Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-12-21

New York, December 20-This was
a day of excitement on Wall street and
matters for time bore the resemblance
of a panic. But this condition of af-
| fairs had not been unexpected and in a
measure the dealers had prepared
| themselves.
Before the opening of business on the
Stock Exchange it was announced that
| SO, 400, 900 in gold would be sent out Of
the country and later in the day the
export of 100000 additional was an
nounced. This, together with the ca
| bic advices from London announcing
extensive sales of American securities
and the tenor of the war news from all
| quarters was responsible for the gen.
eral feeling of uneasiness that prevail
ed even early in the day.
J The spirit of the market was to sell
and in the big exchanges this was done
to an extent rarely before surpassed.
In the Stock Exchange the sales for to-
day were 775,761 shares. New York
Central, st. Paul, Louisville & Nash
Vile Wabash, Missouri, Kansas &
Texas preferred, Reading, Atchison, IL
! linois Central and Canadian Pacific
were the principal sufferers by reason
! of their international listing
AS a result of the decline in stocks
the failure of the following firms was
announced on the Stock Exchange dur
! ing the day:
Nicholas Frothingham &, Co.; Sam
uel S. Sands & Co.; De Neufyille d Co.;
| L. A. Feldman and B. Fenton.
With the fall in prices the banks
called in all their loans, thus adding TO
the complications of the situation
Much money was loaned at very high
interest to carry stocks, and in many
instances renewals would be made
| under
NO CONDITIONS WHATEVER.
AS the selling movement continued
right I'D to the closing hour, with but
slight and momentary reactions, the
effect was demoralizing in the extreme.
Money was loaned on call late in the
afternoon at as high as eighty per cent,
and most loans were marked up to nj
| teen per cent. by the banks.
Just before closing time in the Stock
Exchange the galleries were crowded
with spectators; the floor Of the EX-
change was never a scene of greater ex-
citement, and sellers were almost fight
! ing with each other TO get at the buyers,
who were largely in the minority. There
was excitement, too, and plenty OF IT,
on the street. and it is anticipated that
tomorrow will be a repit.tion of to-day.
In regard to the situation, Frederick
D. Tappen. president Of the Gallatin
National Bank, who was chairman Of
the Clearing House Loan Committee
during the last panic, said that at the
present time the New York banks are
all right and are ready TO face any
/ emergency that may arise. He added
that the surplus reserve amounted TO
20,000O00 and that, therefore, there
was no cause for alarm on the score Of
| money. Mr. Tappen pointed out, how
ever, that while these conditions now
prevail, the situation is serious one.
though likely to be allayed soon.
Regarding the cable to the effect that
the United States was endeavoring to
secure a loan of $50 900, 900 on the con-
tinent, banking circles on Wall street
90 not take any stock in it.
~ THE RUMOR IS RIDICULED
and those bankers without whose
knowledge it would be impossible to
make such a loan, stated that they had
not been approached in any way.
Addison Commack, the veteran oper-
ator said to-day of the situation: The
stock market seems to indicate bad
state of affairs, and the situation is the
( warrant for every man taking care of
his holdings"
l. S. Seligman, of the banking firm
of j. & w. Seligman, said: Our gold
reserve is low, and the heavy withdraw
ais may necessitate the issue of new
bonds" He said further that he did
not believe that any concerted action
was being taken by foreign capitalists
to withdraw credits.
NJ. NJ. Packard & Co, dealers in spices
and teas, made an assignment to-day
to Joseph Case. Tightness Of money is
given as the cause. Mr.. Byron Traver.
a member of the firm, said The assets
would probably reach 100000. while
the liabilities would be below that
figure.