The evening times., 1895-12-20

morning. the excitement beginning imrne-
diately at the opening of the market ard
continuing to steadily increase as the day
advanced. Brokers were In feverish state
an Gay and rushed hither and thither. YELL
Ing like mad.
1t is years since the exchange has wit
Messed such a W lid scene. As usual on such
occasions. the air was filled with wild
| rumors. and the stock market was not slow
To take ON DaDicky feeling. Some mem
hers OF the exchange rearef the worst, but
r:ist declining market, but only with vary
! ing success.
AVALANCHE OF STOCKS. -"'".
The depression was generally attributed
in financial circles to the effect on tn efor-
eixn houses OF President Cleveiard's mes
sAge to Congress on the Venezuelan bound
! yeritable avalanche OF stocks this morning.
both from London and the holders in Amer
| lea. whose margins had become exhausted
Dy the tremendous shriHkage in values.
A further drop OF one-haif point in con-
solS at London acceierated the dOwnward
| movement.
A furry in call loans caused a decided
| further teDression tn he market. The enor-
Inous shrinkage La values caused a general
shiIting OF loans. and there was a closer
scrutiny OF collateral than for long time.
| yesterday afternoon the money rate got
| up to per cent. This morning it opened
| at per cent. and Immediately thereafter
! transactions were effected at 12. 10 ard
! % per cent. 1t IS expected this advance
| In rates will have further depressing
| effect. ~
SILENCE SUCCEEDED BY TUMCLT.
When he announcement of Frothingham's
failure was made by the chairman of the
| board, there was Geathiike silence for a
rev moments. Then ensued wild scene.
such as one can only witness in the New
York Stock Exchange. The excitement
was now greater than at any time during
the morning. and the feeling was. as one
member put it. .the trouble has at last be-
gun."
About half An hour later came the an
nouncenent or the failure of S. i. Sands
q Co, one Of the Oldest members OF the
Stock Exchange. This further greatly
ARMED the brokers and the excitement in
creased accordingly.
The news OF the vercing panic quickly
spread throughout the financial district.
Crowds fiocked quickly tn the Exchange.
crowdiDg the lobby and galleries.
The excitement on the floor was quickly
taken up By the visiting throng. and the
hum and buzz combined with the 'yeils
OF the operating members made memor-
able impression. +'s- --'''- ~ cot
at 1880 D. m. the tumult on the floor
OF the exchange had died out considerably
and things began to assume their usual
condition. There was. however. a feeling
Of uncertainty gand apprehension, which
Threatened to break out at any moment. q
IT was shortly before ! D. m. when the
third failure OF the day was announced
that of De Neufville & Company. 1t did
not create much excitement
MARKET DROPPED SEVEN POINTS.
New York. Dec. 2O.-The semi-Danicky
condition of the Iordon market for Ameri-
can railway shares this morning. Is re-
flected in a sharp fall in prices at that cen
ter, due to heavy realiza tons. created
marked excitement at the opening OF the
Stock Exchange here. and heavy slump
took place in all classes of shares.
Arbitrage dealers had enormous orders
to sell stocks here, and the execution of
these completely dencraiiztd the market.
with the result that in the first few min
utes of trading the general list showed
losses from last nights final figures rang
ing up to seven points in Canada Southern.
which fell to Al 1-2.
jersey Central broke 6. 80 leo: Consoli-
dated Gas 6. to 146: Delaware and Hudson
5. to 1870: Rubber 8. to 26 1-2: Lead ,, TO 23:
Southern Railway preferred 1-2. to
"a 3-4: Baltimore and Ohio 5. 10 az: Chi
cago Gas Is. to Ga 1-2: ST. Paul So.
to 81 7-S: Rock Island 8 l 2. 10 So: Bur
lington and Quincy 21.2. 70 10 "A:
cific 81. to 22: Kansas and Texas pre-
ferred IA. to 23 2: New York Central
3 "a, to94 l-2: Pa cisic Mail 3. o26: Louis
vile and Nashville 3-4. to 40 1-2: Wabash
preferred 1-2. to IA: Denver and Rio
Grande preferred 1-2. To Al IL. and
Omaha 2 1-2. to 81 1-2. The losses In the
renIa iDder of the list were 1-2a1 i-2-
In addition to the decentralization at Lon
don, and the heavy selling for thIt ccounr.
the engagements of S3.4c0.0CO gold for
export to Europe tomorrow. had very
depressing influence.
There were intermediate rallies of fa2
points, but at IL O'Clock the whole list was
heavy and on the down Frdce. with deai-
fngs large and excited.