The Portland daily press., 1895-12-21
FATAL FRIDAY.
1t Holds lis Reputation as the I'm
lucky Day.
WILD SCENES ON THE NEW YORK
STOCK EXCHANGE.

One of the Fruits of Talk OF war--Im-
mense Sales of stock-A Big Slump in
Observation-Disclosures Follows Failure
Boston Feels It-American Securities
Down in London.
New York December 90. The dealings
at the New York Stock Exchange today
were attended with unusual exoitement
and prices broke badly. The Venezuelan
question loomed into greater prominence
and news relative to tha proceedings at
Washington was scanned with more
concern.
Before the opening of the local stock
market it was known here that prices for
American securities in London had bro
ken anywhere from one to four per cent.
The result was great rush to sell stocks
the minute the board opened for business
and the movement continued well into
the afternoon.
London which has been selling our
securities ever since President Cleye-
lands message on the Venezuelan boun-
Diary matters was sent to Congress
turned up again at the start with liqui-
OdOluS Olu6Ts dutl lS ostlluaUcU
about fifty thousand shares of the vari-
GUS American stocks Local operators
who had become weak ensd financially by
the recent break IN industrials were
forced to sell and this added to the de-
preston. No discrimination was used,
gilt-edged issues as we'll as rattle-traps-
all being thrown on the market appar-
emily regardless of price.
Rumors of the heavy Withdrawals of
gold for export to Europe next week,
had demoralizing influence. Some es-
Inmates were that ten millions would be
forwarded, but at the end of the day no
one could be found to confirm this or
anything like 1t. Again money which
has been ruling at two per cent and un-
der, to stock exchange borrowers, suddenly
rose to eighty per cent and a number of
banks began to call in their loans. This
helped to swell the amount of offerings
of long stocks. Three stock exchangefrms
were forced to the wall. The firms in
q question, S. S. Sands g. Co., Nichols,
rockingham & Co., De Neufiylle & Co.,
in announoi ng their suspension stated
their Insolvency Was due to the failure of
their customers to respond to calls for
margins.
At the Consolidated Exchange, there
were also two small failures
The outpouring OF stock and the total
lack of support from any quarter. led to
tll6 DE6dk Ol lfUlH j W lO72 poI Ctu& uo
Canadian banks were among the first to
call in their loans, and In answer to in
quiries some foreign capitalists said they
were compelled to use money to purchase
exchange Borrowers were compelled to
seek elsewhere and near the close the
Central Trust company came into market
and offered IS, 600, 600 which broke the
money rate form so to 6 par cent, but in
the final dealings the rate worked back
to so per cont. The decline in money
started up little better demand for
stocks generally.
A rumor which had some influence at
this time. was to the effect that the head
of the Belmont Moragn syndicate had
been called to Washington. The gain
was not maintained. however, an d
the final trading market was feverish
and unsettled. Changes for the day show
losses of to per cent. Total sales 745,
276 shares.
Railway and miscellaneous bonds are
weak and demoralized today, in sympa-
thy with the stock market Depression,
to a large extent is due to the sales for
foreign accounts, perem rtory orders hay
ing been received to disclose of active is
sues az the market price. The losses
ranged from 1 to Is per cent.