Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1886-12-03
UP AND DOWN.
LIVELY TILT AMONG THE BULLS
AND BEARS.
Yesterdays Doings Among the Stock
Sharps = Exciting Scenes on
the Street.

ESPECIAL DISPATCHES TO THE RECORD UNION
SAN Francisco, December 2d.-The .
o'clock session of the Stock Board was
| looked forward TO with deep anxiety by
the bears and with considerable interest by
the bulls. The fact that several brokerage
firms Zone or two of them of considerable
Importance were on the ragged edge be-
cause of being short on the market, and
that others had failed for the same reason
and were making desperate efforts to allevi-
ate their disaster as much as possible,
caused very general belief that eoncen-
trated effort would be made to break the
market, especially as prices had stiffened
up between the Boards. When the session
opened the Caller announced the suspen
sion of ]. Greenebaum. A heavy raid was
made by the bears, and Notwithstanding
the heavy buying by the bulls the prices of
the more prominent stocks went down with
plunge. Alpha dropped from Sc to So 70,
Belcher from 81 "a to SO IS, Best IL Belcher
broke to $40, but closed at $23, Consolidated
California x Virginia closed at 81, Conf
dence dropped from SIS (the closing price
at the first session. to IS 80 at the close of
the market, Crown Point dropped from
| IS 80 to 81 70, Gould q Curry from S13 so
to IS 75 Ophir from $50 so to S26, Potosi
from $40 624 to So S74, Savage from SIS rs
| to SIS rs, Utah from 50 to Sc, and Yellow
| Jacket from $11 to Sc 80.
MEMORABLE DAY AMONG THE STOCK BOARDS.
SAN Francisco, December 2d-P. M-The
| excitement which prevailed to-day in min
| ing shares has not been equaled since 1873.
/ The old stock spectators who thought the
, glory of the Golden State had departed
| with the new Constitution, brace6 up aud
| looked on with amazement at the crowds
that besieged the brokers' offices. The fact
that Consolidated Virginia had reached
nearly $50 served only to whet their appe-
tites to get more, and when the more pru-
dent ones told them that the tide was about
to turn, they only laughed in their faces.
and said, No, it is good for hundred"
| When the morning Board opened, Ophir
was sent to $31 so, the highest prices
| reached since the big Sierra Nevada deal,
when it sold for an even 800. Gould &
Curry, not to be outdone, went to S13 70,
and then Con. Virginia, which closed last
| night at $40 90, opened at $50. AT this
moment
EVERYTHING DOOMED,
And fortunes were to be had for the asking
of them. The session, however, had
| hardly closed when the news arrived from
Virginia that the Frankels had gone for a
million. This was staggerer, and the
weak ones hauled off. Hardly had they
| recovered from the blow when the an
| nouncement was made that r. C. Hooker,
| one of the stanchest brokers of Pine
street, and son-in-law of ex-senator
| Stewart, of Nevada, had pulled down his
| blinds with liabilities running up into the
| hundreds of thousands. Had this latter
| haar1 fol ua1 kxr
| another of an equally grave character, the
result would have been general stampede
all along the line, bringing ruin to many.
Fortunately, none took place, and those
who were playing for their " all were
given few minutes breathing-tim before
| the worst overlook them.
TIE STREET IN FEVER OF HOPE AND
FEAR.
When second session opened Con. Va.
dropped to $40. The news was quickly
communicated to the street, and for q sec
ond time during the day a serious panic
seemed imminent The agony was rem
dered still more acute when the announce
ment went forth that Greenebaum &
Straus had suspended for nearly million.
| They were correspondents of Frankel of
| Virginia, whose failure had been announced
in the morning. When, on top of all this,
| it was publically stated that two other
prominent speculators-R. F. Morrow and
| Maurice Schmidt-had gone to the wall, it
was generally believed that the beginning
of the end had come and things were
| by no means improved when it was learned
| that Con. Va, after rallying point, had
closed at $40, the lowest touched during the
| day.
| The statements that Morrow and Schmidt
| are embarrassed are positively denied, and,
as far as can be learned, the liabilities of
! each have been promptly met.
ANOTHER VICTIM.
SAN Francisco, December 2d-P. M
The failure of Captain VIM. L. Duncan, a
member of the Stock Exchange, was re-
| ported late this afternoon, as a result of the
failure of Greenebaum & Straus. The ex-
| tent of his liabilities is not known.
BEGINNING OF THE END.
| VIRGINIA CITY, December 2d.-Frankel
| & Co., the oldest stock broking firm in
Storey county, filed petition in insolvency
this morning. The liabilities foot up to
| $915, 000 assets nominal. The following
are the names of the heaviest sufferers
through the suspension S. L. Jones,
| Superintendent of the Crown Point and
| Belcher, S205, 600; General Heating, Super
intendent of the Savage and Hale & Nor
|
Alta $50 600. The list includes the names
of scores of miners and clerks, with
liberal sprinkling of young ladies and ma
| irons.
| L. B. Frankel, the senior partner of the
| firm, retired from active business pursuits
several years ago. He is reputed to be a
millionaire, and as his name still appears
on the sign over the office, the creditors
| have faint hope of recovering at least
| portion of their losses.
| The three youngest brothers, Sol, Jacob
and Louis, levanted this morning on foot.
| Great excitement prevails in the COM
munity over the failure, and, if the men,
| bers of the firm had not slipped out,
| unpleasant consequences might have re-
! suited. The brothers are supposed to have
| secured an ample fortune by holding out
nearly every cent of the coin deposited
with tkem since the rise in shares began.
Their business was enormous, the receipts
in a single day sometimes footing no
$4,000, deposited for the purchase of
mining shares. Greenebaum & Straus were
the San Francisco correspondents of the
| firm.
THE FAILURE CAUSES RUIN AND DISASTER.
The firm has been doing business for
| more than twenty years, and doing one
half of the stock brokerage on the Com
stock. 1t was considered safe and sound.
1t is generally believed the cause of the
failure is that the firm shorted the stock
market. The suspension has caused wide
spread disaster and ruin in this commu-
nifty. For time there was a general run
on all the brokers, but demands We're
promptly met
SAN FRANCISCO STOCK SALES.
SAN FRANCISCO, December 2, 1856.