Evening star. [volume] (Washington, D.C.) 1854-1972, 1879-11-21
BREAK IN THE NEW YORK
STOCK MARK EFT.


panic seemed almost inevitable. The scene on
the floor of the exchange was most tumultuous,
and the rush to sell stocks was so great that the
prices dropped Bad per cent. at time until, be-
fore the first half hour of business had been
over, Delaware & Hudson had declined 20 per
cent, and the rest OF the list all the way be-
tween il and per cent.
Who are the Bears.
Themen who are credited with the bear move
ment are Jay Gould, James X. Keene Russell
sage and Addison Cammack, by the lesser lights
tors who rushed in and let their stocks go at
any price, fearing lest general panic would
result in wiping out their margins entirely.
One Failure.
Many failures were expected from this great
fall in prices, but up to the present only one has
been reported-Edward Livermore, of IS Broad
street, who suspended this afternoon and noti-
fled the exchange OF his inability to meet his
engagements.
Recovery and Reaction.
About the first call there was sharp recovery
in Delaware & Hudson, and the general list raj
lied to 6 per cent, but this was succeeded by
another attack shortly after midday, and QUOTA
tions again took downward turn.
The Post ON the "Lambs and
WOlveS.''
NEW YORK, Nov. 2.-The Posts financial
article says: At the stock exchange it has been
Evolves" The mails and the telegraph
brought many orders this morning to sell, and
accordingly there were tens of thousands OF
SudItS VI StUCkS pltoSluS lUI Sdlt WuSu Uuc
stock exchange opened THOSE who wished to
buy stocks were naturally anxious to buy as
cheaply as possible, and therefore let the sellers
offer their stocks. The result was that within
per cent, the last-named, Delaware & HusOn
canal, which sold at 50. The other stocks de-
clined as follows: Union Pacific, IA per cent to
13. Delaware, Lackawanna & W., 6H per cent
to IS. Erie, ~ to 36, the preferred, AZ to 64;
Jersey Central, s to Il; Iron Mountain, SIX to "A:
Northwest, 81 to s5sll; Hannibal 4 st. Joseph,
Ia to 1OOk; Manhattan, 8 to 60; Milwaukee 4
st. Paul, 3 to 72; Ohio and Mississippi,
to 2s; Northern Pacific, 3 and 81
Reading, 6k to so. From these prices there was
a recovery of q to 10 per cent; this continuing
near noon, when there was frt sh break N the
market MAJ S OF to per cent the latter tie Nashville
to S5; Wabash, per cent. to 49; Erie 8 to 36zs
and the preferred 81 to 6S; Delaware and Hud-
son, per e cent. to 65s1; pei, Lack and W., ~
cent to 81, and Union Pacific, ~ per cent. to
s1R. This decline was succeeded by another re-
coyery Of 1a1A per cent This swas OF brief du-
ration, and there has been another break which
has dropped Erie to 3219, Pacific Mail to 26, Lake
Shore to 1O0 Del, Lack and w. to 75A, North
west'to IS, st. Pau! to 7ok, Reading to soy Kan
Union Pacific to soy, and Jersey Central to 73s.
During the liquidation of small and large specu-
lative accounts that is going on, the leading
spectators are freely buying stocks, although
doing so as much under cover as possible. There
arealso coming into themarket orders to buy from
class OF outside capitalists who are not of the
stocks of known value. 1t may take several
days to complete the liquidation that is in pro-
gress, and longer time to fairly lay the founda-
ten for December and January bull speculation
that the leading SPECTATORS are looking for
ward to. The Post says of the negotiation
pending for the sale by Vanderbilt of $2O,OOOOOO
OF New York and London bankers and railroad
managers, identified with what is known as the
Wabash system of roads that the price for the
stock is 12O. The negotiation is not yet COM
thought most doubtful, has already signed the
agreement: The stock, or good part of it,
would undoubtedly go to London. 1t fore
New York Central and the Wabash system
OF railroads. An arrangement has been
perfected between the Atchlson, Topeka
alton and the st. Louis and San Francisco rail-
road, by which a road is to be constructed from
santa Fe to San Francisco under the old Atlan-
tic and Pacific railroad charter, which is still in
existence, and which carries land grant of
ABOUT 4o,O0O,0O0 acres. Bonds, secured by the
lands and guaranteed by the st. L. and s. F. and
the A. T. and s. F., to the amount of $25, ,OOO, ,O00
are to be issued Their bonds have already been
placed and is therefore settled that there is to
oe another Pacific railroad. The knowledge of
this arrangement explains the recent confident
rites and shares and their enormous advance
The publication Of the news to-day may have
parry caused the decline in Union Pacific to "a.
The money market is very much unsettled
First-class borrowers, having good collaterals,
are readily accommodated at per cent.
While others, or those having inferior collat-
eralS are paying all manner of rates up to h of
per cent. per day. Time loans and mercantile
paper are nominal The result Of the general
liquidation OF the speculation at the stock ex-
change VIII De much easier money market, and
II the speculation In merchandise Is also fiat
tened out money ought to become very easy
even at time Of the year when full rates
usually rule. Government bonds in all the ex-
cltement and depression are firm; strictly first
class railroad investments are also steady to
strong. Speculative bonds have however.
shared the fate OF speculative Stocks