Evening star. [volume] (Washington, D.C.) 1854-1972, 1880-12-01
WALL STREET FEVERISH.
The Market on the Verge OF Panic
but ReCOyers.

NEW YORK, Dec. 1.-The Post,S financial ar
ticle says: The share speculation at the stock
Exchange TO day is In highly feverish and
unsettled condition. AT times the marke, has ap-
peared TO be on the verge OF panic, but appa-
fentlythose working for lower prices are no more
anxious TO see panic than are the large spec
ulatfye holders or stocks, and at the critical
moment themarket is held within reasonable
bounds. During the first hour prices fell 60 >
per cent for the leading stocks, but little after
the hour an upward reaction began aud is still
IN progress as we write, a good part OF the
early decline having been recovered. The dif-
1culty In getting money is thus far to
day fully as great as it has been at any
TINE, brokers paying all sorts OF commits
SONS up TO OF ] per cent per day TO
have their stocks carried. The trouble
with the money market is that the banks are
practically helpless 10 give aid. their facilities
having ueen fully taxed by the speculation or
the last few weeks, which has required enough
money or credits TO expand their loans 10
figures never before reached. Moreover. the
demand Tor money from the south and parts or
the west has continued very large, the express
companies reporting large daily shipments OF
season OF the year, but is felt more severely
this year because OF the expansion IN specula-
1on. While The banks are losing money In this
way as Wei as TO the Treasury, they are gain
ing comparatively little by receipts or money
from near by places, and have to depend main
ly for the repienishment OF their reserves on
receipts OF foreign specie. These latter although
large, have thus far proved Inadequate In de-
tail: The stock market opened per cent. lower
than IL closed yesterday for Milwaukee and ST.
Paul pfd; l 4 lower for Northwest preferred; I,
lower for e. c. c. & L.; per cent for North
west, common, and Hannibal and ~. Joseph
preferred . for Milwaukee and st. Paul CON-
mon, and saa4 lower for the remainder OF the
list, except Tor Nashville ana Chattanooga
which was = higher. and Burlington and
Quincy, which was unchanged. soon after the
opening the general list began TO decline, and
by II O'Clock prices had fallen AL per cent,
the latter Northwest common. Western Union
Telegraph declined 81 per cent; Milwaukee and
ST Faul and Delaware and Hudson canal. Ia
each; Lake Shore. q; New York Central and
Erie, II each; Union Pacific, la; Delaware
Lackaw anna and Western, per cent Wabash
preferred, q, and Jersey Central and Hannibal
ana 81. Joseph preferred. ss each From IL
O'Clock until about noon there was an advance
OF iia4k per cent, the latter also North
west Common New York Central advanced
2s4; Union Pacific, pa; Milwaukee and 81. Paul.
2ls; western MON Telegraph and Michigan
Central, each; Reading and Iron Mountain
l7s each; jersey Central and Lake Shore
each; Delaware. Lackawanna and Western and
Wabash preferred ] = each; Erie, Hannibal and
st. Joseph and Kansas and Texas, II each:
Delaware and Hudson Canal, and Ontario and
western, d each, and Manhattan Railway and
Pacific Mail, per cent each. Since noon there
has been another decline OF ! al a per cent the
latter Delaware, Lackawanna and Western.
burlington and Quincy advanced during the
first hour Il. per cent, end has since
declined per cent, and Nashville ana Chatta-
noCga has adv anced per cent since the OPEN
Ing. The uniform rate for money at bank Is
per cent, but the banks have little TO lend; I'm
fact, many Of them are compelled 10 cali I'm
loans on account OF the drain upon them from
out OF town. Stock brokers are paying varying
commissions TO get money at per cent or 70
nave their stocks carried. Many OF them have
already thrown over their stocks rather than
submit to he " squeeze" Time money IS 10 ba
had for four months al per cent, but not for
thirty days Mercantile paper is nominal