Las Vegas daily optic. [volume] (Las Vegas, N.M.) 1880-1908, 1899-12-19
A New York and a Boston. Bank
Unable to Stand the
Pressure.
CALL MONEY FROM 8 TO rs
Great Excitement at Opening OF
Stock Exchange Pressure OF
Liquidation Over, Stocks
Move Up at Close.

New York, Dec, 19-Wall street
brokers were in a state of wild excite
ment and turmoil, when the signal
sounded for opening, which was in
describable. The market ebbed and
flowed many times the first hour and
became wildly irregular at times,
prices mounting bouyantly at some
points while breaking anew at others.
Those who set themselves the task of
supporting the market had to absorb
seemingly unending stream of offer
ings of large blocks. They received
important assistance from investment
buying on large scale which was par
ticular manifest in the bond depart
ment. Buying by shorts was also in
large volume. The avalanche of sell
ing orders was so steadily absorbed
that standard railroad stocks began
to resist the decline. Metropolitan.
sugar, peoples gas and some iron
and steel stocks kept breaking through
the line like powerful foot ball play
er trying for the goal. Early the
second hour there appeared an appre-
ciable decrease in activity and the
pressure was no longer so severe.
London, Dec. 19-The failure of the
London and Northern bank, limited,
a comparatively small concern, was
announced today The directors is
sued a statement attributing the fail
ure to alleged libellous assertions re
garding the bank which appeared in
the press. Assets, according to the
directors, should fully cover the liabil-
tiles.
The general feeling on Lombard
street was that conditions were better.
This was not little due to the i'm
preston gained from private advices
that an arrangement had been reach
ed in New York over night to support
the market and prevent a recurrence
of yesterdays panic.
London, Dec. 19-Transactions on
the stock exchange today were again
unmarked by a serious amount of
liquidation. Many shares were re
dueed, though not to such an extent
as yesterday.
TWO BANK FAILURES.
Boston, Mass, Dec. 19-Dillaway G
Starr, bankers and brokers have as
signed. The firm is one of the most
prominent in the city, composed of
Charles F. W. Dillaway, George H.
Flint, A. w. Lawrence. The firm, it
is understood, with two other house,
carried large quantity of mining
| stocks. The embarrassment of the
Globe National bank and subsequent
furry in the stock market is said to
have been the reason for the assign
ment as the firm was heavy loser
Assignee Hovey at noon said no state
ment would be given out today
New York, Dec. 19-The National
bank of Port Jervis, N. Y, did not open
for business today. A notice signed
by the president, Francis Marvin, and
Vice President Sharp, was posted
saying the temporary suspension was
necessitated by the stringency of the
New York money market. The sus-
pension is attributed primarily to the
recent defalcation of L. E. Goldsmith,
the assistant cashier
CALL MONEY.
New York, Dec. 19-Call money rs
per cent Prime mercantile paper so
6. 12:30-Call money per cent.
New York, Dec. 19-1:15 p. m. Call
mcnezs2O per cent.
New York, Dec 19-2 D. m.-Call
money Ioa6ing 5h per cent.
CLEARING HOUSE.
New York, Dec. 19-At a meeting of
clearing house committee today second
subscription of $1O,OOO,OOO was made
up for lending on the stock market.
New York, Dec ia member of a
clearing house committee today auth
orized the statement that clearing
house certificates viii be issued. This
was decided at today's meeting of the
= clearing house committee.
LATEST.
Il New York, Dec. 19-It became mani
: fest as the day progressed that the
pressure of liquidation was over. Ad
ditional supplies Of money coming into
the market forced the rate down tc
: b per cent and stocks began to move
upward bouyantly. Something like 9
!, panic among bears developed and in
their eagerness to buy bid up prices
: frantically on themselves. The mark
) let became animated on the advanc,
s and strength permeated all the depart
e ments.
: GOVERNMENT DEPOSIT HELPS
J, At 2:30 o'clock statement wa,
9 made that the government had mad,
deposits at the depository banks, az
gregating s7OOO.OOO. Of this amour
the National City bank received SIS
. 100000 which was loaned on the stool
: exchange at per cent.