New-York tribune., 1899-12-19
A WALL STREET PANIC.
ONE OF THE WORST DAYS
IN EXCHANGES HISTORY.
THE ENTIRE LIST SELLS OFF AT BIG
LOSSES TWO SUSPENSIONS AN
NOUNCED-BANKS COME TO THE
RELIEF OF THE MARKET.

such day it has not experienced since the
time Of the Grant & Ward failure, in 1884; but
at the close Of the day 1t was the opinion Of
conservative bankers and Stock Exchange oper-
ators that the worst had passed as the liquida-
tion especially Of ndustrials, was believed TO
be practically over. and had been on so enor-
nous scale as to clarity and safeguard the
situation. Last week closed with securities
prices still declining, as they had been declining
for many weeks; with Eng and facing a certain
prolongaton Of the in South Africa, in view
OF General Buffers defeat and 81 10000 gold
exported from this centre consequence OF
the situation in London; with Boston bank fall
ures and copper market declines. to relieve
which several millions were forwarded from
this city to Boston, and with omnous rumors
ahoat concerning the condition OF at least one
local financial institution.
Yesterday opened on the Stock Exchange here
with London a heavy seller. and with the gen.
eral list showing recessions in all the more ac-
tive stocks, as compared with Saturdays last
figures. Soon came the news that the Produce
Exchange Trust Company had closed it's doors.
information which carried widespread dismay,
although it by means a bolt from the
clear sky; and, later on when the suspension
OF Henry Allen & Co. announced. the price
Of money went bounding upward and rumors
Of the embarrassment Of many we'll known and
wealthy firms flew thick and fast rumors which.
happiy. did not prove true. II was an anxious
and trying day for everybody in the Street,
with every commission house executing selling
orders IN large volume for QUITO town and
iccai customers, and closing out the scantily
margined ones while the bears added to the
general Generalization by heavy short selling
and prices went rapidly downward There
was partial rally before noon. due to extensive
covering by shorts and TO purchases by the
bargain hunters" and by largo interests TO
whom the extreme low prices offered an inviting
opportunity: but later the downward move
ment was resumed with accelerated force.
MANY RUMoRs AFLoAT
Every conceivable sort OF rumor was afioat.
including one to the effect that the British had
met with another serious reverse in South Az.
rica, and color was given to this report by the
depression to a figure below par OF consols on
the London Stock Exchange
BY one Of those peculiarities for which Wall
Street is famous, prices actually rallied here
and there. in the face OF what seemed 10 be the
direst news Of the day. but within ten minutes
the bear tide had once more set in. and II was
then that the lowest prices OF the day were re-
corded. and not until the Clearing House loan
OF recovery.
Recessions were 80 rapid and upon cx-
tensive a scale that II was practically impossi-
bic to follow them. Some OF the maximum de-
clines were Metropolitan Street Railway, 10
points; Sugar, 10: Peonle's Gas 10; Rock Island
q: Brooklyn Rapid Transit l2l2; Manhattan. 6:
Great Northern preferred. 6l. New-York Cen
tral. D Federal Steel :; Burlington. ); Conri-
mental Tobacco, >; Louisville and Nashville e.
The galleries OF the Stock Exchange were q,
crowded throughout the day with interested
spectators. but on the floor there was at all
times noticeable absence Of the wild excite
ment which has in many crises in the past
characterized the conduct OF the groups Of
brokers around the several trading posts. It
seemed as if the situation was too serious for
clamor. that the tension too painful to dnd
relief in vociferation and gesticulaton, for
one knew at what moment fresh news Of dis
aster to business associates would develop.
Call money at the opening ruled at per cent
BY noon IT had advanced to 80 per cent. At 2
o'clock It was 100. and at 215 o'clock was bring
ing 125 while it is reported that at one moment
1t actually touched 1856, one-half of 1 per
cent interest for day. 70 per cent above the
high level of 121 reached in the summer Of 1898.
RELIEF FROM BANKS
But at 2:30 o'clock came the cheering news that
the banks and the firm of J. p. Morgan & Co. had
placed many millions Of money at the disposal OF
the Exchange. A hastily called meeting OF the
members Of the Clearing House Committee and
several other bank presidents was held at the
Clearing House. and word quickly came that
decision had been reached TO loan SS,oo0,00O on
the Exchange and Of this sum $5.5DOOW was
put out AT rates ranging down 10 30 per cent.
At the same time ]. F. Morgan & Co. were
loaning Sl.0o00O at per cent. curious evil
dence Of the confusion and excitement In the
loan crowd" being the fact that some brokers
secured Morgan money at per cent while only
two or three feet away their fellow members
were borrowing bank money at 30 per cent.
The bankers who gathered at the Clearing
House Yesterday afternoon we're President
Woodward of the Ha lover National Bank. who
Is also president OF the Clearing House Asso-
citation: President Tappen of the Gallatin Ma
tional Bank President Simmons of the Fourth
National Bank President Perkins Of the I'M
porters and Traders National Bank, chairman
of the Clearing House Committee; President
Williams OF the Chemical National Bank. Presi-
dent Cannon Of the Chase National Bank Presi-
dent Stillman OF the National City Bank. Presi-
dent Nash OF the Corn Exchange Bank. Presi-
dent Mason of the Bank Of New-York.
President George F. Baker. of the First Ma
tional Bank; President stephen Baker OF the
Bank OF the Manhattan Company. and Vice.
President Delafield, OF the National Park Bank.
After their conference Assistant Manager Gilpin.
OF the Clearing House Association, said that the
banking interests OF the city. seeing that some
relief must be given TO the situation. had met
and offered about Sl0.000.000. which had been
promptly put at the disposal of the market.
There would be another meeting this morning.
he added, when the banks would give further
relief II necessary. to prevent further panic.
even up to the issuance of Clearing House GER
tfcates.
1t Is understood that the money turned into
the market yesterday afternoon contrib
uted by only five six OF the institutions rep