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VALL STREET BEARS SCURRY TO COVER lew York Banks Stay the Panic on Change by Unloosing a Golden Stream. EW YORK Dec. 19 -There was a com count of the character of collateral where industrials were included The clearing te revolution of sentiment in Wall house committee was in session during to-day. and the latter part of the the day but by the time the market sion of the Stock Exchange witnessed closed had come to the conclusion not to nething like panic among the bears, call a meeting for to-morrow though furwere making frantic efforts to sethen sessions can be had at need. stocks to cover short contracts, and Yesterday's unprecedented events on the Stock Exchange attracted immense ding prices up on themselves. The throngs to the financial district this mornpessional traders took the long side of ing. The galleries were inadequate to market and bid up prices to take the meet the demands on them and great rket away from the bears Many ODcrowds of all sorts and conditions of men tors who had ruthlessly sacrificed their and women surrounded the approaches The strain upon the brokers and operdings in the pandemonium of yesterators was a severe one and the scramble s were also eager buyers. in the hope and turmoil upon the floor of the exretrieving losses. Besides these elechange made scenes of inextricable confusion. nts there was a large contingent of rggin-hunters, made up of people with A comparison of prices with those of Saturday's close shows that the level is dy money looking for investment, and still materially lower. though very subo buy outright to hold. stantial recoveries were made of vesterome such revulsion of feeling was a day's extreme loss. The day's advances tural consequence of the violent decline range all the way from two to twelve yesterday, which overran itself. The points in the prominent, active stocks. ue of the speculative conflict was by means certain until about midway of session and yesterday's tide of disasFAILURE OF LONDON was not stemmed without titanic exerthe part of the most powerful AND NORTHERN BANK ancial interests in the country acting in cert. Millions of dollars in money were thcoming for the extension of credits LONDON, Dec. 19.-The failure of the buyers of securities The clearing use banks supplemented their yesterLondon and Northern Bank (Limited). contribution of $10,000,000 by another comparatively small concern, was anthe same to be loaned at the nounced to-day. The directors issued a rket rate The announced determinastatement attributing the failure to the in of the Secretary of the Treasury to alleged libelous assertions regarding the rease Government deposits in deposi3 banks gave promise of relief from bank which have appeared in the press start and funds estimated at $7,000,003 The bank's assets, according to the dicame available from this source before rectors, should fully cover the liabilities The failure of the bank and the rise of nder the influence of this abundance the German rate of discount and interest, panic rates for money were time approached, but the demand the latter from 7 to 8 per cent. did not loans made inroads on the supply appear to have any serious effect on the seemingly appetite. The market here. The general feeling on the went per cent. but steadily destreet was that the conditions were betthat point under the offerings ter. This was not a little due to the imuntil it was forced pression gained from private advices that per cent and in the late afteran arrangement had been reached in New fell 51/2, and at last to 2 per York over night to support the market and prevent a recurrence of yesterday soon as the stringency relaxed it bepanic. of manifest that the pressure It is hardly thought that the rise in released and the market the German discount rate will cause a calm that seemed profound by corresponding increase of the English the constant hurly-burly bank rate yesterday morning. The transactions on the Stock Exchange When the money rate fell to an easy were again unmarked by a serious amount prices began to rebound and some of liquidation. There was a plethora of were shown, esoffers to sell, but buyers were hard to cially in the mercurial specialties. The find. Consequently, many shares were large as to invite conmarked down, though not to such an erable profit-taking by the traders in extent as yesterday. The lack of actual final dealings. but the undertone contransactions was generally due to the strong until the close, which feeling that the larger houses will do wed substantial net gains all through nothing until it is known whether or not list the French bank rate will be raised. It 'he early hours of the trading witnessis believed in some quarters that, if this very heavy liquidation in continuance occurs the Bank of England will follow yesterday's process of recuperation suit with resulting increase in the gravthere was no approach to the panic ity of the situation and further depreciaditions of at any time The ation of values. At the close the imprestensive and elaborate preparations sion prevailed that the Bank of France de to meet the crisis were evident at would raise its rate, though It would not opening and prices were opened at be definitely known until to-morrow. ge advances all through the list. The At the opening absolutely unfounded sult was helped by the higher quotarumors, such as serious defeat of Genns sent over from London, where the eral Clery, helped the depression in price ck exchange had a false rumor of a though the Bank of England freely distital retrieval of General Buller of his counted thirty-day bills at per cent. and cent disaster The high prices for apparently there was no particular pressmericans in the London market were ure in Lombard street. ubtless due in part to manipulation orPrevious to yesterday's semi-panic there from this side. in furtherance had undoubtedly been large liquidations the general plan to sustain and proBut it is believed they were anticipated the market The opening advance and to some extent this will prevent se. met an avalanche of liquidating rious difficulties at the next settlement. which promptly drove down prices After the weak official closing. Amerithe utmost efforts to sustain can securities were firmer on the street. Not a few stocks showed eviAtchison preferred was the special feaces of positive weakness and the first ture, and rose 1% above the official closing hours of trading were given up to price South African securities also hardened somewhat ious activity and indescribable consentiment of he steady absorptive power of the BANK OF GERMANY'S ying was bound to have a reassuring and the manner in which the ulation was brought to a standstill BULLION DEPLETED highly impressive Even before noon ient stability had been established to the report of a failure by broker BERLIN Dec. 19 -The Reichsanzinger house in Boston, which would have publishes the following statement: At sufficient to demoralize yesterday the meeting of the central committee of rket the Bank of Germany to-day, Herr Kock, with the subsidence of the panic cona director. discussing the financial situasaner and quieter view develtion. said the position of the bank had A study of the facts in connection never before been so strained at the same h the trust company which came to period of the year and that the stock of yesterday and of the securities with bullion had become seriously diminished ich it was involved showed them to being 57,000,000 marks less than in 1898 unique and not be taken as justifyAfter giving other figures showing the the wholesale fear and distrust which difficulties of the situation, he said it had felt yesterday. not only of all trust been impossible to avoid an increase in npanies, but all industrial securities the bank rate. there was abundance of caution and discrimination shown toagainst many of the industrials and NATIONAL BANK OF cially in the placing of loans. They not acceptable as collateral and PORT JARVIS SUSPENDED ney was not easily procured for the pose of supporting them in the market was reported that the financial powers WASHINGTON Dec. 19.-Word has certing of relief were not albeen received at the office of the Compother in agreement as to the length to troller of the Currency that the National ich it was desired to go, some of them Bank of Port Jarvis, New York, closed ding the opinion that no real benefit its doors to-day. C. Moore, National uld accrue from sustaining some of the Bank Examiner, has been placed in ustrial securities. But the danger dis. charge as temporary receiver The bank's sed by yesterday's events on the whole of values carried the day in favor statement on December 5 showed rerelief the sources of $683,601 Its liabilities included he decision of the banks was to place $414,391 of deposits. their available resources at the disal of borrowers without regard to the ect on the surplus reserve The knowl. COLUMBIAN IRON WORKS e of this determination had much to with allaying the apprehension The IN A RECEIVER'S HANDS her rates for money made during the 7 were due to discrimination on acUnable to Moot Obligations Accord
