New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-12-16
STOCKS DOWN WITH A RUSH.
A WALL STREET BREAK WITH ONE FAILURE


remembers for many years. The volume OF business
at the Stock Exchange the largest in its history
and while the market seemed at times to be on the
verge Of panic the enormous transactions were con-
cuded without serious disaster. At the close OF
business every one was disposed to congratulate him.
self we'll his associates this favorable feature
Of the speculative situation Only one failure occurred,
and while that drew largely on the sympathy OF che
Street 1t acknowledged that 1t was one OF minor
Importance. The excitement Of course gave rise to
frequent rumors CT impending trouble. but happily
these gloomy forebodings were not realized Ii was
the common opinion after the close OF business that
the crisis had been passed In view OF the rightiui
losses that have been suffered in the decline Of prices
the freedom from disaster and the general feeling OF
confidence remarkable features.
1t day of intense excitement from the opening
to the close of business The enforced liquidation
continued during the greater part OF the oay and it
appeared to be Unfortunately tor both foreign and
domestic account The pressure Of long stock at the
opening could be withstood and brst prices were
in many instances from to per cent lower than at
the close on Tuesday. Philadelphia and Reading
stock the centre OF grtatc,t interest and 1t
opened at decline 24 per cent In the first hour
it had fallen 10 per cent lower amid intense excite
ment. At the time Richmond and West Point
Terminal which opened 212 per cent lower. umblcd
land broke from 57l4 on Tuesday to A These IN
stances illustrate the character of the market There
were occasional halts in the downward march, but
| they were quickly followed by fresh declines.
The transactions in the first fifteen minutes were
about IA 600 shares and the first hour they were
over $4,000 shares The total business for the day
nearly 100000 shares, az officially reported;
| Or baby the actual sales were from lO0OOO TO
900 900 shares ia of this amount In the alter
there was q turn in the tide and about o'clock
a rallv was started which became especially marked
toward the close of business 1t virtually in full
force when the tail of the charmsns gayel at O'CLOCK
ended a day OF conspicuous activity.
RESULTS or THE TRADING.
The net results of the trading declines ranging
from to per cent for the active stocks New-Eng-
land rallied less than others and closed with fn-l
| loss from. Tuesday of gig per cent The movement
was not wholly uniform but in general Orces declined
| and rallied in unison. The closing was firm at
material recovery from the lowest points Reading
was first in point of activity, with sales of 1000
| shares, and Lackawanna wac next with lO3.OOO
| shares. Both what are gnown as half-stocks"
because their par value is $50 Instead OF III share
The business in Western Union larger therefore,
although the transactions smaller in number 1t
amounted to 81 900 shares, while in ST. Paul the
sales we're about 71O00 shares, in New England
| 81, 900 shares,and In Erie 1000 shares.
The most powerful factor in the decline was The con-
| tinned stringenoy in tue money market although
r. Their curousy the highest Tor call loans not
made until the last hour, when the rally was under
way. During the morning hours the usual rate was
IL per cent year. but after tho rate had been ad-
vanced 10 about 70 per the old method o stating
the rate was resorted to, and Il per cent day IN
ADDITION TO legal interest was the prevailing rate lhe
highest rate which any loans made was 10 per
cent day with Interest," Which Is equivalent 10 lou
The dstrast among money -lerdcrs is attributed
generally to the possibility OF The passage by Congress
OF the Interstate Commerce bill. Jay Gould ex-
pressed this opinion in the afternoon to a lhUNE
reporter who asked his views about financial affairs
II seems to me-" he said promptly IN reply, that
IN, Irierstate Commerce bill is the chet OF the
high rate. OF money. 1t has aroused good deai OF
Snry know yySsrs hey ssood the bill should
become law. There to be great danger that it
will bo passed believe what people say about
IT, The West Is tull OF the matter and am told mat
many Western believe that the bill Will succeed
| IL would result, ] think. in sending through traic
| down the Mississippi and from the Northwest to the
| Canadian roads. 1t would be severe blow to the
Western and trunk line railroads, while 1t would build
| IN the lines in Canada ut their expense"
In regard to the market Mr. Gould said am glad
that am no longer in Wall S,ree tor the excitement
there to-day must b. very great Here in my office
am entirely free the anxiety and excitement and
| be.ides can sleep well at nights. an very glad
| that lett Wall Street as did
| The terri le shrihkage in Reading and Richmond
Terminal stocks excited many conlecluIes as 70 Tue
| effect on persons recently identified with them. 1t
| WAS rumorcd that the enforced liquidation would
bring DISASTROUS consequences on some or them Alfred
| Sally, who has been prominent III O0tn companies
started yesterday for trip to Richmond wDich one OF
| his friends said not altogether necessary Ills
| trent remarked with considerable feeling: know
something about the Street rumors, but know they
| are entirely proundess Mr. Snlly is not loaded up
with stocks the Street sCDposes and what IL more
is MT borrowing large sums OF money 1t would not
disturb his holdings OF Reading the price should go
| tC 20 Tomorrow"
COMMENTS on THE SITUATION
There were few railroad who did not decry the
extent to which values were slaughtered tor time.
Vice President Cox OF the Canada Southern Railroad
said that the selling of the Michigan Central and
| Canada Southern securities inexpcablc to him.
As regards these stocks he added" there is nothing
| in the situation to alarm people When December
ends these roads will make hne showing ana uivi-
drnds will be resumed. The dividends VIII oe made
on basis which will guarantee To investors that
conservative policy is to be pLrsued by the manage
ment with view steady maintenance OF the rate
OF payment in the future without Interruption oI
spasmodc spurts. Those lders who know pest
about the affairs of these companies are not throwing
over their stocks. and as respects intIihsic Va'ue
consider Michigan Central aud Canada Southern tne
most promising stocks the list of the E1change'
| The statementso OF tho New-York Central Railroad
Company tor the quarter and year ended SeptemDer
80 generally known III the Street before the
| close OF business, but those persons who saw them
aerward expressed the opinion that they would con
| tribute largely TO aliay uneasness. Many oil the
brokers who large dealers III the so-caled an-
derhilt stocks are understood TO have been large
buyers al the low prices yesterday Tor persons VINO
already were projected on holdings secured at much
higher prices and no confident OF improvements
based on the merits of the properties.
As to the extreme rates pad Tor the use Oh money ny
brokers the general opinion OF bauk officers s that to
large extent they are artificial. President Coe OF
| the American Exchange National Bank sad that
there reason why money should be tighter now
than it generally was at this season OF the year.
Seven per cent he considered to be a good average
rate, and higher figures the Stock Exchange were
probably largely effected By manipulation or the fright
OF lenders. PRESIDENT Booth OF the 1bitd National
Bank. said that he did not look on the monetary
situation as at all alarming President Baldwin. OF
| the Fourth National Bank. while expecting III )ney to
be reasonably tight until the first OF the year, saw
nothing to be alarmed about.
| ONE FAILURE ANNOUNCED
The failure of L. Marx & Co., OF No. 52 Exchange
| place, which was announced at the Stock Exchange
about noon, caused considerable surprise in wall
Street. 1t had perceptbe effect on the course OF
prices, because the outstanding contracts OF the hrm