Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-19
PANIC In STOCKS.
INDUsTRIALs THE sEvEREsT SUI.
FERERs.
CALL MONEY REACHES 1875 PER CENT.
Unofficial Reports Are Made Of Loans
mt 1S6-Rate Eventually Broken to
eries-Wheat Higher.


of money developed by the violent con-
traction in values Stocks were being
thrown over without the slightest regard
TO the price they would bring, and at
distressing sacrifice OF values. No end 10
the helplessness OF the situation seemed
in sight. when, in the last half-hour Of
the market. some 100000 was offered
on the Stock Exchange by the concerted
action OF the Clearinghouse banks, to
force the rate arbitrarily down TO per
cent, without regard to the distracted
bidding at higher rates, which was being
done by other brokers for distressed ope-
rators.
The collapse In the money rate check
ed 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 stock continued at the rally,
and at some points of the list prices broke
anew before the close. making the closing
exceedingly irregular and unsettled.
ANXIETY FOR TO-DAY
The excitement continued to the end.
with sentiment looking forward anxious
~ for the developments of another day.
The seriousness of the crisis has called
for the best efforts OF powerful and con-
busy concerning measures to tide over
the money difficulties which beset the
stock market. and which. by reason Of
their extent, and the important interests
involved, threaten to affect the country's
business interests, unless obstacles are
opposed.
SO far as actual news was concerned
to-day, there was suspension by new
lN-OrganiZed trust company and by firm
of bankers and brokers who have figured
a a a
Importance. Neither event in Itself would
have been sufficient To precpitate a
crisis. but they were supplemented by
whole crop of wild and incoherent rumors,
which spread so that no interest, how
ever powerful, long established and
hitherto free from suspicion it may have
been. was unaffected by IT.
CLOSE NOT so DISASTROUS.
One would think from the tone OF some
of the gossip that was flying about by
telephone. by telegraph by messenger
hoy. or by whispers, and even by shout
ings in the Hobbies Of the Stock Exchange,
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
CT disaster so far as admitted insolvency
is concerned.
The reason for the widespread effect
upon sentiment of the trust company $
suspension was that II was one of large
ed on similar lines. and which have
thriven upon the multiplying of securities
incident TO the industrial combinations
which have been feature Of the past
year. The securities of these cOmblna
tons "a a class have been in disfavor in
Wall street Tor many weeks past, ant~
In fact. ever since the headlong iniiat<'I
in their prices and subsequent coil/f5e
last spring. Some OF the least fortunate
Of the new combinations have been af-
filiated with the trust company which
closed its doors to-day
The incident caused a feeling of distrust
with regard TO the whole class Of indus
trial securities. as is sufficiently evident
from the wide breaches made in the
values of this class of securities in the
days trading.
STRINGENCY OF MONEY.
The stock market yielded TO panic to-
day under the severe .stringency OF money
and the distrust engendered concerning
all classes of securities on the Exchange.
The ndustrials were the severest suffer-
ers. and were the real centres OF the dis
turbance but the efforts TO protect hold
ings in them precipitated violent liquida-
ton in other classes of securities.
The intervening Sunday afforded some
monetary check 10 Saturdays liquidation,
as was expected, so that the opening de-
clines in sympathy with London were in
large part recovered, and the market
seemed comparatively quiet 5hd without
sensation.
The announcement Of the failure of n
trust company and OF a firm of brokers
prominent on the Exchange caused re-
newed weakness and there were calls for
additional margins by commission houses.
A decision by the Clearinghouse banks
to renew old loans at per cent. ana 10
avoid as far as possible excessive rates
for new loans queted the market again
and caused some recovery
In the afternoon severe stringency de-
veloped again in the money market, rates
for call loans bounding up rapidly to rs
per cent, which was the maximum ON
cially recorded. Unofficial reports were
made of loans at 1S6 per cent.
STOCKS THROWN OVER, REGARD
LESS.
The market quickly took on panic condi-
tions and stocks were thrown over entire
" without regard 10 prices. metropolitan
and Tobacco led. with losses OF over 20
points. and a large number of industrials
followed. with 5-to-l5-point breaks. Inc
high-grade railroad-stock declines, at the
extreme low level, ranged from 10 .
points, including the Changers, Trunk
Lines. Internationals, Southerns, and
Transcontinentais.
In the last half hour, by concerted
agreement of the Clearing House banks,
$40 0Co0C0 was offered on the Exchange,
which broke the money rate to per cent.
and caused violent recoveries of from 10
10 points in the prices Of stocks. All out
side influences were swallowed up in the
acuteness of the local situation. r r., o
Semi-speculatiye bonds were off from 2
to points. Dealings were not on an
extraordinary scale. Total sales, par
value. S3,35OOOO.
SALES. 1,6SO.5OO SHARES.
The sales of stocks were 1,65O,50O shares,
including Atchison. preferred, O'6iO;
Atchison. common, $3.50; Baltimore and
4 lxe
Chicago Great Western. 1863; chicago
burlington and Quincy. 1880; Rock Island,
q $50: Delaware and Hudson, 800; Lack
awanna and Western, 21O: Manhattan,
80 40: Metropolitan Street Railway, $3.50;
Missouri Pacific. 1880: Minneapolis and
ST. Louis. preferred, 10000; New Jersey
Central, 700; New York Central. 1910;
Norfolk and Western, 1850; Northern Pa
cific. 1870; Northern Pacific, preferred,
10 SoO Ontario and Western, lO,lW; Penn
svlyania. 169iO: Reading. $500; Reading,
first preferred. 1900: Reading. second pre-
ferred. 1000: st. Louis Southwestern. pre-
ferred 1880: St Paul. H30; Southern
Pacific. 1O4 6G7: Southern Railway, pre-
ferred. $50: Texas Pacific, 5000; Union
Pacific $3.50; Union Pacific preferred;
27150: Wabash, preferred, $500; Steel
Hoop. G.2lO: steel and Wire. 23.l5O; Ameri-
can Tobacco. $3.50; Anaconda, $50;
Brooklyn Rapid Transit, 12i,625; {. q. l.,
s. 400. Continental Tobacco. I.l6O; Conti-
mental Tobacco, preferred. 12.770; Federal
Steel 53675: Federal Steel preferred. TO-
73S. General Electric. $500 Glucose Sugar,
3 .OGO: North American. 1000; Pacihc Mail.
Z. 1870; Gas. 1900; Pressed Steel Car, 5,WJ'
Sugar. 1Ol .225; Tennessee coal and iron,
ls. 200: Leather, 22,276; Leather, preferred,
1920.
MONEY AND EXCHANGE.
Money on call stringent, ranging from
g 10 125 per cent; last loan at 10 per cent;
closing bid and asked, 80 10 40 per cent;
prime mercantile paper. 5i.n6 per cent.
Sterling exchange slightly easier, with
actuai business in bankers bills at SiS1Ss
for demand and at $4sl1g for sixty days;
rates 81 S2Is and S4SSa. CONNER