Evening star. [volume] (Washington, D.C.) 1854-1972, 1886-12-15
ALMOST A PANIC IN STOCKS.
Prices Go Down With a Whfrl Amid
Great Excitement i'm Wall street.

Great excitement In Wall street,
NEW YORK, Dec. 15.-The slump OF yesterday
afternoon was renewed this morning, and first
prices showed large declines from the closing
figures OF last evening, chief among which were
Reading, 2L4; Western Union and Union Pacific
17s each; Richmond and West Point, IL, and
GUS and further declines ranging up to IL per
cent In the general list were made while Richmond
and West Point lost per cent; Hooking Valley,
81, and Reading, IN. The market soon received
support, and some OF the active stocks soon
showed advances over the opening figure whi e
Others were very weak. The grangers, trunk lines
and Union Pacific were nOticeably strong. Tie
transactions were extremely feverish and irreg,l-
lar, but the market quieted down toward IL
O'Clock, at which time It was still active and
Irregular.
AwILD SCENE IN THE EXCHANGE.
The scene at the opening this morning was one
OF the widest ever witnessed on the exchange
For several minutes the entire floor was crowded
with knots Of brokers suging from one side to the
other, all seemingly bent on selling stocks. Prices
dropped with such rapidity as TO demoralize
brokers who had buying orders and little heed
was Paid to fractions In making sales. The great
est crowd was In Reading, which closed last night
at AN, opened 2l per cent lower and was sold
down In few minutes TO 31x. Richmond and
West Point closed last night at 40 and opened
was selling at 81. Hooking valley, which closed
last night at 325, opened at "a and declined TO
2SA. Western Union closed last night at 7lss,
opened at 20 and sold at 6Sk. London buying
orders were cabled over for heavy blocks OF stock
and helped to sustain the granger and trunk line
securities. IL Is understood that the movement is
the result OF a big combination against the bulls
which engineered the late large advance through
out the list. Trust companies controlled by
friends OF the bear leaders said TO have started
the break by calling in all loans on Reading.
FAILURE ANNOUNCED.
L. Marx & Co.'s failure has just been announced
from the rOStrum OF the New York Stock Exchange
They were long OF Terminal, Reading and kindred
stocks.
The sales at the exchange during the first hour
were 347 600 shares and TO noon 10000.
RECOVERY AND ANOTHER PANIC
NOOn.-The stock market after III o'clock recov-
cred the break OF the previous hour, and those
stocks which had been strongest Were In turn at
panic, the declines ranging up to close to 10 per
cent In the active list the most conspicuous being
New England, 81; Reading, 81; Lackawanna,
5-S; n. Y. Central 4; Canada Southern, 3k;
and others smaller amounts. There was Slight
rally toward nOOn but at that time the market
was active and very weak again.
GOuld'S and Cammack'S brokers have been buy.
ing stocks at the decline, and the market shows
somewhat better tone.
PRICES STILL wHIRLING DOWN.
The market is touching the lowest points seen
three points In the last few minutes. All the
brokers have orders to sell without limit New
England, Lackawanna, Hooking valley and Rich
The stock exchange member OF the firm OF L
Marx Co., has been member OF the board since
1863 and Is one OF the most prominent men on the
street. He knew this morning that he would have
to suspend and made private settlement In all his
stock exchange contracts.
GOULD AND CAAMACK TRYING 10 SUSTAIN THE
MARKET.
1p.m.-The market is still feverish, but little
better than the lowest prices. Gould'S and Cam
mack's brokers have come into the market as
buyers and are sustaining prices. The general
feeling seems to be that the worst is over and
that the panic, which seemed imminent at noon,
631 900 shares the largest ever Known in the his
tory or the exchange.