New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-21
A LIVELY DAY IN STOCKS
HEAVY LIQUIDATION ON THE EXCHANGE

HEAVY LIQUIDATION ON ItE ENCI1AA>rH'
THREE FIRMS FORCED TO SUSPEND. But NO BIG
HOUSES AMONG rHEM-A SOMEWHAT BETTER
FEELING AFTER THE CLOSE OF BUsl-
NEss-THE MONEY MARKET.
When the gong sounded on the New-York
Stock Exchange at O'Clock yesterday after
noon as signal to stop business the brokers
broke into cheers which lasted for a full min
me- They took this means of showing their
qualification at having passed through great
decline in values with no serious failures. There
were three suspensions during the day. but they
were concerns with only small obligations. and
their rnisfortunes did not jeopardze other finan'
cal houses
The first firm TO announce ITS inability 70 meet
us obligations was Nichols rockingham q
Co. of No A Broad-st This was al IL o'clock
in the morning. At u o'clock S 5 SANDS q
70 of No. 10 Wall-st, sent word 10 the Ex-
change that they could not fulfil their engage
-,ents. and at 1890 o'clock De Neufville & Co..
If M IS Exchange Place communicated their
Inability 10 settle their contracts.
In the mean time two members OF the Consol-
tdated Stock and Petroleum Exchange had been
suspended because they had not paid the diner
ences standing against them on the Clearing
House sheet They were Leo A. Feldman' whose
Office in Wall Street parlance. was I'm his nat
and benjamin Fenton.. who had his office In 'he
Exchange building at No. 60 Broadway. Inc
cases Of Feldman and Fenton were not actual
failures. They were entitled to twenty-lour
hours in which to make good their discrepancies
and if they pay up to-day they can resume
operations.
PRESSURE TO SELL AMERICANS
Gable dispatches told long before the opening OF
the New-York Stock Exchange OF pressure 10
sell American stocks on the London Stock Elk
change and Of a heavy fall In the prices TOT
them Spectators took warning and prepared
for trouble For another thing they had looked
for rather untoward consequences from the meet
ing OF London bankers on THURSDAY. al
which II was proposed 10 withdraw American
credits Nevertheless. no one counted on such
slump az ensued
When Chairman William Mcclure brought his
gavel down on his desk as a sign Tor uahsac-
tons 10 proceed. there were four hunnreo brokers
on the floor and the galleries were pacNei WIN
snacta,ors who were attracted to the EAch..rGe
in expectation Of witnessing an unusual spe;'ac'-
and in this they were not disappoiot I'd No
sooner was the sound Of the gavel heard than
babel Of voices began which drowned all other
ro,see 7, seemed as If the brokers had only
orde-s 10 sell stocks. The first sales were at
nrlces from one TO five points below the nnai hg-
ures Of the day before for the shares on what Is
designated as the active list.
The Generalization. as II proved. had only De-
gun AS the dealings went on prices sank with
-. roniditv II was not until clock in the
afternoon that a recovery took place. The I'M
movement from that hour was slow but STEADY
until lust before o'clock. when there was an
other collapse although II was not violent Inc
vai, IN nrioes came when it was apparent that
ohobla
altogether. something like 10000 shares OF stock
:, n-o,-vork Ponds suffered about as severely
ss stocks and In fact pursued practically the
came course stocks.
LARGEST BUSINESS IN A LONG TINE.
7, was the largest days business which mad
baen done on the Stock Exchang, in Ions time
The sales Of stocks footed up 1925 shares
and the sales of bonds at their face value aesre-
gated S3,248,coo.
While opening rate for money on cal! OF IN
other words. money returnable on demand was
only ? ner cent II soon began 10 advance on In
formation that the foreign houses were calling
IN the loans they had made and that. while
most Of the local banks Increased the rate
on their outstanding call loans only from
rar cent 10 per cent, they were demanding
additional collateral by reason Of the deprecia-
tim N their assets already pledged for accom-
,nodatons In brief time the rate for money
was I'D 10 Is per cent. and by O'Clock IL hao
reached 50 or 90 per cent. al which figure $loo-
900 was loaned on the Exchange. Then de-
cline set in and the rate finally touched per
cent but few minutes before there was an
other furry in money. in which the rate
tirnced I'D 10 60 per cent. At that hgure sloovO
was loaned The bulk OF the loans were MADE
at 10 per cent which was not high interest
under the circumstances.
MODERATION or THE BANKS.
The moderation of the city banks IN their
charges for money was warmly applauded ry
the stree, I, showed that they had no desire
T. take advantage of the opportunity presented
n exnand their returns from loans. No borrower
connplained Of the additio nof per cent TO their
rate They might have made 1t 20 per cent,
for when money is badly needed in the street
the lender can always fix the interest on IT,
When the rate touched 80 the banks ana sew
eraI Of the big trust companies sent WORD 70
the Exchange that they would fufnlsh any
amount at per cent, which broke the rate
SO PROMPTLY The tightness in money naturally
accentuated the selling movement in stocks
for thereby the cost OF carrying them was great
~ increased.
The depreciation in the market value OF the
various Issues OF stocks and bonds quoted on
the Stock Exchange between 10 a and p. m
was roughly estimated at s10O.0 900. The de-