| Show DAY in WALL STREET I 1 stocks all take a tremendous tumble RESEMBLED WORST DAYS OF 1873 one stock drops 56 points several failures reported after the storm other failure failures NEW YORK july 20 26 today was sarcastically I 1 v described by brokers as banner day A large larke portion portio of fy the day the stock exchange presented a situation very close to a p panic a tile at times the sale of inv investment stocks p proceeded roce eded in each such volume and with such violence as has never before been witnessed except in the worst days of 1873 london bought for time but prove proved d quite powerless riess to stem the tide of liquidation gowe some of the best stocks on the market broke from 4 points upward lake rake shore in particular netting 7 points new york central 4 western union 7 0 one ie extraordinary incident nc dent was the sale of 1200 shares of FV evansville n vii I 1 and terra haute stock which is not actie C a 0 on n the exchange they were sold under rule for foe an embarrassed broker and although the price was quo quoted yesterday at 12 26 bid no buyer baver was lonna today antil until the stock was offered et at 70 a decline of 56 points in one onedas da probably unparalleled in the record of the e stock exchange the bears had it entirely their ow own n way there was no opposition to au I 1 I 1 to the announcement of the failure of ll 11 11 I 1 nicholas it company added zest and prices tumbled right and left and without rhyme or reason As an illustration of this the case of manhattan elevated may be cited t the aea earnings n so of the acom company were never so great rea t before clo e in its bistor history at this time of I 1 the e year ear an and the road rood is in n splendid condition t onan and t there er was absolutely no reason 0 reau sefora ec linein its stock 2 at 2300 clock bankers and a nd brokers of prominence said there was a better tone to the market but they would not ay say whether her bottom prices had been touched yet for any stock exchange securities the president of a leading eadi n g national bank said bald this evening s ba hanks n k here are perfectly strong and although there may be two or turpe three small banks which would have hav eahard a hard time but for the protection afforded by the clearing house there is not thea the slightest lightest reason for any anxiety with regard to them the sub treasury was debtor at the clearine clearing bouse house today and settled the balance in gold it is almost entirely out of currency especially small bills bank 0 officers era said a the lie situation in that respect ct was pretty bad it is estimated that resau about t was shipped to the country today by new york banks much of it was in fit gold humors rumors were plentiful today of receivers for several well known corporation corporations including el two railroad companies many however of which are utterly baelens ba eless with ree reference rence to the condition of philadelphia banks the press of that city today da g asserts that new now y york ork banks owe one alphia banks about OW while philadelphia banks owe new now york banks banko only about new york bankers how however everl say the money which new york bankers owe philadelphia is magull mainly on re serve accounts the money which philadelphia del phia banks owe new york banks batiks is for drafts sent for collection and money for which they have received but have not remitted the reason they give for hotl not remitting us money is that they cannot get new pork exchange except at a high rate of commission and cannot spare the currency vet yet they claim the cash reserve is more inore than 38 per cent A dispatch dis Datch from philadelphia tonight says the banks there pay a premium for elc exchange ange and it does not imply imply any weakness whatever on the part of philadelphia ladelphia hi banks the rate for new ew york k exchange has avera averaged Fed 3 per thousand for several weeks and in consequence clience philadelphia Is considerably out bel of f pocket on th exchange NEW july 26 the appointment of receivers for the erie road while not unexpected had a d disastrous I 1 sa effect on stocks at the opening this morning erie common fell fel I 1 to 9 seconds to 65 northwestern to 87 lake shore to missouri pacific to 20 st paul to 49 preferred to 10 sugar to 70 eric preferred to 19 atchison Atch lson to 13 the market continued feverish and excited and after opening still atilt lower prices were made maue declines generally of fram toa 0 31 erie consol seconds broke av 0 to 9 nam ba baltimore re and ohio omo 3 to 60 lake shore ato to omaha 2 to WA wyk massou missouri pacific laci fic 2 to 19 lead preferred ato 1 to 51 north northwestern western 3 to 87 kock rock island 24 2 to 54 sugar 2 to 70 the tile downward movement was accelerated by the shaking out of many holdings of to long stock after 1030 there were several seve r gi sharp rallies but the advance was not fully maintained at 11 speculation was till still feverish some stocks declined further after 11 general electric broke to 43 NV western estern union to 70 sugar to 6 68 dealings were not large at noon t the e market was steadier the condition of affairs at a the stock exchange this afternoon was panicky the excitement wast intense an and the of values has not been paralleled in ip recent years loans were egued by many ban banks ks of 11 C nicholas nicholasa co attributed directly t to this his fact there the r mal reable drop in livans ville st terre haute to 70 a break of W 50 points since monda monday could not have Occur occurred fed if the tile weak by holders derstad bad not been forced toun to load over have been shipped bythe by the banks to lit interior perlor cities du during rin g the past few day days and there are ar no indications of a let lot up in the tile demand these institutions were corn com t I 1 I 1 wl to call in loans this preci precipitated pita t ed fi he t to selling of all classes of securities and bonds as swell well dividend and uon divi fend paying shares were being fairly slaughtered the question of inari intrinsic lisle value cut out no figure and it resolved itself into a matter of ge getting aling mo money ney and that at anae mone money I 1 was worked up to 10 on call and this a 4 aggravated ted the at situation tuA tion manhattan b broke r grava 4 12 to lackawanna Lar kawanna 8 to delaware and hudson 13 12 to to new york central 4 too 21 new jersey central 5 to 83 88 northwestern 4 to W general electrio electr lo 7 to augar to W lake shore 7 to rock aland western union 0 to 07 C chicago icaco gas an 4 to 43 sugar pre feire a to WA therean the in of the list 5 to 4 evansville fc terre haute aft after ersell selling down to 70 rallied to 80 0 regular sales were made at at P pm in th the market was somewhat steadier eadler et with a rally of to 3 failures follow the banle NEW nsw YORK july 26 on the stock exchange the firm of 11 1 I Nich nicholas company pan considered quite prominent has gile nicholas nich 0 las is a director of the evansville Evans villo A terra haute railroad on oil monday the stock of that road sold at todal today only 70 could be got for a single hundred a snares ares the bouse house succumbed to the heavy shrinkage of values which has been going on for months the firm has been bullish and is credited with having a great deal of money in industrial booms the failure caused a rapid decline on the stock market bur bar 1165 dropped to 09 northwestern to 80 onieda to 25 new now york central t to 82 general electric to 41 western union to ca whisky to ui 14 the losses were from 11 2 to 9 point points the t market w wa its in point 11 of liabilities it wae was surprising the outstanding obligations amounting to 1 0 1 1 11 firn r all although 1 it ai w was known the firm was pressed ess durao for money 7 that circumstance Is so common fit NN all street nowa days there was aa no more oe ap apprehension prebI on the part rt 0 of N nicholas chol than I 1 dozens of other firms not especially suspected eagel aily the fir firm DI has aa be been n e engaged 11 in 11 the h general genral avs dea M e stock b brokerage broke roke raco rage business 13 dealing i na I 1 in n a g great reat number dumb arof of the best 8 stock toab the assignee age said bald th this is evening their collateral I 1 idad Id ld paper 1 land d all we ask of our creditors 1 no not to b be f frightened 1 I into selling it off but hold on to it if th they e do they will all receive cents on t the dollar and there will be a handsome surplus for the firm the cause of the failure it goes foes without saying was the financial stringency call of loans and inability of the firm to put up the necessary margins J JH B bumont dumont whose failure was anno announced u need this afternoon was formerly vice president of the st paul road london market weak LONDO LONDON july le the regular fortnightly settlement at the stock exchange began today the market was weak and id feverish h with great pressure to bell sell american securities quotations were nominal eries debt well secured NEW YORK july act 26 t 0 mills said bald to be one of the largest holders of erie brie seconds says in regard to the receivership undoubtedly confidence has received another shock but the public must recognize the stringent times ahr through 0 u R 11 which we are passi passing 11 91 I 1 expect to hear of other failures 1 in the commercial world the trouble is there ie Is very little money and in times like these embarrassments must be eap exp expected acted the decision to put the erie brie road into the hands of a receiver was not reached till late yesterday as a it was found feces ary to pree cit the thit of th the e securities cur curi I 1 ties the tile compa y a floating debt is about six millions lions considerable Is held abroad bat but it is well secured A london firna assigns lo LONDOS arox july 23 age the general credit consigny company has suspended the capital stoe stock of fth the a concern is 13 stocks closed demoralized americans were very flat and the prices prices showed a de dine of alln northern preferred 1 in lit atchison a shares li area 2 it til 4 ate atchason oil bon bonds d 3 cleveland failures CLEVELAND july 20 the avery stamping works works have gone into inlo ti the 1 e hands of a receiver the concern is solvent but was unable to secure further accommodations from the banks already hold of it paper the insets are and the the lia bilies the dry goods firm of 11 II M brown fc co made an as assignment thil afternoon afler noon the assets are and the liabilities sundry other failures DALLAS aex T ex july 20 the land loan and collection agency of murphy 4 i bolan hasfal has failed led the liabilities are estimated at the assets are fully as much july 26 23 blocks were more d demoralized than ever every listed reaching the lowest point many persons were ruined between here and new york it is estimated that over monthree trent money has been losta r ng ahe I 1 months so far no banks bank or other rh r failure failures resulted I 1 july 20 2 ticknor tor co pu pub b ushers lishers havenia have made de an alignment I 1 |
