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Show PANIC IN NKW Vontr. i -en., nanterf .. High a. ,Mt. I loeh. ..ItmlUmi Uw New York. Uea. 30 I'.ole. eetil-1 lion developed on the New York tietV i exchtnge this afternoon, win, the lo-1 peratlve need of money developed lj the violent contraction In ,! I Htockt wrre being thrown over wild-out wild-out the tllghtcit regard to th, prki they would bring and at dlttren.KI lacrinretof vituet. No end to III helpleaanrs of the situation seemed li light when, In the lut halt hourol the market tome 110,000,000 wu offered of-fered on the ttock exchtnge by the concerted tctlon of the cletr ig hosw banks lo force the rata arbitrarily down to 9 er cent without regard M lha distracted bidding at higher rtttt ' which wat being dona by other broken for dlatrraaed operators I Tho collapse In the money rile i checked tho decline tnd drove the I ear to lover The recoveries produced pro-duced by their urgent bidding were almott at violent a tha decline cetst-Halted, cetst-Halted, the Unset were by no IneinarD tlrely retrieved, Large offerings ol stocks continued it tht rally md si some point of the list prices broil anew before the close, making lb closing excerdlngly Irregular and uo settled llefore the concerted relief by tbt clearing-house bank the money rati leijied to 60, 70, 100 and, according u the ofllcial record, US per cenL L'reb Ible report a.tert that IDS percent wa paid for money during the day The tifllctal record uf inch s transaction transac-tion wat Inst In tho excitement An Idcnof the severity of the loasri mar bo culinci from a few apcclllrs-thins apcclllrs-thins Thus American tobacco felt an extreme JIKl Metropolitan :o)C I'eo-ple'itlaa, I'eo-ple'itlaa, M Sugar, ISKl Continental Tobacco, lll Tennctaea Coal, 17 Manhattan, It, and Leather preferred OU, all In the list of Industrltls In tho railroad list such stocks u North-west, Sew YorU Ccntril, Ureal Northern preferred, llhodo Island, Kou thcrn I'atlflc, the Union 1'acltlc, tho Northern 1'ni.lflc, Atchison preferred and, In fait, the most prominent and arllra railroad stocks In thn whole list showed losses all the way from four to nine points Aflertlincloae of the exchange there waa a meeting of the cirarlng-liout. cnimnltteo to concert further measures for safety ami relief An Issue oi clearing house certificates waa illscu-led, illscu-led, but tho bank president divided that that would not be advisable al present A uncling of thn clearing-house clearing-house committer was mile l for eleven o'tliHk tomorrow with s view of being prepared for action In cue of further necessity |
