The San Francisco Call. Newspaper, December 21, 1895, Page 1

4 Amen. | with the safety and dignity of the United “he could conceive of no sufficient cause for it “tp forget the business condition of the ‘ as officers in the army or navy of the ! . and obtained nnanimous consent to have the matter under consideration and bad in- VOLUME LXXIX.—NoO, 21. SAN FRANCISCO, SATURDAY MORNING, DECEMBER 21, 1895. —3 PRICE FIVE CENTS. CHAPLAIN - MILBURN PRAYED FOR PEACE But the Senators Resumed Talk on the Subject of War. SHERMAN NOT IN HASTE. Mills Earnestly Asked That the Country Look to Its Treas- ure-Box. OTHERS ARRAIGNED ENGLAND Then the Bill for the Appointment of the Venezuelan Commission Was Passed. | WASHINGTON, D. C., Dec. 20.—In an- ticipation of a renewal of the exciting | debate on the Venezuelan difficulty there | was a large attendance of spectators in the | Senate galleries when that body met at | noon. The blind chaplain, Mr. Milburn, | in his opening prayer impressively prayed | as follows: ‘‘As the time draws near the period of Christmas, inaugurated by the angels sing- | ing ‘Glory to God 1n the Highest; on | Earth Peace and Good-will to Men,’ we pray that the spirit of the season may enter into our hearts and minds and keep | us in the knowledge.and leve of God and | of his son Jesus Christ, our Savior. For- | hid that the two foremost nationsof the | world which bear the name of Christian, with one language, one faith, one baptism, | one Lord, shall be embroiled in war, with | all its horrors and barbarisms. | *'Grant, we beseech thee, that we may be saved from imbuing our hands in each | other’s blood. Let the spirit of justice | ‘and magnanimity prevail among the rulers | of both nations and among the people, the kindred people of the two lands; that | all differences and difficulties may be | amicably and righteously settled, and that God’s name may be glorified in the estab- | lishment of concord, amity and brotherly kindness.. May this become an august and memorable Christmas in the history | of ‘the English-speaking world and of the | whole earth. Let health, prosperity, “brotherly kindness and charity pervade all our land and our mother land. And may God be glorified and the reign of[ Jesus Christ our Savior be established. we | humbly pray thee in his sacred name. | At the snggestion of Mitchell (R.) of | :Oregon unanimous comsent was given to | “the printing in the Record of this invoca- | tion by the chaplain. | After the introduction and reference of | :pumerous bills Mitchell (R.) of Oregon of- | fered a resolution instructing the Finance Committee to incorporate into any revenue bill that may come to that committee from the House a vrovision imposing duty on wool—in three several classes. The reso- Intion was laid on the table, as Mitchell | gave notice of his desire to address the | Senate on the subject. Chandler (R.) of New Hampshire offered | a-fesolution, which was agreed to, calling on- the Secretary of the Treasury for a statement showing during each of the last five years, and for the whole period, the gross amount of imports from and exports 10 ports of Great Britain, her colonies and dépendencies, with the numbver of entries of 'British vessels into American ports, and their gross tonnage. The resolution offered yesterday by Allen (Pop.) of Nebraska directing the Finance Committee to inquire into the advisability of opening our mints to the | free coinage of silver and the issuing of treasury notes to provide for the contin- gency of war between the British empire | and the United States of America was taken up, and Allen proceeded to deliver | gome very caustic remarks at the expense | af the President and his supporters on both sides of the chamber. He said that | the delivery of the President’s message. “Fhere did not seem to be any demana for It occurred to him that the President, Having lost the confidence of the people to Some extent during the administration of the last two years and nine months, was | seeking to restore himself and his party to | the confidence and thus induce the people | country. Allen referred to the bill recently intro- duced by Hill (D.) of New York to enable éx-Confederate officers to be commissioned United States; the one introduced by ©handler (R.)of New Hampshire for an appropriation of $100,000,000 for rifles and | cannon; and the two introduced by Hale (R.) of Maine for an increase of the navy and for a reconstruction of the United States ship Constitution, as many proofs of the war spirit in the Senate. | A motion to refer the resolution to the | Committee on Finance was defeated—ayes 24; noes 36—and the resolution was agreed to, Allen withdrawing the pre- amble. It now reads: “ Resolved, That the Committee on Finance be and they are hereby directed and in-| structed to inquire and report by biil or otherwise, whether it would not be ex- pedient and proper for the Governn!eng of the United States of America at this time 15 open its mints to the free and unlimited coinage of gold and silver at the rgxtlo of 1 | to 16, and in addition thereto issue an adequate volume of full jegal tender treasury notes in the same manneras sugh | notes have heretofore been issued, and in the interest of National safety withdraw the issue power of National banks and retire all bank currency.” ‘Fhe Vice-President laid before the Senate tlie House bill, appropriating 3100{0()0 for thie expenses of the commission to inquire and ‘report on the true divisional Ime bétween the republic of Venezuela and British Guiana, and it was read a second time. Morgan (D.) of Alabama, chairman of the Committee on Foreign Relations, asked | the bill considered in the Senate immedi- atély. The committee, he said, had had structed him to report it back with amend- ments, in the nature of a substitute. The substitute was read, its principal | difference from the House bill being that it fixes the number of commissioners at | three and requires that they shall be ap- | pointed by and with the consent of the Senate. Platt (R.) of Connecticut differed with the conclusions of the committee with great diffidence, and he rose to speak upon the subject with a great deal of embarrass- | ment. His opinion was very decided that | the Senate had better not amend the House | bitl, but pass it as it came over, and in that view he understood that the chairman of the committee concurred. It wasuseless, he said, to deny that this was a very grave and important subject, but in its consid- | eration Senators ought not to talk about :wur, Senators did not invite war. They | deprecated it. There was no reason, at | present, to suppose that war was to be pre- | cipitated. The American people would not shun it, however, if it became inevitable. The American people, he said, were never more in earnest from the breaking out of the revolution to this day, than in the determination to assert and maintain what they believe to be essential to the safety of the republic. Sherman (R.) of Ohio, 8 member of the Committee on Foreign Relations, said he could not, for the life of him, see the ne- cessity of haste in considering the propo- sition before the Senate. The contro- versy, which was the foundation of the trouble, was an ancient one. It had ex- isted for many years between Venezuela and Great Britain. It was only re- cently that the subject had been noticed by the people of the United States. Why, he asked, should there be any excitement about it? Why should there be eager- ness to szize upon the subject in order to create a probability of war with Great Britain and to arouse the patriotism of the American people? The American people needed no such excilement if they had to face war. The Monroe doctrine had never been applied to any particular case. It was not re- garded when the American army invaded Mexico. Still the people of the United States have always insisted upon their right to protect American nationalities from European encroachment. Mills (D.) of Texas said that it appeared to him that the most important considera- tion of the whole subject had been utterly overlooked in both houses, and that was the money consideration. Where were the revenues to be obtained? How was the Government to get moneyto carry on the war and carry it on successfully? A conflict with Great Britain would be no child’s play and the mistake of under- rating it should not be committed. It might not be, as the Senator from Ohio (Sherman) thought, that there would be no war. His (Mills) voice was for peace, but for peace honorable and consistent | States. “But,” Mills continued, “the American overnment and the British Government have arrived at apoint, after a long dis- cussion, where both say they will not yield, end the President says that we ought to resist with ali means in our power. Certainly, then, we are standing face to face on the very edge of battle; and prudence and safety demand that we should look to our treasure-box and see | where we are to obtain the money to carry | on this great struggle.” In developing this idea Mills argued that the first course to be taken was an amendment of the constitation legalizing an income tax, and he suggested thata joint resolution proposing such an amend- ment should be passed and sent to the State Legislatures. Lodge (R.) of Massachusetts said that he had yesterday given notice of amend- ments, but he should not offer them to- day, because he thought it of the most im- portance that there should be absolutely no division whatever in the Senate on any question involving the support of the President in the position he had taken. As to the English idea that the whole | thing was an electioneering business, he | wanted to see that idea done away with. He wanted to make it understood that | there was no division of sentiment among the American people; and he wanted the Senate to-day to say plainly to these peo- plein London, who were undertaking to make a scare in this country by selling stocks and calling loans in the American market, that the American people were united on this question—that they propose to stand by it, and that the attempt to create a panic in Wall street by caliing loans and draining gold was not the road to honorable and peaceful settlement. [Applause in the galleries.] Stewart (Pop.) of Nevada declared that the sentiment in the United States in favor of the Monroe doctrine was practically unanimous. He accused England of var- ious attempts to irntate the United States in the matter of Alaska, of slaughtering seals, and of the seizure of Corinto in Nicaragua. And he declared that 1t was this English arrogance which had aroused the feelings of the American people. “Great Britain,” he exclaimed vebe- mently, “can put an end to it by being honest and reasonable.” [Renewed ap- plause in the galleries, which was promptly suppressed by the Vice-Presi- dent.] White (D.) of California said that he could not bring himself to believe that there was the serious menace to peace which Senators supposed. He concurred in everything that had been said as to the necessity of firmly and rigidly, and at all times, enforcing the Monroe doctrine. But he was persuaded that if on a careful and judicial investigation the facts were made patent to the world, there would be no dif- ficulty as to an honorable solution. Chandler (R.) of New Hampshire said that he had yesterday thought it wise ‘to have the bill umended, but to-day he did not think so. He believed it was of tae highest National importance that the bill should pass the Senate to-day exactly as it came from the House. The President of the United States bad arisen above party and had shown himseif to be patriotic and American. Insvired by the genius of Massachusetts, which pervaded the State Department, the President had taken American ground, from which America would never recede. Turpie (D.) of Indiana made an impas- sioned speech in favor of the assertion of the Monroe doctrine and exclaimed in a remark as to the river Essequibo being one of the boundary lines of the disputed ter- SAN FRANCISCO TO THE GRAND JURY. “What! Are n— you going to leave all this ?” ritory: “We now pass the Rubicon and can never recede without dishonor.” Teller (R.) of Colorado expressed his re- gret that the President had not settled the question of a commission, as he might have done, without sending it to Congress. He(Tetler) was not frightened by the lit- tle financial disturbances in London and New York. Suppose stocks did fall? That was a matter which the American people did not care much about. He understood that railroad stocks had fallen 4 per cent to-day. He dia not care if they fell 50 per cent; that would not affect the country generally—only a few speculators. But the English would not sell American stocks. That was a bluff on their part. At the conclusion of Teller’s remarks, on motion of Chandler (R.) of New Hamp- shire the proposed amendments to the House bill were laid on the table and the bill was read a third time and progressed to a point where the question was on its passage. Then an offer of amendment was made by Caffery (D.) of Lonisiana, who was in- formed by the presiding officer—Harris (D.) of Tennessee—that the bill had gone beyond the point where any amendments could be offered. The presiding officer then put the ques- tion, ““Shall the bill pass?” and as the votes (viva voce) were all aye and not one no, he declared that the House bill was passed without amendment. The Senate then, at 3:45 o’clock, pro- ceeded to executive business, and when doors were opened at 4:30 o’clock the pre- siding officer laid before the Senate the President’s message asking that no recess be taken until after financial legislation necessary to preserve tne credit of the Government had been enacted. [ move that the Senate do now ad- journ,”” said Cockrell (D.) of Missouri, as soon as the reading of the message was concluaed. 3 “Why?” said Hawley (R.)of Connecti- cut, with real or affected surprise. “I'ex- pected that some serious consideration would be given:to this most important message of the President by our Demo- cratic friends.” ‘““We want time to consider it,” Cockrell bluntly rejoined, and then at 4:45 olclock the Senate adjourned until to-morrow. « e FOR THE COMMISSION. Names of Edmunds, White and Phelps Mentioned. NEW YORK, N. Y., Dec. 20.—The Sun says this morning: Excellent information is that the three commissioners whom the President will appoint to investigate the Venezuelan boundary dispute will be: = Ex-United States Senator George F. Edmunds of Ver- mont, the Hon. Andrew D. White, ex- president of Cornell University, and ex- Minister to Germany ; the Hon. Edward J. Phelps, ex-Minister to the court of St. James. Mr. Edmunds and Mr. Phelps are gen- erally regarded as especially qualified for the work on account of their thorough knowledge of i nternational law. Trmoe WORKING DAY AND NIGHT. No Time Being Lost in the Naval Gun Factory. NEW YORK, N. Y., Dec. 20.—A special to the Tribune from Washington says: The fact leaked out yesterday that orders have peen 1ssued from the Navy Depart- ment that a night force be kept at work in the naval gun factory. Wednesday night the first gang of workmen was put on. They began labor at 8 o'clock and re- mained in the shops until 6 o'clock yester- day morning. Nightly hereafter until the ordnance to be got ready is completed the night force will be kept on. Under instructions from the Navy De- partment, special attention is being given to the gun mounts of the battle-ship Mas. sachusetts, now being finished at the Cranips’ yard in Philadelphia. The ship is reported to be nearly ready for service. 1t is estimated by the Bureau of Construc- tion that she can be put in commission 1f haste is observed, in three months. Her gun mounts are behind, and ‘the new orders relating to work on them are to| harry the finishing touches with all pos- sible dispatch. This is the object of em- ploying a night force. The workmen assigned to the duty have been selected with regard to zeal, it is learned, and under the naval inspectors they are counted on to make good progress. It is said at the Navy Department that now there is no danger of the Massachu- setts being held back on account of her gun mounts. The mounts of the battle-ship Oregon were shipped to San Francisco a few days ago. They were sent by fast freight and will reach their destination within ten days, and probably be in ‘place on board by the middle of January. The battery of the Indiana is in all respects ready for use. Some rather sensational information was given out at the War Department yester- day. It appears that for years England has prepared” for war with the United States. Her officials in the diplomatic, military- and naval services have sys- tematically and with much energy accu- wmulited all possible intellizence relating to this country which would be advan- tageous to her in time of hostilities. The British War Office and the Admiralty not only know all about the exterior of every United States ship but they have plans of the interior as well. Virtually they lack no information on this subject. Reports recently forwarded to London give the minutest details of the vessels. They also give intelligence concerning all the coun- try’s harbors and rivers, the depth of water, their defenses and all other data which would be useful ‘to a hostile fleet. This is, perhaps, not so surprising as the fact that the English are thoroughly fa- miliar with the forts, garrisons and like military rosts. The War Department has recently been informed that late reports have been sent to London concerning the number and lo- cation of defenses erected and projected on the Atlantic, Pacific, Lake and Gulf coasts. Officers’ of the British army have made sketches of the defenses, have prepared topographical maps, and have noted the location, character, etc., of all interior roads ‘and streams. In a word, Great Britain is in full possession of all facts necessary to map out a campaign against the United States. This is not all, according to officials at the War Department. Her authorities have actually drawn up a plan of cam- paign, and the programme, worked out in complete details, is now on file in the Mili- tary Information Bureaw of the English War Office, to be referred to in case of emergency. The plan is based on the most recent information from this country, and in case of war in the immediate future Britise ships and troops can be maneu- vered with accurate knowledge of the physical conditions to be encountered. —_——— FINISHING VESSELS. Ships of War That Will Soon Be Ready for Service. NEW YORK, N. Y., Dec. 20.—Commo- dore Sicard was at his desk inthe navy- yard all day yesterday and consulted with the head of each department. His pur- pose was to learn the exact state of affairs there. He received several dispatches from Washington bearing on the work un- der his jurisdiction. The commodore said he had no news of interest to communi- cate. ‘His staff officers and other subordi- nate officials were Qqnnlly secretive. A gang of men was busy on the turreted coast defense monitor Terror, a formidable vessél similar to the Miantonomoh. Her four 10-inch guns are in position. The Terror could be made ready for serious work in a few days. The Puritan is in the drydock and only 8 per cent of the work on ber remains un- done. In case of necessity Commodore 8i- n%n‘unfl have her ready in a few weeks. “The'ram Katahdin is ready for service.” The Chicago is in the drydock and a force of men is byilding new engines for this cruiser. The Atlanta is moored at the Cob dock and is out of commission. LI i NO CONTINENTAL HELP. So England Will Retaliate in a Finan- cial Way. NEW YORK, N. Y., Dec. 21.—The Sun’s London correspordent cables: There is no longer any doubt that Eng- land’s reply to President Cleveland’s mes- sage is to be a blow against America’s financial interests. It may not be a delib- erately concerted attack, but it is certain to be a simultaneous action by a sufficient number of English investors tocause a serious effect for the time being upon American markets. i The effect upon stocks is already mani- fest and needs no explanation. ZTh.e effect upon - trade, commercial credits and the general monetary situation will come a little later and business men in the United States no doubt are salready preparing to meet it. Things are being done by responsible and reputuble men of prominence in the financial world which by no possibility can be credited to any form of financial wisdom or alarm. Resentment and nothing else must ac- count for the action of Borthwick and one or two other large brokerage houses, which refused to-day toconduct any further deal- ings in American securities. A retaliatory spirit, too, has much to do, no doubt, with the reported intention of Rothschild to call in £5,000,000 of Ameri- can credits due on January 1. Any con- firmation or denial of this report was re- fused at the Rothschilds oftice to-day. The question now is: How far are Eng- lish financial and commercial men willing t o 1naulge their resentment and punish the United States for daring to disturb trade and monetary affairs? They cer- tainly are not going to allow their own pockets to suffer if they can help it. One great mischief they are doing with- out a compunction. They are advising in- vestors to sell American securities at any price they can get. This advice costs nothing to give, but it threatens to entail immense sacrifices upon those who act upon it. The pressure to! sell in the last two days has been some- thing tremendous. It will not be long, of course, before the American public will see the advantage of giving John Bull all he wants of this sort of revenge. If he wishes to sell American properties far below their value the United States soon will be willing to accommodate him, knowing full well that he will be glad to buy them back at much higher figures. 1t should be borne in mind that those who are advocating a boycott of Ameri- can securities all protest that they have not the slightest belief in the possibility of war. Therefore their motive is solely revenge. Continental press comment is no longer unanimous or nearly so, in favor of the English position. 7 The German newspapers now are divided on the merits of the dispute, and in com- mon with the majority of the French press, distinctly notify England that she need expect no help or sympathy from her continental neighbors, even if she happens to have the right technically on her side in this particular case. —_— 3 ° EXCITEMENT IN LONDON. Englishmen Realize That Uncle Sam Is in Earnest. NEW YORK, N. Y., Dec. 21.—The Press PRICES SMASHED IN WALL STREET BYA PLOT this morning prints the following special London dispatch: LONDON, Exe., Dec. 21.—The belief that the great powers of Europe supported England in the Venezuelan controversy is now exploded. Russia is now frank in her delight at the embarrassment of Lord Salisbury’s Government, and France, see- ing her opportunity, has suddenly veered to the Russian view. There has been a lot of silly talk here about the United States not being in sym- pathy with President Cleveland’s Vene- zuelan policy, and, relying on the ridicu- | lous reports that the Senate would not support the President, Englishmen have indulged in the most absura cackle. The news of the Senate’s action in unani- mously passing the House bill for the ex- penses of the Venezuelan Commission fell like a bomb 1n Loudon to-night. At the clubs and in diplomatic circies it is dis- cussed with the gravest apprehension. England at last realizes that the situation is critical. Panics are expected on all the stock exchanges to-morrow, and Mr. John Bull, financier, is preparing for a shock. There has been no such excitement in London in years as there is to-night. The evening newspapers declare that war with the United States would be fratri- cide, and yet seeing the unanimity of the American people, they see no way of re- treat except in a complete backdown, for it is evident that the United States will not budge from its position. The Liberal papers show their dissent from Salisbury’s Venezuelan policy by pounding him on the Armenian fiasco. In a poem published to-day, William ‘Watson, a Government employe, calls upon Salisbury to save England from the stain of massacre. 5 The general opinion is that England cannot afford to fight. One of the amus- ing features of the gloomy situation is that hope is expressed that the New York Chamber of Commerce will prevail in ob- posing its views to those of the American Congress and people. At the American Embassy thera is deep gloom. It is certain that President Cleve- land has severely rebuked Bayard. An attache of the legation admitted to the correspondent to-day that Bayard now realized that he had talked too. much. Cleveland’s change of front astounded him and he is utterly puzzled. Itis believed in diplomatic circles that Bayard’s resigna- tion will soon be announced. All the South American Ministers frankly say that they arein hearty sym- pathy with the United States, and that they will give their unqualified moral sup- port. —_——— NOT TO YIELD AN INCH. That Is the Opinion of Mr. Van- derbiit. BRUSSELS, Berervx, Dec. 20.—The Soir publishes an interview with Mr. ‘Vanderbilt, who, according to that paper, said; | “‘We shall not yield an-inch, We shall begin closing our ports against England. I have private telegrams anpouncing the convocation of a congress of delegates from all the American republics. This congress will affect the late Mr. Blaine's project for a customs union.” Referring to England’s navy, Mr. Van- derbilt exposed the palm of his hand and said: “In & month from the declaration of war the entire ocean will be as clean as this of British ships.” He referred to Edison’s self-steering torpedo. Presideni Cleveland, he added, would never have thrown the gauntlet/ down unless he had been prepared for every eventuality. MEAN NO MENACE. Views of the Spectator on England’s _Attitude. LONDON, Exg., Dec. 20.—The Spectator has furnished the United Press with ad- vance proofs of an article which it will pubiish to-morrow on the subject of Presi- dent Cleveland’s message to Congress in regard to the Venezueélan diepute. The article says: obody here dreams of menacing the United States; nobody here has the faint- est idea of conquering, colonizing or claiming &ny fresh portion of either of the two Americas, and nobody disputes the right of the United States to defend any State in America which she may think it proper in her interests to defend. All we maintain is that we are entitled to protest against Spanish aggression on frontiers which we believe are unquestionably ours, and which the people of the United States, if Guiana were theirs, would similarly de- fend.”” 1 —_—————— PUBLIC DEMONSTRATION. Colombians Qrateful for America’s Firm Stand. PANAMA, Covromsra, Dec. 20.—The Star and Herald says: “At a meeting of prominent citizens held to-day, a commission was appointed to organize a grand public demonstration, to take place on December 23, to Consul- General Vilfquain, as the representative of the American Nation. The demonstration isintended to be expressive of the grati- tude of South America for President Cleve- land’s attitude on the Venezuelan ques- tion.” P «“ DARE NOT INTERFERE.” Gladstone Says Only Common Sense . Is Required. NEW YORK, N. Y., Dec. 20.—The Re- corder has received the following cable- gram from Mr. Gladstone in answer to a request for his comment on the Venezue- lan dispute: HAWARDEN, December 20. To Editor Recorder, New York: Sole possible reply: Dare not interfere. Only common sense required. GLADSTONE. —_——— FRONTIERSMEN TO FIGHT. On the Northern Borders They Are Getting Ready. ‘WHATCOM, Wasn., Dec. 20.—The news .of the President’s message has reached farmers and ranciers living along the in- ternational boundary line of this country and is causing intense excitement. The people residing on these ranches are typi- cal hardy Western frontiersmen, some from Kansas and Missouri. The country is sparseiy settled and all the men are crack rifle shots. They are coming into town from all directions, buying ammuni- tion, and announce that if there is going to be any fighting they propose to be in it. [Continued on Second Page.] Collusion Between the Bear Operators in Stocks and "Foreign Houses. ENGINEERED THE RAID, Financiers Used the Venezuelan- Controversy to Demoralize the Market. FAILURES AMONG THE BROKERS The Panic Temporarily Checked by the Tenders of Bank and Trust Companies. NEW YORK, N.Y., Dec. 20.—The Times to-morrow will print the followingaccount of the day in Wall street: Collusion between bear operators in stocks and foreign trading-houses smashed prices in Wall street to-day, ran money rates up to 80 per cent, withdrew $3,400,000 from the gold reserve and caused several financial failures. Declines in stocks af- fected the entire trading list. Losses ran as high as 10 points at one time in sevéral substantial securities. The bond market sympathized actively with stocks. Good temper and moderation by the banks and the influence of the Central Trust Company in placing $1,500,000 in the market in the last hour of trading, to be loaned at normal rates, turned the down- ward course of prices. Recovery was rapid and general, but at the end of the day quotations showed material net losses. The shock of the attack left the markef wavering and feverish. Accustomed as is the financial district to wicked work in the security market to< day’s performance surpassed in malicious design and manipulative cunning and boldness anything ever before attempted. Its success was complete, and that it should have been so was amazing, sinca those well informed knew how it had beeny brought about. The men who engineered the raid used the Venezuelan incident as a pretext in the market. They had been in high feather since the President’s message came out and issned from the beginning the most gloomy predictions of its financial results. How far they may have been influential in indueing their allies in Europe to bring about a condition by Wednesday which assured the export of gold by to-morrow’s steamer has not been examined. Finan- cial timidity bad not been roused by yese terday to the point of a slaughter in prices. That move was reserved for a special pro- pelling agency which the bears furnished, The worst apprehensions had not ex« pressed fear of anything approaching tos day’s happenings in intensity or scope. Since it is afternoon in London when business opens here, operators usually read London quotations the first thing in the morning. They are always interesting and sometimesinfluential. In the lastfew days special significance has attached to them because of rumors of English inten- tions regarding American securities. This furnished a groundwork for bear maneu= vers. Casual observers might have sup- posed that London quotations reflected a wholesale overthrow of American securi- ties. From the best avuilable sources of information it appeared that London sales did not exceed 50,000 shares of stock. Such sales were confined, of course, to the few American properties which are active in London. Since there was danger ot a failure of the bear plot through this adequate agency alone, even with London a present source of financial anxiety, plans wdre laid to supplement attack through London quota~ tions by pushing up rates for money here. Houses that handle foreign loans became tcols in this scheme. They called loans rapidly at the opening of business. Money jumped from 2 per cent to 7 per cent .at once. ‘The combined influences of London quotations and high money caused the sale of 240,000 shares of stock in the first hour. Money advanced by leaps. The lenders apparently had bpeen frightened and re- fused to put it out again. An excited de- mand for it resulted and before 2 o’clock the rate touched 90 per cent. Meanwhile the banks and trust com- panies had been doing all they could to ease the situation. Only one bank called all its loans. The others extended every accommodation to borrowers. They were jorced to ask for increased collateral pro- tection, but that worked no hardship, nor aid it contribute in the slightest to the money scare. The sudden withdrawal of $5,000,000 of loans by foreign houses, in- cluding Canadian banking agencies, did that business, especiaily as that money was kept out of the market. ‘When the strain became acute several of the banks and trust companies sent word to the loan market that they had money to put out at from 4 to 5 per cent on good collateral.’ The Gallatin and Merchants’ National banks and the State, Union, At- lantic and Central Trust companies ied in these offers of relief. The Central Trust Company put $1,500,000 into the market, which eased rates from 90 to 6 per cent in half an hour. Toward the close of busi- ness a recurrence of the money flurry ad- vanced rates again to 60 per cent. There was much indignant comment among bankers that the assertion of its rights by this Government should have massed foreign capital, which has enjoyed favor and protit here, in a bear attack on the security. It seemed inevitable that it these tactics were followed, and if the raid were to continue, large exports of gold would be necessary in the near future. Recognizing the source of the attack and its effects, immediate and possible, with the bears and foreigners in affiliation, the spirit of friendliness shown by the local banks toward their foreign competi- tors suffered some strain. It was said at one time in the day that the amount of gold taken from the sub-treasury might have been much larger than $3,400,- 000, but that legal tenders were available only in notes of small denomination. Gold is paid out for legal tenders, but the