The evening times., 1899-12-18

Failures of two or three trust companies
and important brokers' offices were an
nounced this morning in Wall Street.
Pools that have held. immense blocks Of
stocks up to the present time were forced
to sell out at tremendous losses. People
that bought stocks last week believing
that the end of the break had come sold
them again today at to 10 points loss.
The early part of the Stock Exchange ses-
sion was very near panic. Prices in the
best securities on the list tumbled points
time and five points in the first hour.
Liquidation was unprecedented. No day
in the entire decline OF the past two weeks
has approached this morning in the loss of
values in the standard securities Contin-
ued selling in London. fears of general
financial tie-up in New York, rumors of
failures. and the efforts of the bears, with
even wilder stories of disaster all COM
bined 10 cause the selling of securities.
Apparently there was no effort anywhere
10 support the market, and no question as
TO prices. but simply frantic desire TO sell
stocks at all hazards Relief might come
at any time il was known by these not
so involved in the market as to be unable
to understand the situation clearly. The
Secretary of the Treasury might take steps
10 throw a large amount of the Govern
ment gold into Wall Street. The New York
banks might come to the support of the
market by concerted action Of some kind.
II was thought probable hat news of some
such relief might be published at any time,
but nothing fauthentic was to be had dur
ing the morfing hours.
The grangers were among the weakest
stocks on the list. Rock Island. which has
held its own fairly well up to today, sud
denly began to tumble few minutes af,er
the opening, and before IL o'clock had gone
as low as 1o3 1-2, or 3 points off from tie
close on Saturday. Later II went 10
102 IA. The lowest price reached by tie
stock heretofore this year was 1o7, on the
day after Governor Flower died. Burling
ton tumbled TO 12l and a fraction, and St.
Paul to 116 and a fraction before nom.
Atchison, preferred went as low as 81 1-2.
Northwest went off to Isl and fraction.
Rock Island seemed 10 have no support
whatever, and, indeed, the best information
to be had was that the people that have
held 1t up heretofore were themselves SELL
ing out this morning.
Other securities especially weak were
Peoples Gas, that tumbled to below par;
Federal Steel, common, that went TO be-
low As, and Brooklyn Rapid Transit. This
weakness of the securities that have been
associated with the Flower name was most
suggestive of liquidation. Brooklyn went
below 70. its previous low price, but was
relatively the steadiest OF thess securities.
This to many lent color to the story
afloat that the Vanderbilts have secured a
controlling interest In the company.
Sugar was relatively strong during the
early break, refusing to decline more than
two or three points from an opening above
Saturdays close. Many were inclined to
believe this a good sign of nearby relief,
but on the other hand it was realized that
a tumble OF 10 to 10 points was not in
he least impossible in the stock.
The Pacific stocks declined rapidly with
0e remainder of the market, Northern,