St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-12-16
Tremendous Excitement on the New 1orK
Stock Exchange Throughout
Yesterday.
Heavy Fall of the Prices OF Nearly
All the Lines of Securities
Dealt In.
The Trading for the Day Larger
Than Has Ever Before Been
Known.
Over 100000 Shares Changed
Hands--Shylock Interest 1or
Money.


Prime mercantile paper 4@5. Sterling ex-
change dull but firm at S4.S so for sixty day
bills. and S4.S3H for demand. Govern
ment bonds were dull and weak. State
bonds were dull and steady. Over 1000, 600
shares was the total business in stocks to-
dav. which has never before been equalled
in the history of the exchange and but sell
dom approached.
THE PANICKY FEELING
deyeloped in some of the low priced
shares in the past two days spread
TO more substantial stocks and the
pressure to sell exceeded anything
ever seen in the board room. The bears
began the attack at the opening, but orders
to sell for both sides of the account were
overwhelming. the only desire seeming TO De
to get out. Demands from brokers for more
margins remained unanswered and closing
out sales were a large portion of the bust
ness done. The attendance at the Doard
was greater than ever before, and every
broker had orders to sell at the market.
The excitement was intense. the feelng
bordering closely upon panic. The foreign
buving acted to check the first decline be-
fore the end of the first hour, but the pres
sure again reacted and stocks which had
held well up under the first dump, then
gave way with rush. Toward the end OF
the session both bulls and bears became
alarmed at the
MAGNITUDE OF THE DECLINE
and buying orders were freely given out,
resulting in marked recovery over the en-
tire list. 1t was also reported that several
influential operators who had been credited
of late with desire to see a material de-
cline. had begun to buy. This induced
free covering of short sales, which helped
the final rally. The money market worked
extremely hard, the rate running up to as
high as = per cent. per day and interest.
New England deals were the chief factors,
and the selling of interest being renewed
with spirit this morning provoked short
sales by the New York element. and the
stock broke very badly. Reading, also,
notwithstanding the publication of the plan
of reorganization, broke ten points. Other
heavy declines were made by Tennessee
Coal, Philadelphia Gas and Richmond &
West Point. Only
ONE FAILURE WAS ANNOUNCED
on the board, although rumOrs Of others
were thick at one time. Delivery hour
passed with no further announcement Of
that nature and a much better feeling took
possession of the room. The opening was
extremely weak, the declines from last
evenings figures exceeding per cent. for
while Reading was down 4. The trans
actions for the first two hours were enor-
NOUS. the sales for the first fifteen minutes
approXimating 115, 600 shares, for the first
hour $50, 900. and up to noon over 100000
shares had changed hands. The declines
in the first few minutes ranged up TO per
cent. Toward the end of the first hour
A SLIGHT RALLY
occurred, the Changers, trunk lines and
Union Pacific displaying considerable
strength. The market was feverish and il
regular, however. and another slump soon
followed, New England and Reading lead
ing the decline. The extreme activity was
largely decreased after u o'clock, accom-
panied by slight recoveries in some stocks.
The downward movement, however, was
again resumed, Manhattan assuming the
lead. In the last hour a general rally took
place and material advances over the lowest
figures were recorded. The market closed
active but firm at the recovery. The total
sales of the day were LOSS. 434 shares, of
which Reading furnished 1S1.065, Lacka-
wanna 1O2. $40, st. Paul 20, $50, Western
Union 50. 565, New England 81. $50. and
very large business in the remainder of the
list. jersey Central is the only stock on
the active list showing an advance, its gain
for the day being % per cent and New
England lost 81, West Point 63s, Read
ing 81, Manhattan and Tennessee Coal
and Iron 5 per cent. each, Omaha AZ,
Missouri Pacific 81, Canada Southern
so. Lackawanna q. Hooking Valley 3$6.
Pacific Mail 81, Michigan Central 3. and
others from to per cent. Railroad bonds
were
COMPLETELY OvERSHADOWED
by the excitement in the share market, and
with the exception of few speculative
issues. the trading was devoid of interest.
Erie I'd cOnSOlS, Atlantic & Pacific incomes,
Fl. Worth & Denver lists. Denver & Rio
Grande As Hooking Valley consols and
Texas Pacific income trust receipts absorbed
the entire interest among bonds. Prices,
however, sympathiZed closely with the
movement in stocks, and with one or two
exceptions were weak throughout the day.
Hooking Valley 6s lost two points at So;
Denver & Rio Grande As two points at 7615,
Houston & Texas DDS three points at 80.
Indiana. Bloomington & Western lists two
points at 81, New York Central IS four and
three-quarter points at 101, Ontario &
Western lists two points at 105; and Texas
Pacific income trust receipts three points at
SO.
THE TOTAL SALES
of stock to-day were 1,1SS, 534 shares, in
Guiding Canada Southern Sc, 975, Delaware,
Lackawanna & Western 102, $40, Delaware
& Hudson 1907. Erie 51.675. Kansas &
Texas Is. 725. Lake Shore 36,O75. LOUIS
vile 81 Nashville 47,S60. Missouri Pacific
1859, New Jersey Central 80, 400. New
York Central 1888. Northern Pacific
1850. Ohio & Mississippi 10, 1876. Pacific
Mail IA. S95. Peoria, Decatur & Evansville
$3.50, Reading ISL, $50. st. Paul 70.610.
&
1890, Union Pacific $500, Western
Union 50. SIS. Wabash Pacific 3.4OO,
Northern Pacific preferred II, 500, Oregon
Transc0ntinental $40. Richmond & West
Point II, 900, Hooking Valley 25, 5S5.
ONE OF THE HOUSES
reported in trouble in Wall street to-day,
and whose suspension was expected this
afternoon. received assistance from friends.
1t was reported that the cause of its embar-
rassment was the calling of loans amount
ing to 81, 900. 600. which it was borrowing.
After o'clock the market began to rally,
and when the set time for the delivery of
stocks (2:15 p. n.y. had passed without any
one of the several houses known to be in a
skaky condition suspending the
confidence began to return and
many of the brokers bought stocks for their
own account, believing the decline to be at
an end. The heavy bears. too. remem-
bered that in former panicS no money could
be gained from suspended bank. and be-
gan to cover freely, helping. with other
cases, to make an upward reaction of per
cent. in the extreme cases, from the lowest
prices of the day.
LONDON, Dec 15.-The Financer says a
large amount of gold is about to be drawn
from the Bank of England for shipment to