The record-union., 1899-12-20


as to invite considerable profit-taking
by the traders in the final dealings. but
the undertone continued strong until
the close. which showed substantial net
gains all through the list.
The early hours of the trading wit
messed very heavy liquidation in con-
tinuance of yesterdays process Of re-
cuperation, but there was no approach
to the panic conditions of yesterday
at any time. The extensive and elab-
crate preparations made to meet the
crisis were evident at the opening, and
prices We're opened at large advances
all through the list. This result was
helped by the higher quotations sent
over from London, where the Stock
Exchange had a false rumor of a par
tial retrieval by General Butler of his
recent disaster.
The high prices for Americans in
the London market were doubtless due
In part to manipulation orders cabled
from this side, in furtherance of the
general plan to sustain and protect
the market.
The opening advance was met by en-
avalanche of liquidating sales, which
promptly drove down prices in spite
of the utmost efforts to sustain them.
Not a few stocks showed evidences of
positive weakness, and the first two
hours Of trading were given up to
furious activity and indescribable en-
fusion of sentiment. The steady alb
sorptive power of the buying was
bound to have a reassuring effect, and
the manner in which the liquidation
was brought to a standstill was highly
impressive Even before noon suffi-
cient stability had been established to
face the report of failure by a brok-
erage house in Boston, which would
have been sufficient to demoralize yes
terdays market.
With the subsistence of the panic
conditions saner and quieter view de-
veloped. A study of the facts in con-
nection with the trust company which
came to grief yesterday, and of the Sc
curities with which it was involved
showed them to be unique, and not to
be taken as justifying the wholesale
fear and distrust which was felt yes
terday, not only of all trust companies
but all industrial securities Neverthe-
less, there was abundance of precau-
ton and discrimination shown to-day
against many of the industrials, and
especially in the placing of loans. They
were not acceptable as collateral, and
money was not easily procured for the
purpose of supporting them in the
market.
1t was reported that the financial
powers concerning measures of relief
were not altogether in agreement as
to the length it was desired to go, some
of them holding the opinion that nc
real benefit would accrue from sustain
ing some of the industrial securities
But the danger disclosed by yesterday
events on the whole fabric of values
carried the day in favor of the relief
measures. The decision Of the banks
was to place all their available re-
sources at the disposal of borrowers
without regard to the effect on the
surplus reserve. The knowledge OF
this determination had much to do with
allaying the apprehension. The high
er rates for money made during the
day were due to discrimination on ac-
count of the charter collateral where
industrials were included
in session during the day, but by the
time the market closed had come to
the conclusion not to call a meeting
for tomorrow, though further sessions
can be had at need.
Yesterdays unprecedented events or
the Stock Exchange attracted immense
throngs to the financial district this
morning. The galleries were made
quate to meet the demands on them
and great crowds of all sorts and con-
ditions of men and women surrounded
the approaches The strain upon the
brokers and operators was a severe
one, and the scramble and turmoil
upon the floor of the exchange made
scenes of inextricable confusion.
A FAILURE AT BOSTON.
BOSTON, Dec. 19.-Dillaway & Starr
bankers and brokers of this city have
assigned. The assets and liabilities
have not yet been computed.
The firm is one of the most promi-
nent in the city. and is composed OF
Charles W. Dillaway, George H. Flint
and A. w. Lawrence.
The firm, it is understood, with two
other houses, carried a large quantity
of mining stocks. The embarrassment
of the Globe National Bank and the
subsequent furry in the stock market
Is said to have been the reason for the
ASST gnment, as the firm was a. heavy
loser.
Assignee Hovey at noon said that nc
statement would be given out to-day.
ANOTHER AT PORT JARVIS.
NEW YORK, Dec. 19.-The First
National Bank of Port Jarvis, N. Y
did not open its doors for business to-
day. A notice signed by President
Francis Marvin and Vice President
Sharp was posted, saying that tenn
porary suspension was necessitated by
the stringency in the New York
money market. The suspension Is at.
tributed primarily to the recent defal-
cation of L. E. Goldsmith, the Assist
ant Cashier