The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1899-12-23
WALL STREET EXCITED,
Call Money Commanded 1873 Pei
Cent.-Beltimore Firms Go
Under, &C.

Monday December Is. VIII long Re rcmcaibcrc,I
in Wall street. New York. on that day the recori
in stock selling was the next highest ever known
The New York correspondent Of the Philadelphia
Ledger at the close Of business Monday says
one bad failure was announced. that Of the Pro
duct Exchange Trust Company. and one suspension
that Of Henry Alien & Co. Loanable money was
withdrawn from the stock Exchange, Bids tor
loans advanced as high iS6 peF cent without at
tracing offers Leans were called right and left
Securities were thrown on the market la large
blocks Prices broke with violence. such wzs
witnessed only on the days Of The Barring and iso
panics and the memorable Venezuelan stump At
halfpasi the situation looked grave, indeed. and
Wall street men looked each other IN the face anx-
ioasly and asked when win this shing eud r.
AZ this point relief came aud the eouae OF the pan
&c was checked
J. Pierpont Morgan Is generally credited with
having initiated the relief measures Besides throw
ing on the market large sum Of bis own money,
be called the attention Of r. b. Tappen. the veteran
President Of the GELATIN National Bank aud zen-
ber Of the Clearing House Committee 70 ,hc adyls-
bIlity Of the hanks taking steps relieve thc strain
Calling 10 bis assistance J. Edward simmons Prssi.
dent % the Fourth National Bank. rho Ezociag-
Ell with him on the famous Loan COMMITTEES 81 49,
Mr.. nppen. uith his accustomed energy. under.
TOOK the task. The two bankers Immediately called
a meeting Of bank Presidents In ten minutes
about dozen Of the Presidents sere Is session and
il instantly resolved 10 offer sseaoaol 20 $40
ddA01o in loans in the stock Exchange Nine hanks
agreed 70 form pool. with miilloH dollars each.
Scr this purpnse. Mr. buckingham. the we'll known
loan broker intrssicd with the mlsssau q
placing thts moses on the market Al twenty
minutes 70 he began 70 Offer loans, starting al -
per cent aud reducing the rae rapsdly too The
closing rate vas per cent This action had the
desired effect u checking the Generalization Ia ghc
market and prices ciosoi generally with conssier-
able recovery from the lowest quotations.
Some of the Issse~.
An tdea Of the severity OF losses may - gained
from few Specifications Thus, American Tobacco
fell an extreme 2ilS. Metropolitan ~, Peoples
Gas II, Sugar l21k Continental Tobacco lI'S. Ten
nessce Coal ~ Manhattan and Leather preieFrvi
y 4 ali in the list oG Industriais
In the railroad list such stocks as New Turs Cen
tTsl, Great Northern preferred. Rock Island south
efu Pacific, the Union faeifcs the Northern PACT
ics, Atchison preferred, and in fact the most pron
nent and active railroad stocks in the whole Is.
showed losses all the way from to 2 points.
The rallies, with the final offerings Of the money
rate down TO per cent. ran from to 10 points
The days transactions un up TO total OF
q
days business. The excitement was intense all
day.
seems 10 he n Had Failure.
The failure Of the Produce Exchange Trust Com
pany appears 70 be q bad one although Thomas A.
MoIntrye, who has been Its most active promoter.
says that he is confident It can pay dollar for dollar
and that without much delay. But the statement
made by Edwin Could, the Vice President Of the
company is not reaSsuring Mr. Gou1d says that
since his election as Vice President. on september
D. he made an examination. and found matters in
connection with the concern for which he did not
care to assume responsibility. He has found that
large sums Of money have been tied up in aiding
the underwriting Of certain industrial enterprises
until the amount invested together with what
the company has agreed to furnish If called upon.
equals nearly If not quite, the combined amounts
Of the capital aud surplus
This was written by Mr. Gould TO the Executive
Committee on December 5. He said In addition that
he felt that the condition Of the company was such
10 render the Management subject 10 criticism un-
less radical changes were made. During the past
few weeks there has been heavy withdrawal OF
deposits. developing almost into run. The corr
pany is one of the newer concerns but had several
well known persons connected with it. Its hBs
President was DIR. James II. Parker, formerly Presi.
dent of the United States Bank, and of stand
ing in the street He resigned last January because
Of dissatisfaction with its management. He object
ed to concern having 81 600 600 capital oaning to
one syndicate s. 10000 After he left and as late
as July, the capital was increased TO s5OO0,OOo.
President Nash, Of the Corn Exchange Bank, also
resigned. and the death of A. T. Pouch, of Brook
Ign, deprived the company Of another powerful
Director. Mr. Gould was only recently brought in
to the concern on representations which he says
were not correct