The age-herald., 1899-12-19
 PANIC RE|CN[D
 AMONG STOCKS Greatest Excitement for Yeas Over the S|umP,l PRICES THROWN 2 THE WIND The Money Rate { aped to l25
 Perg St.
 5ss- BEARS EMAIL NIT TO COVER
BEARS FlNALL NIT TO COVER
Some Clearing House Banks Finally Game to the Rescue, and Offered $1O,OOO,Ooo to Assist the
 Distressed Operators

| l tions developed on the stock exchange this afternoon, with the imperative-need of mo- ney developed by the violent contraction in values. Stocks were being thrown over without the slightest regard to prices they would bring and at distressing sacrifice in values. No end to the lhelplessness of the situation seemed in sight when, in the last half hour of the market some $l0,0000oo was offered on the stock exchange by the con- certed action of the clearing house banks 10 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 distracted operators.
 The collapse in the money rate checked the decline and drove the bears to cover. Recoverles produced by their urgent bidA ding were almost 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 close exceedingly irrgular and unsettled.
 The excitement continued to tend with sentiment, looking forward anxiously for timent, looking forward anxiously for the developments of another day. The serious ness of the crisis has called forth the best efforts of powerful and conservative finan- cial interests who are busy concerting measures to tide over the money difficulties which beset the stock market and which by reason of their extent and the importance of the interests involved threaten to affect the counry's business interests unless obs stacles are opposed. :.
 A Point Gained
 It is considered a point gained to have effected q cessation of the ruthless sacrifice of values long enough for period of con- sideration over night. For the selling of stocks had unquestionably reached that stage where ordinary considerations of prudence or necessity had been thrown to the wind, and the sufferers from the money stringency were unloading their holdings in the true panic spirit. A pause of few hours for consideration is likely in itself to direct much toward rectifying such a condition. So far actual news was con- cerned today, there was a suspension by a newlyorganized trust company and by a firm of bankers and brokers who have fig rred as traders in stocks to an extent Of great importance. Neither event in itself would have been sufficient to precipitate Q crisis. But they were supplemented by a whole crop of wild and incoherent rumorS which spared no interest, however power- full, long established and hitherto free from SuSpcclOn II may nave been. one W0ulQ think from the tone of some of the gossip that was fioa ting about by telephone, teIe- graph and by messenger, or by whispers and even by shouting in the Hobbies of tho stock exchange, that the whole financial fabric had been undermined and was about to tumble. Yet the day closed with two failures above mentioned as the sum to- tai of disaster, so far as admitted insoly- ency is concerned
 The reason for the widespread effect upon sentiment of the trust company's suspen- sion was that 1t was one of large number of institutions recently formed on similar lines and which have thrived upon the multiplying of securities incident to the in- dustrial combinations which have been a feature of the past year. The securities of these combinations as a class have been in dsfavor in Wall street for many weeks past, and in fact ever since the headlong imitation of their prices and subsequent col- lapse last spring. The dsfavor which is attached to them in Wall street has been quite indiscriminate. and based on many varying considerations. The principal ale gations against them are over capitaliza- ton, exorbitant prices for constituent prop critics and vulnerability to existing and threatened legislation against combinations It is evident that in so large a number of combinations have been made the ale gations can scarcely apply to all alike. But the sheep have not been separated from the goats in Wall street. and some of the least fortunate or the new com mbinationS have been affilia ted with the trust company which closed its doors today.
 Feeling of Distrust
 The incident caused feeling of distrusf with regard to the whole class of industrial securities is sufficiently evident from the wide breaches made fin the values of this class of securities in the days trading. It is to be noted also that the very heavy com- mittments of capital to the trust form of enterprise itself and it's incursions on tho banking field have aroused much discus sion. It has been obvious for many months past that a great deal of money had been locked up by capitalists in these new in- dustrial combinations which were becoming burdensome to carry by reason of the heavy demands for money in the regular channels, the large absorption of funds by reason of the government surplus revenues and ur- gent needs of the London money market growing out of the Transvaal war.
 Last weeks threa tening situation in Bos- ton was the outgrowth of the burden of copper stocks Thus it was that the trust company failure today, coming upon last weeks events in Boston, aroused the fear that the suspec ted class of securities were