The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1899-12-19
A day OF
INTENSE
EXCITEMENT
Developed on the Stock Exchange
on Account Of the Trust
Company Failure.
ALL INDUSTRIAL SECURITIES
Suffered, Especially Trusts and Rail-
roads-ls5 Was offered
for Money.

NEW YORK, Dec. 1S.-Panic condl-
tlons developed on the stock exchange
this afternoon with the imperative need
of money developed by the violent con-
traction in values. Stocks were being
thrown over without the slightest re-
gard to the price they would bring and
at distressing sacrifice OF values. No
end to the helplessness Of the situation
seemed In sight. when, in the last half
hour Of the market some $1O,OOO,OOO was
offered on the Stock Exchange by the
concerted action of the clearing house
banks to force the rate arbitrarily down
to 6 per cent without regard to the dis
tracted bidding at higher rates which
was being done by other brokers for
distressed operators. The collapse in
the money rate checked the decline and
drove the bears to cover. The recover
les produced by their urgent bidding
were almost as violent as the declines
had been, but the losses were by no
means entirely retrieved. Large offer-
ings Of stocks continued at the rally,
and at some points Of the list prices
broke anew before the close. making the
closing exceedingly irregular and un-
settled. The excitement continued to
the end with sentiment looking forward
anxIously for.the developments of an
other day. The seriousness of the
crisis has called forth the best efforts
of powerful and conservative financial
interests, who are busy concertins
measures 10 tide over the money diff
culties which beset the stock market,
and which, by reason OF their extent
and the Importance of the interests in
volved, threaten to affect the country's
business interests. unless obstacles are
opposed.
1t considered point gained to have
effected cessation OF the ruthless sac
rifce Of values long enough for period
Of consideration over night. For the
selling OF stocks had unquestIonably
reached that stage where ordinary con-
sIderatlons OF prudence or evef of me-
cesslty had been thrown TO the wind.
and the sufferers from the money strin-
gency we-e unloading their holdings in
The true panic spirit A pause OF a few
hours for consideration lsiilkely In itself
to do mu.h toward rectlfying such
condition. So far as actual news was
concerned to-day, there was u suspen-
sion by q newly organized trust com
pany and by a firm Of bankers and
brokers who have hgured as traders in
stocks to an extent OF some Importance.
Neither event in itself would have been
sufficient to precipltate crisis. But
they were supplemented with a whole
crop OF wild and incoherent rumors,
which spared no interest. however pow
erful, long established and hitherto free
from suspicion 1t may have been. One
would think from the tone Of some Of
the gossip that was flying about by tel
ephone, telegraph and by messenger
boy or by whispers and even by shout
ings in the Hobbies OF the stock ex.
change, that the whole financial fabric
had been undermined and was about to
tumble in ruins. Yet the day closed
with the two failures above mentioned
AS the sum total of disaster, 80 far as
admitted insolvency was concerned.
The reason for the widespread effect
upon sentiment OF the trust eompany's
suspension was that 1t was one OF a
large number OF institutions recently