-Hatch Bros.
| Of &C Broadway have announced their sus-
| persion, and H. X Burras & Company an
| nounced their suspension. 1t is not be-
lieved their failure is very serious.
! Rally in Prices at Boston.
| BOSTON, Mass, December 2l.-The ex-
citement on the stock exchange here was
greater today than at any time since the
wild panic of Black Friday. Large orders
to sell were in the brokers hards long be-
| fore Charge opened, and values melted at
an alarming rate as consequence. The
| firm OF I. II. Price e. Company of 50 Con-
| gress street was unable TO stand the strain
and their suspension was announced early.
and large blocks of Atchison, Sugar, Gas
| ard Montana We're sold under the rule Tor
their account. This helped 10 bring about
a further drop. and the lowest prices of the
year We're reached in many instances.
| At 30 the market seemed to gain lit
| tie strength and the figures were more firm.
| After IL 80 am. a gradual rally set IN.
and when the gong sounded at the close Of
business it was being well maintained. The
| TRANSACTIONS have been tremendous with
| Atchison Sugar and Montana and other
| coppers leading in the tumble.
| The special meeting of the Boston stock
| exchange. held at the close of todays mar
ket, adjourned without action of any kind
| being taken.
| l.. ii. Taylor & Co. Assign.
| PHILADELPHIA Pa, December 21.-The
banking and brokerage firm of L. H. Taylor
| & Co., doing an extensive business, failed
today Mr.. Taylor makes the following
| statement:
1.-The sudden drop in the New York stock
| market caused unusually heavy calls upon
| US, and owing to our inability to get tho
| money from our customers quick enough We
| We're obliged to make mass .gnrlent.
| The New York connection of the embar-
raised firm is Ladenburg, Thalman & Co.,
who, it is said, are not involved in the fall
! IRE.
| Taylor & Co. have long done large BUSH
| ness with small investors. The break OF
| yesterday in the New York market and
| the local industrals, some OF which stocks
| fell as much as SO share. was too much
for 10