The Topeka state journal., 1899-12-19
STRUGGLE.
Bulls and Bears of Wall Street
Fight For Supremacy.
Heavy Buying Orders Dis
tributed During the Night.
70 HOLD UP PRICES.
Opening Showed Gains In I'm
pOrtant Specialties.
Great Crowd Turns Out to Wit
ness the Conflict.

New York, Dec. 19.-An roads led to
Wall street this morning. Besides the
usual throngs of brokers, bankers,
clerks and regular frequenters of the
financial district the elevated trains,
surface cars, ferries and private con-
veyances brought their addition of
curiosity seekers of all conditions and
both sexes. Some had interests at
stake and were on hand to watch news
and developments, but the majority
We're present simply as sightseers. The
galleries of the exchange We're filled to
their utmost. The measures already
taken for relief of the money market
and other measures projected including
the expressed intention of the secretary
of the treasury to increase the govern
ment deposits with national banks had
their effect in aIlayinss apprehensions.
The sharp recovery in prices of some
leading American stocks on the London
exchange this morning contributed to
the same effect. The feeling was never
b theless feverish and apprehensive.
The advance in the Imperial Bank of
Germanys 5 rate of discount from to Z
per cent and the per cent discount
rate in Berlin caused uneasiness not
only on their own account but because
they probably fOreshadOWed further
advances in the Bank of England's s rate
and resulting pressure on New York
The first quotations quickly demon
strated a violent speculative conflict.
Immense buying orders had been dis
tributed for the support of prices. The
opening showed some gains in cOnSe-
quence extending from one to points
in a number of important specialties
including Sugar, Continental Tobacco,
Leather pfd. and Metropolitan Street
Railway.
IMPROVEMENT IN LONDON.
London, Dec. 19.-The failure of the
London and Northern bank, limited
comparatively small concern was an
nOunced today. The directors issued
statement attributing the failure to the
alleged libelous assertions regarding
the bank which have appeared in the
press. The banks assets, according to
the directors would fully cover the Ii
abilities. The failure of the bank and
the rise in the German rate of discount
and interest, the latter from Z to per
cent, did not appear to have any ser
iOus effects on the market here. The
general feeling on the street was that
the conditions We're better. This was no
little due to the impression gained from
favorable adVices that an arrangement
had been reached in New York over
night to support the market and nre-
vent a recurrence of yesterdays panic.
It is hardly thought that the rise in
the German discount rate will cause q
corresponding increase of the English
bank rate.
While news from the seat of war is
awaited with nervous one
of the largest operators expressed to a
representative OF the Associated 1F6SS
a belief that the feeling this morning
was stronger and unless very bad news
came from the front. there were no
signs pointing to a further panic.
BOSTON BROKERS ASSIGN.
Boston, Dec 19.-Diuaway & Starr.
! bankers and brokers of this city have
assigned.
The firm is one of the most prominent
of the kind in the city and is COM
posed of Charles F. w. Dillaway, G. H
Flint and A. w. Lawrence
The amount of assets and liabilities
had not been computed at the time of
the announcement Of the assignment.
The firm. it is understood with two
other houses. carried large quantity
Of the Globe National bank and the
subsequent furry in the stock market
is said to have been the reason for the
assignment as the firm was a heavy
loser
Assignee Hovey at noon said that no
statement would be given out today.
ANOTHER $4,000, 600
New York. Dec 19.-At a meeting of
the clearing house committee today a
made up for lending in the stock mar
ket
PORT JARVIS BANK CLOSES.
New York. Dec 19.-The National
bank of Port Jarvis N Y, did not open
its doors for business today. A notice
signed by President Francis Marvin
and Vice President Sharp was posted.
saying that temporary suspension was
necessitated by the Strin gency in the
New York money market. The suspen-
sion is attributed primarily to the re-
cent defalcatiOn of l. z. Goldsmith,
the assistant cashier.