Rensselaer Republican, Volume 28, Number 17, Rensselaer, Jasper County, 26 December 1895 — CREDIT IS THE IRCIUB [ARTICLE]

CREDIT IS THE IRCIUB

HOW LONDONERS HOPE TO WORST THIS GOVERNMENT. ‘ ~ I : ' - -- ■ Financiers Considering the Advisability of Realizing Cash—Some Entertain Fear as to the Final Result —Wall Street in a A May Call injTheir Credits. A London dispatch says: A grave bu.t inevitable consequence of President Cleveland’s message' upon the Britishiiriseii perhaps sooner than might btive been ’ expected. A meeting cff'qimniinimbJjmtfncialJeadeia. w 1 io have im port a u t>irrferest> inT he Un itcd States was held in a London s banking office pf considering the advisability of united action in calling in fheir-Anwrietin credits. It is undoubtedly within the power of English capitalists by such 2a-rcombined movement to deal, America a. blow which would, temporarily, be . terribly embarrassing and disastrous.' It would, ,fiowever, prove to a certain exteiit —a boomerang, and this view had its influenee upon the majority of those whrrattended the meeting. The conference was private and it yvasjiipt intended even that The faet that it took place should be allowed to be made pu'blie.

Panic in Wall Street, was a paiTie in the New York stock inarket Friday. The President’s special message to Congress on the Venezuela affair had the effect of frightening the foreign investors —especially the En-glish-Hn Americdn securities. Before the Eastern markets opened cables from London evinced that there was a semipanic in the American department on the British Bourse. Stocks and bonds were -tlirow4won-4-h.cv--wiayket-4usgardless...af..llia.. price~nnd buyers were very-few even at enormous concessions. At the close of the exchange in court the “Yankees” wdre thoroughly’ subverted. The general list fell from 2 to (J points below the final New York quotations. In Wall street the-effect df T.ondon's closing tig-' tires was simply defnoraliziii.'*. The itn- * portant and active .properties opened all the-way from 1 to 3 points off tintLup to noon continued to fall, Each successive cable indicated still lower figures,” and it was finally reported that many “jobbers’’ on the Lomloii Stock Exchange had refused to accept orders. The unfavorable news was coincident with preparations by the gold-shipping houses for Saturday's exports to Europe. The initial trading was highly sensational, and declines were made till along the line; extending to 4Vj nreT“cent. -A sinister feature was an advance in rates for. call money to 15 per <jent., collecting the calling of loans. Three failures were reported on the New York Stock Exchange and one on the Consolidated 'Exchange. Ohly one, that of S. S. Sands & Co., was of financial importance. ’The railway and miscellaneous bond market was also demoralized,, declines ranging up to 15 per cent. It was rumored that a single house had dumped $4'00,000 of Reading bonds on the inarket. Wisconsin Central trust receipts'scored the extreme loss .noted and in the leading speculatives the recessions extended to 11% per cent’,. iiu-Kansas and Texas seconds, to 47%. Arouiid 12:30 thg-?selling pressure abated and retf’Ovtries were made; in the stogk marketfrom the lowest extending to 3 per cent. Bonds'’were relatively active. Collapse of a Building. The second floor of the I’affice Clothing" Company’s big store on Nicollet avenue. Miruiehpolis, collapsed just before noon . Friday. Gale Walters, tt clerk, is dead, and, a dispatch says, otliefs may be ip the ruins. The store is a double front, ami the entire right half of it collapsed from the. fourth floor to the basement. The bqildihg is an old one,--which was remodeled for the Palace Company's use. Asks Now for Gold. President Cleveland sent another message to Congress Friday in which he requested inimediate legislation to protect the gold reserve, stating that immediate demands throateiied to greatly deplete, if not to entirely wipe it out. A revision of the currency’ system is also asked, and he requests that no adjournment be had until these had two measures are accbiuplislied. Seriate la as One Man. Friday the Senate without a dissenting vote passed the House bill for the appointment of the Venezuelan commission. Not an amendment was pressed.