New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-11-20


the last part of the business day, by which many
securities recovered most of what they had lost but
an uneasy feeling prevailed at the close of the mar
ket and much anxiety about the probable course
of stocks to-day was apparent.
DETAILS OF THE DECLINE.
Orders for the purchase of stocks
have OF late poured into Wall street IN
n seemingly endless stream. They have come
from every direction; from the grain fields OF
the West the factories OF Ncw-England and the
plantations of the South. The fever has infected al
cassescerks have eagerly surrendered their savings
merchants who found their business toilsome ana
proncss. invested their surplus funds In stocks;
and workmen sought TO add TO their scanty means
by speculation. In the continual advance all saw the
prospect Of easily won wealth. Brokers nave reaped
from This rich harvest OF commissions, ana ther
business has OutgIown the oldme facilities. the STOCK
Exchange itself seemed small dnarrow for tie immense
business that poured into it, Seats which could have oeeh
bought readily within year for $4,000, have
brought recently $4,000 while the managers of the TX
change easiest to raise 100000 for the
purchase adjoining property aud the Improvement Oh
It's buildings TO be 10 create forty new seats.
For several days the market has been ieverish ana
unsettled. Speculation paused, and seemed doubling
which way TO turn. On Tuesday the market abounded
IN wide fluctuations, in sudden falls and quick
rallies Under pressure realize profits prices
became weak; with orders 10 buy from those eager
to make another turn they again became strong Yes
terdav the tendency TO lower prices became more
strongly marked. and during the morning hour the
stock Exchange became the scene of wild excitement
Large spectators who had been prominent In
stimulating the former advance appeared to
he arrayed on the " bear" side. Many
who had been thought 20 be extensive holders or gen
eIa securities found yesterday 10 be entirely OUT
of the market. With or two exceptions the strong
est specuators III believed to
baNa
which had been comparatively easy for week, became
dcarcr, and borrowers were compelled to pay
IN several cases q small commission. The ar
rivals OF specie from Europe, when nave
furnished fuel TO the speculation, appeared TO have
fallen off. After receipt Saturday OF S25ooOo
10 Thug had been received. The arrival yesterday Of
II G57 800 by the Algeria. aud of 100000 by the Gel
lcrwas late In the day 10 affect the mar
ket Everything united apparently To depress prices
and spectators hurried 10 seek shelter from the
storm which seemed about to burst. The excite
ment on Tic Exchange became intense. decline In
prices ed only to greater desire sell at price
that could be obtained. Free sales resulted in still
greater depression A panic seemed imminent
As on Tuesday, the opening. prices were gener-
ally the highest OF the day. The decline was
not confined TO merely speculative stocks; the
soundest dvidcndpayng securities felt sensiby the
force Of the tall A decline OF from 1 10
per cent affected entire list Erie, which has led
the speculation, prominent in the decline, but other
stocks suffered greater fall Within week
Erie common stock sold up TO az; 1t
closed Tuesday AZ. and sold yesterday down
20 43si. Chicago and Northwestern. which had
reached 94la closed Tuesday at 81 e. and sold yeser-
day down 80. ct. Paul from S2is recsded Tuesday
to 793s and yesterday dropped TO 7G's. Western
Union Telegraph, which within week touched
109a,, fell from 1904 Tuesday to 1861 yes
terday 81. Paul and Sioux City has fallen
from Az to IS; Indiana, Cincinnati ana Lafayette
from to 10; Missouri. Kansas and Texas from 31A
10 33I; ONO and Mississippi from 80 to 30 Michigan
Central which has sold within week at 97's fell TO
81, having closed Tuesday az 96's- Manhat
tan Elevated, which has sold recently at 72I
sold yesterday at CD. fall of per cent
from the closing price OF the previous day. Pacific
Mail from 3Si2 has fallen 10 33i9. The coal stocks
Joined in the general tumble; Delaware, Lacka-
wnnn, Western, which sold within n week
at o. closed Tuesday at 50. and yesterday
fell t. sGas Delaware and Hudson Canal from s9is
dropped to siIa w-Jersey Central from SOLE has
fallen TO $50 md Philadelphia and Reading. which
within a week touched ~, bas dropped to
72l, Columbus. Chicago aud Indiana Central sold
on Tuesday at % and yesterday nj %. Hannibal
aud ST. Joseph IL Tuesday fell 10 35a yesier-
day; ST. Louis. Iron Mountain ana Southern from 55i2
TO u and Union Pacific. from 92i fell to 90 Tues
day and yesterday TO 81 Northern Pacific fell from
37l2 to 35l2 Tuesday, and TO 32l2 Yesterday.
APART OF THE LOSS RECOVERED.
Toward the close OF business yesterday the decline
was followed by sharp rally, and part OF The loss was
recovered. This added greatly to the excitement OF
the day. and the probable course OF the marEe,
to-day was the subject of eager and anxious
conversation among brokers and speculators
long after the Exchange closed The streets near
the Exchan ge were filed with groups of excited men
and Dcmonico's crowded with well-kuown opera
TORS and brokers' Opinions varied with the interests
the SPECTATORS had in the future course OF
the market Many asserted that the long-looked-
FIR break In prices had come, while others
llent that the final rally was indicative Of renewed
buOyancy to-day.
The refusa Of q welhEown house 10 buy
c.r,o,n stocks on margin, which was made
publlc yesterday, excited much comment. One
nj the prom,nent commission houses connected with the
Stock Exchange II. l.. Horton Co, No. 53 Broadway.
las issued Its customers circular letter declining 70
Inv certain securities unless the persons ordering them
remit funds the full amount OF tie purchase This
action, 1t is stated, Is made necessary " by tae
OF using them loans at any price" These securities
Louisville aud Nashve, ONO 1 ana , M'ssiss .in
and preferred. Alton ana Ierre hauie common
and preferred ST. LOUIS. Iron Mountain and Southern.
Missouri Kansas and Texas st. LOUIS. kausas city and
Northern common and preferred Mobile and Ohio all
ssu = ST. LOUIS and San Francisco. all issues. Rome,
Pacific common and preferred. Marietta and Gin
cinnaIi, Houston and Texas Central, Canton
Boston AR Line. Chesapeake ana Onio. all Issues. 81
| Louis and New-Orleans, Denver aud Rio Gfandc. 81
| Pacific and sIiro Tunnel.
Standing in Demoncos former president , OF me
Stock Exchange said with much warmth: On, Horton
| has made II mistake. l would buy any or those
stocks for any man 1 knew TO he Responsible;
| IN buy 10000 shares OHIO and Mississippi
tG-morrOw, Alderman, " you will give me The order,
The person al rssscd understood To give the order
| but no margin seen 10 be put mp.
Some % these who joined m the conversation snid
that IL was impossible 10 oba n loans on many OF the
stocks named The Union Trust Company had refused,
| IL was SAID. 10 advance money on tn m az
| ,hanee one man said that he had refused
rms week an order 1909 shares of Missouri Kan
sas aud Texa. from good customer who offered 10
| per cent margin.
Why shouldn't refuse 1t Z" he exclaimed. GER
family could not borrow money on H. and my buying II
alInI.lv II cnsInner