Butte semi-weekly miner. [volume] (Butte, Mont.) 1886-1890, 1886-12-18
ALMOST PANIC


-" OsTees IN . Eurry Of Excireu >ra~
the Banks the Cause.
York, December 15.-Tbe .cs a
inc opening of the stock EXCHANGE th;.
morning was one OF the widest ever IL.
messed there. For several momenta r..
en''le moor was crowded with knot. a,
brokers' surging from one side to another.
al seeming bent on selling stocks. Prices
dropped with such rapidity as to democrat.
,ae tine brokers who had buying orders and
htc'e need wa paid to fractions in maxim.
sales. The greatest crowd was in reading
Ln's closed last night at 42K. opened 81
to BY. 40" minutes
Richmond and West Point closed ,ast
nlgnt at ~ and opened this morning at 3a.
ana wltnln q few minutes was selling at
81; Hooking Valley, which closed last
nignt at 63A, opened at "a and declined to
zoA. Western Union closed last night at
IA, opened at 80 and sold at 68H.
waI street-noon.-M Money on GILL is slight
q. q per cent. The stock market after IL
O'CLOCK renewed the break of the previous
hour, and those stocks which had been the
strongest were in turn attacked and the
selling was in the nature of q panic. decline
ranging as much as 10 per cent. in the &C
i've list, the most conspicuous being New
England 9h, Reading SK, Omaha 6. Lacka.
wanna ~ New York Central 4, Canada
southern 3h, and others in smaller
amounts. There was a slightral;y towards
noon, but at this the market is very weak
agaib.
1:3O p. m.-There are wild rumors afoat
regarding the banks but they can be traced
TO NO foundation. A representative of the
associated press has just visited several OF
the prominent banking institutions, includ.
Ing the American Exchange, the Fourth
National, and the Bank Of America, and
has been assured that there is no trouble
In any oil the association banks. President
Coo, Of the American Exchange National
BANK, was strong in his denunciation OF
rumor-mongers. and said:
There is nothing in this whole thing but
the loud talk of Wall street bears"
SoMe few broker firms have been caught
on the wrong side OF the market, but have
made private statements and no further
are anticipated. At this writ
ing the market is at it's lowest, showing q
decline OF 4 to Is points all along the line.
1t recovered 10 to 5, and is selling of
again. Money has advanced SO per cent.
THE CAUSE.
1:45 p. ma prominent broker says the
break in prices this morning is the result
the very conservative policy adopted by
the banks for the past week or more in re-
gard to loans. They have been charging 6
z per cent. on good stocks and from 8
to 10 per cent. on ~specialties, also that
brokers, being unwilling to carry stocks at
these fgares, called on the holders for more
margins. This brought out large selling
orders, and as prices fell more stock came
out, resulting to-day in almost a panic.
The present breaking, therefore, can be
credited to light money. and not to any in
weakness in the stock market itsslf.
The reserve being down to such low figures
as $40, OOO, 900 was another uniavorabIe
oi the situation.
o GOLD.
2 p. m.-The scene on the floor OF the
Exchange at this hour, while somewhat an.
mated, has no appearance OF a panic, al
though the hour of 2:15, when all de.
Of stock have to be made, is fast
Kahn. Loeb & Co. have Or
from London, and kilograms have ordered
5.OOO,O 900 francs from the Paris Ex-
The market has come down to q
point. 1t ia claimed in certain
circles here that the alleged disastrous ef-
feet with the Interstate Commerce bill in
it's present shape as reported to the House
the railroad interests of the country,
had considerable influence in creating the
present depression.
2:15 p. m 1.-THE stock market since IL
has shown much less activity. al
the transactions would be con-
sidered extremely heavy on any other day.
Prices were much better, and recoveries
re- nging up to 2 per cent. were made by
l p. m. But the latter decline was again
resumed, and
THE LOWEST FIGURES YET ATTAINED
were reached. The most conspicuous
wasin Manhattan, which wal
firm. and it's decline from noon figures wat
~ per CcTU. Tuc r0ruufrTuvr u5osu olo"vu
some Improvement towards 2 and at 2:l5
o. m. the market was very active and IT.
but generally firm.
2:25-Several buying orders appear to
have been given iE the Stock Exchange and
there is an impression that the selling
movement has passed it's climax. Shorts
have cover the houses with European con.
nections are said to be buying. This will
help to steady the market, and it will
probably close firmer. The delivery hour
has gone by without any fresh failures,
which is regarded as an excellent indica-
ton.
WALL. STREET, 2:25 p. m.-Money now
loans freely at 6 per cent.