The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1879-11-22
STOCK STAMPEDE.
The Bulls and ssas Of Wall Street Ius.ls
for Trlunph-Ths Grizzly 6Sugtrs
Give the Bulls Tight Hug.

Nw YORr, November gl.-Tho creates
excitement prevailed on the Stock Tx
change this morning. and at one time
serious panic seemed inevitable. The
scene on the floor Of the Exchange wa
the most tumultuOus, and the rush to sol
stocks was SO great that prices dropped
three and four per cent at the time, unit
before tho llnt half hour Of business
had been over, tho Delaware and Hudson
had declined 20 per cent, and the remain
der OF the list all the way between II and
one per cent. The men who are credited
with this war movement are Jay Gould
Jas. K, KGeae, Russell Sage and Addison
Cammack, aided by outside speCulAtos,
who rushed ia and oysr.let their stocks in
al 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. Ed.
ward Livermore, No, IS Broad street, sus.
pended this morning, and notified the
Exchange oi his inability to meet his en-.
gagemGns. About the first call there Was
sharp recovery oi 10 per cent Ia the
Delaware and Hudson, aud the general
list rallied to o per cent, put this was
succeedel by another attack shortly after
midday, and the quotations again took q
downward turn.
The bull panic yesterday, which up.
peared to bO in measure allayed during
the afternoon, gathered An extraordinary
impetus this merning, from the pressure
Of stocks held on country orders fright
ened aud demOraliEed spectators sent
orders TO their brokers 70 sell out at any
price, and they were In Us hot haste 10
get out rs they were week ago to get In.
The Exchange opened with wild confus-
ion aud excitement. The consequence
was that the whole list gave way during
the call from TO 81 per cent, the last In
Delaware and Hudson. Coal stocks were
pressed for sale in the great confusion.
Delaware, I.aCkawRnnR aud Western fell
To Il; Delaware and Hudson broke from
so to 58A, but recovered to Us. Now
Jersey Central fell 10 70. There was a
great collapse in Erie speculation, prices
fell 10 38h, preferred VI. Granger stocks
went down. North Western ST.; st. Paul
I2. The South western list was pressed
for sale. Kansas and Texas q, Hannibal
and st. Joe 2S, Iron Mountain 44ai2l Wa
bash 52l, Wabash, st. Louis and Pacific
80. There was general decline in prices
Of Vanderbilt stocks, though they were
well maintained. There was another
crash in iHncies, G., G. & /. q. lO!, 0hios
%.
Toward the middle OF the day there was
q general strengthening Of the list, many
buyers being attracted by tho relative
cheapncss OF stocks. 1t was also reported
in speculative circles that the leading
operators were buying and that brokers
Of respective pools were being supplied
with orders.
The decline in the stock market created
great confusion in the money market and
there was continual calling in OF loans
by money lenders or request for more
margin by banks and financial institutions.
The confusion and declining tendency OF
the market was greatly increased by the
extraordinary amounts Ot stock held on
stop orders by brokers who were frantic
with excitement in sndeayoring to close
out their customers ventures. Such
wild and exciting day might remind one
ot "Back Friday"
Between two and three o'clock the Dc.
preston in stocks continued, fluctuations
being wild and great jumps OF . or 8 per
cent having occurred without exciting
comment or surprise. Kansas 4 Northern
common Hoped down to 81 and Iron
Mountain to -, and still no more failures
were announced. Edward LivCrmore, who
suspended this morning, has been 4 mem.
bor ot the Board for many years, and his
house has always been regarded as safe
one. 1t was explained at his office that
the cause OF his failure was due to a com.
bInatiOn OF circumstances likely at such u
time, namely, a general decline OF 10 per
cent and Indifference on the part Of custo.
mers to respond with promptness on call.
Livermore is gentleman OF wealth, but
preferred to close his doors rather than
suffer greater loss. He regards his suSpen.
sion as only temporary, and will resume
as soon as the furry Is over. His repre-.
sentative was unable to give an estimate
ot his liabilities or assets, owing to the
wild condition OF the market.