The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1899-12-19
PANIC CONDITIONS
IN WALL STREET
Nearly Two Hundred Per Cent
Offered for Loans Dur
ina the Doy:

NEW YORK, Dec. 1S.-Panic conditions
developed on the Stock Exchange this aft
ernoon. with the imperative need of
money developed by the violent contrac-
ton in values. Stocks were being thrown
over without the slightest regard to the
price they would bring and at distressing
sacrifices OF values. No end TO the help
lessness of the situation seemed in sight
when in the last half hour OF the market
some $4,000 900 was offered on the stock
exchange by the concerted action of the
Clearing house banks 10 force the rate
arbitrarily down TO per cent without re-
gard 10 the distracting bidding at higher
rates which was being done by other
brokers for distressed operators. The
collapse in the money rate checked the
decline and drove the bears to cover. The
recoveries produced by their urgent bid
ding were almost as violent as the de-
clines established and the losses were by
no means entirely retrieved. Large offer
ings of stocks continued at the rally and
at some points OF the list prices broke
anew before the close, making the clos
ing exceedingly irregular and unsettled.
The excitement continued TO the end.
with the street looking forward anxiously
for the developments Of another day.
|. The seriousness of the crisis has called
forth the best efforts OF powerful and
conservative financial interests, which are
busy concerting measures to tide over the
money difficulties which beset the stock
market and which by reason Of their ex-
tent and the Importance OF the interests
involved threaten 10 affect the country $
business interests unless obstacles are Op-
posed.
Ii is considered a point gained to have
effected "A cessation OF the ruthless sacri-
nee OF values long enough for "A period OF
consideration over night. for the selling
az ST .
stage where ordinary considerations of
prudence or even OF necessity mad been
thrown TO the wind, and the sufferers
from the money stringency were unload
ing the holdings IN the true panic spirit.
A pause OF a few hours for consideration
is likely in itself To do much toward rec
tifying such condition.
So far as actual news was concerned to-
day there was q suspension by a newly or
ganized trust company and by firm OF
bankers and brokers who have figured as
traders in stocks to an extent OF some i'm
portance. Neither event In itself would
have been sufficient TO precipitate a crisis.
but they were supplemented win whole
crop of wild and incoherent rumors which
spared no interest however powerful.
long established and hitherto free from
suspicion II may have been. One would
think from the Sone Of some OF the gossip
that was floating about by telegraph. by
telephone and by messengers or by whls-
pers and even by shouting in the lobbies
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 men.
toned as the sum total OF disaster SO far
as admitted insolvency was concerned
The reason for the widespread effect
upon sentiment OF the trust company :
suspension was that IL was one Of a Ia zoe
number Of Institutions recently formed m
similar lines and which have thrived
upon the multiplying Of securities uef-
dent to the industrial combinations which
have been a feature OF the past wear
The securities OF these combinat tions ns
class nave been I'm disfavor I'm Wall
street for many weeks past-in fact. ever
since the headlong imitation in their prices
and subsequent collapse last spring. The
disfavor which is attached TO then, in
Wall street has been quite indIscrimInate I
and based upon many varying consid ~ro.
tions. The principal allegations aga ms,
them are overcapitalization. exorbIte nj
prices paid for constituent properly ard
vulnerabiiity TO existing and threatened
legislation against combines. 1t is .vi-
dent that in so large a number OF comb;n-
ations as have been made these aIIeYa-
lions can scarcely apply TO all alike; bu,