The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-12-19
situation In New York.

situation In New York.
New York, Dec. 1S-Panic conditions
developed on the stock exchange this
afternoon with the imperative need, of
money developed by the violent con-
traction in values. Stocks were thrown
over without the slightest regard to the
price they would bring and at distress
ing sacrifice of values. No end to the
helplessness of the situation seemed in
sight, when, in the last half hour of the
market some $10,000,000 was offered on
the Stock Exchange by the concerted
action Of the clearing house banks to
force the rate down to per cent. with
out regard to the distracted bidding at
higher rates which was being done by
brokers for distressed operators. The
collapse in the money rate checked the
decline AND drove the bears to cover.
The recoveries produced by their urgent
bidding were almost as violent as the
| declines had been, but the losses were
by no means entirely retrieved.
Large offerings of stocks continued at
| the rally and at some points of the list
! prices broke anew before the close
making the closing exceedingly irregu-
| lar and unsettled. The excitement con-
tinued to the end, with sentiment look
| ing forward anxiously for the develop
ments Of another day. The seriousness
| of the crisis has called forth the best
| efforts of powerful and conservative
| financial interests, who are busy con-
certing measures to tide over the money
difficulties, which beset the stock
market and which. by reason of their
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