| Show THE GREAT PANIO The Bottom Goes Out of All Kinds of Stock JAY GOULD ON TH SITUATION Ho Says if People Have the tl Courage the t Present is a Good Time to Buy A Death on the Exchange e Floor NEW YORK Nov 10A flood of alarming cables from London and Paris predicting disasters in tho markets there this week caused a panicky feeling in the stock exchange ex-change Long before the opening brokers tried to make sales of stocks but could not find buyers and as soon as the signal for L begiuning business was given no offers were made but every bid no matter at what price was at once filled This selling caused Manhattan Elevated t fall from to 92 a decline of S per cent Western 10 Union fell 3d and other stocks with the exception of Vanderbilts fell 2 to 0 There were no buying orders in many of the specia The stock market this morning showed the utmost demoralization and following the lead of London figures opening prices were extremely low Declines since Saturday Sat-urday afternoon are tho largest over seen over night and losses of fractional amounts fractonal the exception Drops of from 1 to 3M cov ered nearly the whole active list There was a more panicky feeling than noticed at any time during the present decline and stocks were thrown over in the most reckless manner causing a most feverish and unsettled market but with a steady decline in values Even after the heavy opening further declines of 1 to 4 per cent were scored the most prominent movement being the drou in Manhnttn w1ih fto opening off 4 per TnC 06 dropped 4 per cent further to 93 in the first few minutes trading Other noticeable losses are 3 per cent in Western Union cent Westrn 31 < j in Pullman and almost all the active stocks material amounts Trading reached enor i mous figures but while the bottom seemed to have dropped entirely out of the market there cameja more quiet feeling toward the end of the hour and some stocks actually recovered a portion of their early loss The market however remained in an ex tremely feverish unsettled condition and at 10 20 while less Active it was weak at or near lowest prices for most stocks The Evening Posts financial article says The panic in the stockmarket continued this morning in about the same contnued as on Friday and Saturday declines ranging from 1 to 6 points in the first fifteen frst minutes ffeen business Some very astute peo ple regarded it as significant that Man hattan Elevated and Western Union were important factors in decreasing all other al prices Tho reported holdings of Reading by Wanamaker who has a scheme for a nn + 1 trn w L HI to th lU OppOSltOn Western Union have some connection with the manipulation of Western Union which was quite apparent but it was impossible to say what but it looked as though it had Nevertheless the panic received fresh impetus from London this morning All stocks opened there l to Iff lower than they closed here Saturday Money is higher in London at noon and all the great banks of Europe appear to be grabbing for a dimin ished supply of gold some of which has gone to Spain and South America 12 oclock noon Money tight no offers ofers and 15 bid After 1 oclock the heavy pressure was removed from the stock mar ket to a certain extent but stocks con i tinued to come upon the market and pricey continued to decline The grangers Vil Vi lards and New England were the chief sufferers in the decline The market dis played no recuperative power and at noon business was arrested by tho death by apo plexy of James Struthers a member on the floor of the exchange when the mar ket was active at the lowest prices of the morning Struthers dead body lay on the floor sur rounded by brokers For some time not a word was spoken but the brokers with uncovered heads waited for the officials to act Business was at once ofcials but on account of the situation today they could not close the exchange and at 1330 business was resumed Then the decline was resumed with increasing rapidity and prices again fell off but are now somewhat better The coroner decided that Struthers1 death I was caused by the bursting of a bloed ves sel in the brain Mr Stru hers had entered a few minutes before and was noticed to be acting in a very singular manner He staggered up against one or two brokers and suddenly fell forward on his face dying in a few minutes Struthers was seriously ill two years ago and has not been himself since His friends notced tht h hoa n + 1 ing welland the doctors said the excitement vvn of today was undoubtedly too much for him Struthers was 58 years old and leaves a wife and young daughter Sharp to the minute of 1230 exactly af ter the halfhour recess expired the presi dent again mounted the rostrum and made an official announcement the unfortunate brokers death He had hardly stepped down from the platform before there was a rush and a shout and business was once more resumed on the floor This scene foor as well as that when recess was announced was characteristic of the tremendous ex citement prevailing in the mark t today When Struthers death was first announced scores of brokers without waiting to hear waitng any thing about it rushed off in a mad haste to make the best use they could of the time in making up their accounts The rush to sell after recess caused by the fatal incident caused the lowest prices of tho day but with the exhaustion of selling orders which then appeared a num ber of brokers who had been heavy sellers in the early flnHlinirs turned and hmitrht neavny A rauy was soon under way ana at 130 pm the market was quiet d prices 1 to 2 per cent above the lowest of the day Vanderbilts Yanderbit have been firmer than the list and Northwestern and Lake Shore did not sustain any material decline Money is in urgent demand and declne per cent premium in addition to legal interest is now bid iterest Pacific mail bore the banner for weak ness and with a drop of 2 touched 35 The downward movement then met with a check and while there was less animation as usual when pressure was removed the whole list rallied materially and before the delivery hour the most active stocks were brought up to within about 1 per cent of the opening figures At 215 the market was dull quiet at recovery 3 pmMoney has been tight ranging from 0 to 96 per cent with tght last loan at 90 The stock market maintained a moder ate business in the last hour Prices continued to advance and gains of 3 to were scored Later however Sugar which had been nearly neglected during tile early portion of the day came to the front with a sharp I drop from 57 to 51 and the general list was affected to some extent The market tin ally closed active and weak close to the lowest prices notwithstanding tae rally of 2 per cent Sugar raly Before 2 oclock the general railway list rallied and the market raiway gain strength up to 23Q oclock when quotations showed a recovery of 12 > < in a number of stodks with Lackawanna Atchison Bur lington Quincy Northwestern St Paul Rock Island New York Central and Union Pacific in the lead I the money flurry loans were reported I j I high as and interest but those rates were exceptional and about 2 p ui the quotation was down to 15 per cent per quotaton The heavy declines of late without fail ures on the street emphasizes the fact that for a long time stocks have not been held to any extent upon the street on brokers margins A prominent speculator aptly characterized the present flurry as a rich mans panic Gould people are credited to day with being large purchasers Final losses are very pUIClasers Paul is down 5 i Pacific Mail and New England each 5 Sugar 43 Louisville Nashville 19 Erie 334 North American and Lacka wannaeach 3J Northern Pacific preferred 2U Jersey Central 2K Rock Island 23 27 Heading 2J Western LJniOESAJJf Missouri Pacific 2U Atchison 2M Canada Southern 2 and most of the active activelJst over 1 pel cent 3 Jay Gould on thoPatIc NEW YORK Nov 10 Jay Gould 1ay was asked this afternoon t gjyo his views in ir regard to the great fall oftprices in Wall street Gould said Ther is of course i as any one can seo by looking at tho prices i 1 very great depression But there is no doubt the market would have righted itself if tho trouble in London had not come up How much futher things will go I do not 1 I know I only know that any one who has courage to buy now and patience to wait will make money So far I nh I know any i thing abrfUt the different properties ri diferent plopertes espe emily those I am interestedjin they are alI I right and there is no reason for the pre ent low prices I suppose six months from now we shall look back upon these prices and comparing them with prices then will soy How ridiculously low they rdicurosiYl te were History repeats itself I have seen within the last few days very good evidence of the amount of money goinginto Wall O to buy stocks principal Lhot on margin but outright This atnounc is likely to in lkeh crease and when it gets so that buyers are more numerous than sellers the market well will turn The railroads are all doing very wel The large movement of freight now going on is being carried at better rates and all the roads have a better understand ing with each other than for many years |
