The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1886-12-16

Il
at the opening Of the stock exchange
this morning was one OF the widest |
ever witnessed there. For several I
moments the entire door was crowded |
with knots OF brokers surging from one /
side 70 another, all seemingly bent on |
selling stocks. Prices dropped with !
such rapidity as to demoIalize the |
brokers who had buying orders and 1
little heed was paid 70 fractions in max
ing sales. The greatest crowd was in 4
Reading, which closed last night at !
AZ, opened ~ lower and was sold l
down in few minutes TO 3Ts< $50
Richmond and Westpoint closed last |
night ct 40. and opened this morning ut |
g, and within few minutes was selling !
at 81. Hooking Valley. which closed |
last night az $50. opened at "a and de- |
ciined 10 2s5z. Western Union |
closed last nigAt at 7Iss, opened |
at 10 and sold al 6S1E. London buying
orders were csbled over for heavy
blocks OF stocks and helped to sustain
granger aud trunk lines, but in all other
stocks II was the same. It's understood
that the movement IS the result Of big
combination against the bills, who
engineered the late large advance
throughout the list. The trust COM
psnies, controlled by friends Of the bear
leaders, are said 70 have started the
break by calling IN all loans on Read
ing.
Noon.-Money on call is light at
after II. renewed the break of
the previous hour, and those
stocks which had been strongest were
in turn attacked, and the selling was Of
the nature of a panic, the declines
ranging up 10 10 per cent. in the active
list, the most conspicuous being New
England 81, Reading So. Omaha 6,
Lackawanna SIS. New York Central 4:
Canada Southern %, and others smaller
amounts. There was a slight rally TO-
wards noon. but at this time the market
is active and very weak gain.
| I. Marax & Co.'S failure has just been
announced on the Stock Exchangs.
Marax & Co. were long on terminal
Reading ana kindred stocks. The sales
at the exchange during the first hour
were "a, 700 shares, and 70 noon 620. 100
shares. The market is touching the
lowest points in months. Some stocks
have dropped q per cent. in the last
few minutes. All brokers have orders
to sell without limit. The heaviest
losses by the bulls have been in Reading,
New England, LackaWNnnG. Hook
ing Valley and Richmond Ter
minal. The Stock Exchange member
OF the firm Of Marax & Co. has been 3
member Of the board since 1863, and is
\ one OF the most prominent IN the street.
He knew he would have TO suspend
and made private settlements on all his
stock exchange contracts. Gould &
| Oommacks, brokers, have been buying
stocks at the decline and the market
begins 10 show q somewhat better tone.
There are wild rumors adost regarding
banks, but they can be traced TO no
foundation A representative Of the
associated press has just visited several
of the prominent banking institutions,
including the American Exchange,
Fourth National and the Bank Of Anne
RIGA, and been assured that there Is no
\ trouble IN any Of the association S
banks. President Coe, of the Ameri-
can Exchange National Bank, was
strong in his denunciation ofthe rumor.
Managers said: There is nothing in
this whole thing but the loud talk Of
Wall Street bears" Some few small
1 the wrong side of the market, but have
made private settlements, and no
further suspensions are anticipated al
this writing. The market at its lowest
showed dec inc Of four to fifteen points
all along the line. 1t recovered ten 10
Eve, and is selling of again. Money
has advanced TO 60 per cent.
l.45 PIMA prominent broker says
the break in prices, this morning, is the
result of the very conservative policy
adopted by banks for the past week or
more in regard 20 loans. They have
been charging and per cent. on good
stocks. and from 10 10 per cent. on
sPecialties; slSO, that brokers. being
unwilling 10 carry stocks at these
| figures, called on holders for more mar
gins. This brought out large selling
orders, and as prices fell more
stock came out, resulting TO day in
almost panic. The present breaking.
therefore, can be credited TO light
money, and not TO any inherent weak
ness in the stock market itself. The
reserve being down to such low figures
as so, 900 600 was another unfaVorable
feature Of the situation.
m.-The scene on the floor Of the
Exchange at this hour, while somewhat
animated, has no appearance Of =
panic. although the hour of 2.I5, when
all deliveries of stock have TO be made,
is fast approaching.
Messrs. Kahn. Loeb & Co. have or
dered the shipment Of 81, 000 900 gold
from London. kilograms have ordered
O.UJO,OtO IIAuCS run TdflS. Inc cA-
change market has come down 70 the
shipping point. II is claimed in certain
circles here that the alleged disastrous
effect which the interstate commerce
bill in its present shape as reported to
the House, on the railroad interest of
the country, has had considerable in
ruence in creating the present depres-
sions.
p.m.-The stock market since -
O'Clock has shown much less activity,
although transactions would be con-
sidered extremely heavy on any other
day. Prices were much better
and recoveries ranging up TO .
per cent. were made by l p.
m. but later the decline was
again resumed, and the lowest figures
yet attained were reached. The most
conspicuous movement was IN Man
haitian, which was weak when the u
mainder of the list was firm, and its de-
cline from the noon figures was 81 per
cent. The remainder sgain showed
some improvement towards ?, snd 81
els the market was very active and II
reOf1lar hut generally firm