Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-12-21
VERY PANICKY!
Exciting Day on the New
York Stock Exchange.
Money Jumps to 80 Per Cent
Heavy Failures Reported.
The Reaction OF Recent Slump Of American
Securities in LONDON.

New York, Dec 20.-Dsalings at the
New York Stock Exchange, today, were at
tended with unusual excitement and tho
prices broke badly. The Venezuelan ques-
tlon looncd into greater promincnce and
news relative 10 the proceedings at Wash
ington were scanned with moro concern.
| Before the opening of the local stock mar
ket II was known here that prices for
| Americans in London had broken any
where from To 4 per cent The result
was great rush Ia sell stocks the minute
the board opened for business. and the
movement continued well into the after
noon. London, which had been selling our
securities ever since President Cleveland q
message on the Venezuelan boundary
matters was sent TO Congress, turned M
again at the start with llquidating orders,
and, 1t is estimated, sold about 80. 900
shares of the various American stocks
The local operators, who had become
weakened financially Ivy the recent break
in industrials, were forced to sell. and this
added to the depression No disorlmina-
ton was used, the giltcdged issues rs
well as rattle traps all being thrown ON
the market, apparently regardless of
price.
Rumors Of heavy Withdrawals of gold
for export To Europe next week, had n
dCmoralizing influence. Some estimates
Were that $40, 600 900 would be- for.
wardcd but at the end of the day no ono
could be found to confirm this or any
thing like il.
Again money, which had been ruling
ut per cent and under To Stock TX
change borrowers. suddenly rose to so pcr
cent, and a number Of banks began to
call in loans This helped swell the
amount ot offerings of long stocks, and
three Stock Exchange firms Were forced
To the wall. The firms in qucstiou-S. :.
Sands x Co. Nichols, rockingham a.
Co and DcNcufvillc Il Coin announc-
ing their suspension, stated that the in
solvcncy was due to the failure Of Gus
toners to respond to the call for margins
At the Consolidated there were also two
small failures
The Canadian banks were among the
first TO call in their loans and in answer
10 inquiries, some foreign capitalists said
that they were compelled to use the
money to purchase exchange. Borrowers
were compelled to seek elsewhere and
near the close the Central Trust Co. camc
into The market and offered 81, 600, 900,
which broke the money rate from so 10 y
Per cent. In the final dealings the rate
worked back 10 30 per cent.
The decline in money started up little
better demand for stocks generally. A
rumor which had some influence Mt this
time was to the effect that the head 81
tie Belmont Morgan syndicate had been
called to Washington. The gain was not
1. ...... 4. t..
final trading the market was fevcrish and
uscttlcd yet tbc changes for the day showes
losses Of to Z per cent. The total sales
were 7i3.2 76 shares.
ailwoy and miscellaneous bonds were
weak and deInoralized, today, in sympathy
with the stock market. The depression,
to large extent was due Ia sales for
foreign account, pcremptory orders having
been received to dispose Of active issues
lt the market The losses ranged from
! TO 10 per cent.