Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-11-22
Earlier Reports.


New YORK. Nov. 2l.-The greatest excitement
prevails on the stock exchange this morning,
aud at one time serious panic seemed almost
inevitable. The scene on the floor at the ex.
change was most tuniultuous, and tho rush to
sell stocks was 30 great that prices dropped
and per cent. at time. Until before hall
an hour of business had been over, Delaware 4
Hudson had declined 20 per cent, and the re-
maiuder of the list all the way between 1@1
per cent. The men who are credited with this
BEAR MOVEMENT
are Jay Gould, James r. Keene, Russell Sage
and Addison Cammack, aided by outside spec
ulators who rushed in and let their stocks 60 at
any price, fearing lest general panic would
result in wiping their margins out entirely.
Many failures were expected from this great
fall in prices, but up to the present only one
has been reported, Edward Livermore, IS Broad
street, who suspended this afternoon and uoti-
fed the exchange of his inability to meet his
engagements. About tho first call there was a
sharp recovery of 10 per cent. in Delaware &
l6 per cent, but this was succeeded by another
attack shortly after midday, and quotations
again took downward turn:
FRIGHTENED AND DEMoRAL1zED sPECULATons
sent orders to their brokers to sell out at any
prices, and they were in as hot haste to get out
as week ago they were to get in. The ex-
change opened with wild confusion and excite
ment. The consequence was that the whole
list gave way during the call from to "a per
cent, the last on Delaware & Hudson stocks,
thong they were we'll maintained. There was a
GENERAL CRASH IN THE FANo1Es,
@. G. & I. @. l615, Ohios %. Toward tho mid
die of the day there was general strengthen
ing Of the list, rnany buyers being attracted
by the relative cheapness of stocks It was
also reported in speculative circles that leading
operators were buying and that brokers of the
respective pools we're being supplied with
orders. The decline in the stock market
CREASED great confusion in the money market
and there was continual calling in of loans
by money lenders on request for more margins
by banks and financial institutions.
The confusion and declining tendency of the
market was greatly increased by the extraordi-
nary amounts of stocks held on stop orders by
the brokers who were frantic with excitement
in endeavoring to close out their customers
ventures. Such a wild and exciting day might
REMIND ONE OF BLACK FRIDAY.
Coal stock were pressed for sale in great con-
fusion. Delaware, Lackawana l. Western fell
to II. Delaware Hudson broke from 80 to
561aa, but recovered to GO. New Jersey Central
fell toys. There was great collapse OH Erie
spec ulation; the price fell to 361t, preferred
GA, granger stocks went down North
western 35ss6; Saint Paul r.. The southwestern
list was pressed for sale-Kansas Il Texas q;
Hannibal & St.: 10 ~; Iron Mountain 44@42&;
Wabash 52M; Wabash, st. Louis
l. Pacific &c. There was also general
decline in prices Of Vanderbilt.
Between 3 and o'clock the depression con-
tinued. Fluctuations have been wild and great
jumps of OF per cent. have occurred without
exciting comment or surprise. Kansas d Nor
thern, common, Topped down to 81, and Iron
Mountain to 81. and still no more failures were
announced. Edward Livermore, who suspend
ed this morning, has been a member of the
board for great many years, and his house has
always been regarded as a safe one. It was ex-
planned at his Office that the cause of the fall
ure was due to a combination OF circumstances
likely at such time. namely, general decline
of ten per cent. and Indifference on the part of
customers to respond with promptness on call.
Livermole is gentleman of wealth, but pre-
ferred to close his doors rather than suffer
greater loss. He regards his suspension as only
temporary, and will resume as soon as the
furry is over. His representative was unable
to give the estimates of his liabilities assets,
owing to the wild condition of the market.