Los Angeles daily herald., 1886-12-16
EASTERN.
Great Excitement Oh Wall
Street.
IMMENSE SALE OF STOCKS.
A Big hallway Meeting-A Blind
Defaulter Gets to Canada.
Other News.
specia, to the Herald buAe associated Press.

Special to the Herald bu the associated Press
New York, December Is. - The
scene at the opening of the Stock Elk
change this morning was one of the
widest ever witnessed there. For sew
eral minutes the entire floor was crowded
with knots of brokers, swaying from one
side to another, all seemingly bent on
selling stocks. Prices dropped with
such rapidly as to demoralize the
brokers, who had been buying orders,
and little heed was paid to fractions in
making sales. 1t is understood that the
movement is the result of big combi
nation against the bulls who engineered
the late large advance throughout the
list.
The stock market after ii o'clock re-.
newed the break of the previous hour,
and those stocks which had been
strongest were in turn attacked and
selling was in the nature of panic, the
declines ranging up to 10 per cent. in
the active list. l.. Marar & Co.. s fail.
ure has just been announced on the
Stock Exchange. Sales at the Exchange
during the first hour were 347, 900
shares, and up to noon 620, 900 shares
The market is touching the lowest point
in months. All brokers have orders to
sell without limit.
There were wild rumors afoat regard.
ing banks, but they could be traced to
no foundation. The representative of
the Associated Press visited several
prominent institutions, including the
American Exchange, the Fourth Ma
tional and the Bank of America, and
was assured that there was no trouble
in any of the associations of banks.
Money advanced so per cent. Govern
ment bonds were dull and weak. Over
one million shares was the total business
in stocks to day, which has never been
equalled in the history of exchange and
but seldom approached. A panicky
feeling developed in some of the low
priced shares in the past two days and
spread to more substantial stocks and
the pressure to sell exceeded anything
ever seen in the board room. The at.
tendance at the board was greater than
ever seen before and every broker nearly
had orders to sell at the market Excite.
ment was intense, the feeling bordering
closely upon apanic. Only one failure was
on the Board, although
rumors of others are thick. At one
time the delivery hour passed with no
further announcements of that nature,
and much better feeling took posses.
sion of the room. The opening,was ex-
tremely weak, the decline from last |
evenings figures exceeding l per cent.
for large number of active stocks,
while Reading was down to So 25.
for the first two hours
were enormous, and sales for the first
fifteen minutes approached 1l5, 900
shares, and up to noon over $4,000
shares changed hands. Declines in the
first few minutes ranged up to 6 per
cent. Toward the end of the first hour |
a slight rally occurred in Grand Trunk
lines, and Union Pacific displayed con-
siderable strength. The market was
feverish and irregular, however,
and another slump soon fol.
lowed, New England and Reading |
leading the decline. The extensive |
activity was largely decreased after |
IL o'clock, accompainediby slight recov-
cries in the same stocks. The down.
ward movement, however, was again re.
Manhattan assuming the lead.
In the last hour general rally took |
place and material advances over the !
lowest figures were reached. The mark
ct closed active but firm at recovery.
The total sales for the daynwere LOSS.
1874 shares, of which Reading furnished
Isl, ,5S5, Lackawanna l02, $40, st. Paul
70, $50, Western Union S2,565, New
England "a, $50. Jersey Central is the
only stock on the active list showing an
advance. its gain for the day being IS
cents. New England lost 81, West
Posnt g, Reading ST, Manhattan and
Tennessee Coal and Iron per cent.
each, Omlha a, Missouri Pacific 81,
Canada Southern 81, Lackawanna 81,
Hooking Valley 81, Pacific Mail, "a,
Michigan Central 3, and Others from
one to three per cent.
A 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 re-
gard to loans. They have been charg.
ing from six to seven per cent ON good
stocks, and from eight to fifteen per cent
on specialties. Also, that the brokers
being unwilling to carry stocks at these
figures called on the holders for margins.
This brought out large selling orders,
and as prices fell more stock came out,
to-day in almost panic.
Other quotations in Wall street are as
follows: Three per cents 1909, per
cent coupons 2S4, Al per cent coupons
10y, Pacific per cents 23s, Central Pei
cifc All, Rio Grande BIZ, Kansas
Texas 3O1, Northern Pacific p, preferred
60s; Northwestern l15, New York Gen.
tral liz. Oregon Navigation l0l, Trans
81, improvement 40, Paclilc
Mail Al, Panama 9S, Texas Pacific 203,
Union Pacific Gil, U. s. Express ",
Fargo Express 27. Western Union 20.
Petroleum steady, United closed at 674;
money on call was extremely strong with
active demand, ranging from 10 per cent
per annum to per cent per diem and
interest; the last loan was made at 1
per cent and interest, closing offered at
! per cent and interest; prime mercantile
paper 4@5c; sterling exchange dull but
firm at $3.50 for 60 day bills, and $4.SSf
for demand.
The Balances.