Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1895-12-20
TO-DAY'S TELEGRAPHIC NEWS

Excitement on the took Exchange.
NEW YORK, Dec. 20.-The New
York Stock Exchange was greatly
stirred up this morning, the excitement
beginning Immediately at the opening
of the market and continuing to stead
lily increase as the day advanced.
Brokers we're in feverish state all day
and rushed hither and thither, yelling
like mad. The air was filled with wild
rumors, and the stock market was not
slow to take on panlcky feeling.
Some members feared the worst, but
noble attempts were made to rally the
fast-decliniDg market, but only with
varying success. The depression was
generally attributed in financial circles
to the effect on the foreign houses OF
President Cleveland's message to Con-
gress on the Venezuelan boundary
question. The result of this was q
veritable avalanche of stocks this morn
ing both from London and the hold
ers in America whose margins had
become exhausted by the tremendous
shrinkage in values. The enormous
shrinking in values caused o general
shifting of loans. Yesterday afternoon
the money rate got up to Eve per cent.
This morning it opened at per cent.
and Immediately thereafter transactions
were effected at IL, Is and Is per cent.
It is expected that this advance in rates
will have further depressing effect.
Money on call, after rising to 25 per
cent, receded to 20 per cent. Some of
the leading banks, however, were re-
newing loans at per cent. The rates
on time are mersly nominal and there
was no new business in this depart
| ment.
| During the day the failures were an
nounced of Nichols, rockingham & Co.;
5. S. Sands & Co.; Leo A. Feldman;
BENZ. Fenton and DeNeufville & Co.
When the announcement OF Froth-
ingham's failure was made by the
chairman of the board, there was
death-like silence for few moments.
Then epsued wild scene, such as one
can only witness in the New York
Stock Exchange.
About half an hour later came the
announcement of the failure of S. S
Sands & Co.
This further greatly alarmed the
brokers and the excitement increased
correspondingly. The news Of the
yerging panic quickly spread through
out the financial district and crowds
quickly focked to the exchange.
At 1890 p. NJ, the tumult on the
floor of the exchange had died out con-
siderably and things began to assume
their usual condition.
President Chauncey III. Depew, of
the New York Central and Hudson
River Railroad, said today "The
war has already cost the country
81 600, 0O0,0 in deprecated values.
and it has been going on for only three
days. met the man yesterday who
owns most of the swamp in Venezuela
which is in dispute and he said he
would sell it to me for S25, 600.
There was heavy selling of railway mort
cages throughout the day and loeses of 1 Is
per cent. we're recorded. Just before o'clock
money on call jumped to 70 per cent and re-
turned to 80 per cent, This started fast
selling movement in certain parts of the list,
and number of stock returned to the lowest
point Of the day.
LONDON, Dec 20.-The holders of Ameri-
can railroad stocks here and on the continent
are selling Unfortunately and are in state
Of semi. panic, fearing that the present polit.
cal disturbance will lead TO financial panic
in the United States. The sales are made at
heavy declines. The quotations at the close
showed further declines as compared with |
those prevailing at 1890. The quot
lions were purely nominal, the market
being psnicky and very fat English con!ols
at the close were g below yesterdays closing
quotation, for both money and the account