The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1899-12-22

New York, December 18.-Panic con-
.ditions developed on the stock exchange
this afternoon, with the imperative
need Of money developed by the vio-
lent contraction in values. Stocks
were being thrown over without the
slightest regard to the price they
would bring and at distressing sacri-
flee of values. Nc end to the helpless
ness of the situation seemed in sight,
when, in the last half hour of the mar
ket some $40, 600, 900 was offered on the
stock exchange by the concerted ac-
ton of the clearing house banks to
force the rate arbitrarily down to 6 per
cent, without regard to the distracted
bidding at higher rates which was be-
ing done by other brokers for Distress
ed operators.
The collapse in the money rate check
ed the decline AND drove the bears to
cover. TIE recOVeries produced by their
urgent bidding were almost as violent
as the declines had been, but the losses
were by no lee 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 Onward anxiously for the develop
ments of another day.
The seriousness of the crisis has call
ed forth the best efforts of powerful
n conservative financlal interests,
who are busy concerning measures to
tide over the money difficulties, which
beSet the stock market, and which, by
reason OF their extent and the import
anCe of the interests involved, threaten
to affect the country's business inter-
ests, unless obstacles are opposed.
Sc far as actual news was concerned
today, there was a suspension by a
newly organized trust company, and
by a firm of bankers and brokers' who
ave figured as trading in stocks to
an extent to some Importance. Neither
event in itself would have been suffi-
clent to p~reclpitate q crisis. But they
were supplemented with a whole crop
of wild and incOherent rumOrS, which
spared no interest, however powerful,
long established and hitherto free from
suspicion it may have been. One
would think from the tone of some of
the gossip that was flying about by
telephone, telegraph and by messenger
boy or by whispers and even by shout
ingS in the lObbieS of the stock eX-
change, hat the whole financial ia
brio had been undermined and was
about to tumble in ruins. Yet the day
closed with two failures above men,
toned as the sum total Of disaster, SO
far as admitted insolvency was con-
cerned.
The reaSOn for the widespread effect
upon sentiment of the trust
suspension vas that it was one Of a
large number of institutions recently
formed or similar lines and which have
thriven upon the multiplying of securi-
ties incident to the industrial cOmbina-
lions which have been a feature for
the past year The securities of these
combinations as a class AVE been in
diSfaVOr in Wall street for many weeks
past and in fact ever since the head
long imitation in their prices and sub
sequent collapse last spring. Some of
the least fortunate of the new cOmbi-
nations nave been affiliated with the
trust company which closed it's doors
today. The incident caused a feeling
of distrust with regard to the whole
class of industrial securities, as is suf-
ficiently evident from the wide
breaches made in the values of this
class of securities in the days trading.
SUSPENSION OF PRODUCE EX-
CHANGE TRUST COMPANY.
The Produce Exchange Trust Com
pany. of this city, closed it's doors to-
day. A notice pon the door say that
the company suspended payment pend
ing a REIMBURSEMENT of it's affairs.
A statement of the company's condi-
ton at the close of business Saturday
last shows assets 81, 719, 500, including
syndicate loans of $4,423, 500, demand
Dan $685. 900, cash on hand Sis, 900,
cash in Western national bank 1888, 900,
cash in National City bank $500, 900,
cash in First national bank, of Jersey
City, 500, 900, ash in Standard bank
$269, 900.
The Produc Exchange Trust Com
pany was organized a couple of years
ago, with a capital OF 81, SOC, 600 and had
a reported surplus and undivided
profits at this time of over 1000, 900.
It's business was chiefly with mer-
chants, tradesmen and corporations in
it's immediate vicinity, and it was also
supposed to do some of the banking
business of the Standard Oil Company.
1t had been designated by the banking
department of the state as a legal de-
pository for state moneys n munich
pal honey as we'll as Of the funds of
the savings banks and state banks.
The officers Of the company are:
President, Turner A. Beall; vice presi-
dents, Edwin Gould. Thomas A. Nc
Intyre Inc S. D. Scudder; secretary
and treasurer, >. l.. chamberlain as
sistant secretary and treasurer. Will
liam Laws.
The officers of the company declined
to see anybody or give anything for
publication beyond this supplementary
statement that was posted on the doors
some time after IL o'clock:
The immediate cause of the suS-
pension Of the company is its inability
to convert it's securities into cash in
time to meet the sudden and abnormal
demand made upon it."
STATEMENT OF EXAMINING COM
MITTEE.
The special committee appointed to
examine the affairs OF the COM
pany organized by electing Ed
win Gould chairman. h com
mittee was in session all the after
noon n the early part Of the evening
The results of the committees DELHI
erations is given in the appended
statement:
THE special committee, consisting OF
Messrs. Gould, Bidwell, Maher, Brain
erd and Armstrong, appointed by the
hoard of directors of the Produce EX-