The Wellington enterprise. [volume] (Wellington, Ohio) 1899-1900, 1899-12-20
PANIC IN WALL STREET.
Prices of stocks Tumble ana . Truss
Company and . Firm OF Brokers
FafI.

Prices Of Stocks Tumble and . Truss
Company and . Firm OF Brokers
EafI.
New York, Dec. 1a-Panic conditions
developed on the stock exchange Mon
day 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-
fee Of values No end to the helpless
ness of the situation seemed in sight
when in the last half hour of the
market some SIC, 900, 900 was offered on
the stock exchange by the concerted
action of the clearing house banks to
force the rate down to per cent
without regard to the distracted bid
ding at higher rates which was being
done by brokers for distressed opera
tors The collapse in the money rate
checked the decline and drove the
bears to cover. The recoveries pro-
dueed by their urgent bidding were
almost as violent as the declines had
been, but the losses were by no means
entirely retrieved
The excitement continued to the
end. with sentiment looking forward
anxiously for the developments Of an
other day. The seriousness of the
crisis has called forth the best efforts
of powerful financial interests. which
are busy eoneerting measures to tide
over the money dihculties which be-
set the stock market, and which by
reason of their extent and the import
ance of the interests involved, threaten
10 affect the eOuntry's business inter
ests unless obstacles are opposed.
So far as actual news was concerned
there was suspension by newly Or
ganized trust company and by firm
Of bankers and brokers which has fig
ured as traders in stocks TO an extent
Of some importance. Neither event in
itself would have been sufficient to
preeipitate a crisis But they were
supplemented with a whole crop of
wild rumors which spared no interest
The reason for the widespread effect
upon sentiment of the trust company's
suspension was that it was one of a
large number Of institutions recently
formed on similar lines and which
have thrived upon the multiplying of
securities incident to the industrial
combinations which have been fea-
ture of the past year. The securities
of these combinations as a class have
been in disfavor in Wall street for
many weeks past
Before the concerted relief by the
clearing house banks the money rate
leaped to 50. 100 and 125 per cent
Credible reports assert that 1856 per
cent was paid for money during the
day. The official record of such a
transaction was lost in the excitement.
An idea of the severity of losses may
be gained from a few specifications
Thus American Tobacco fell 21K
points, Metropolitan 2OH, Peoples
Gas "a. Sugar 121<. The most promi-
nent and active railroad stocks in the
whole list showed losses all the way
from to points
The suspension of the firm of Henry
Allen & Co, bankers and brokers. was
announced on the stock exchange al
an early hour and soon afterward the
Produce Exchange Trust Co closed it.
doors
The Produce Exchange Trust Co
was organized a couple of years age
with a capital Of s2,5oO. 900. Its bust
ness was chiefly with merchants
tradesmen and corporations and it wa
also supposed to do some of the bank
ing business of the Standard Oil Co. II
had been designated by the banking
department of the state as a legal de
positOry for state moneys and mu
nieipal moneys as well as for tbt
funds of savings banks and stat
banks Its assets are given as s11, 719,
COO. with liabilities of sl1, ,649. COO.
It is claimed that the bank will pal
creditors dollar for dollar.