Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1886-12-16
A BEAR MARKET.
the Late Movement Engineered By the
Bulls Counteracied by the Bears.
A Panic on Wall Street.
brokers Rush 70 Unload Mt Any Price Re
eardlsss Of FrAn'ions, while BedIam
HciEns Supreme,
eRnAr rxcrrKMrNr or ,cn.rnr

panic at the Stock exchange to-day.
Everybody wanted to sell and there was
no market. Orders poured In from all
over the country to sell at any price.
Bull speculation hsd run wild for several
months past and wildcat stocks had been
put up to such high figures that when the
cra5E came there was no way TO get out
The banks called In their loans and
would not lend any money except upon
gilt.edged security and on these stiff
rates were charged. Bull pools who
iad obtained large loans from the
banks were suddenly called upon 70 re-
turn the money and In consequence had
TO unload and dump their stocks. Brok- |
ers lost their heads aud sold out their /
customers right and left. Prices declined |
from TO Is per cent. under enormous
sales. The denge q stocks was so
largo that over 1000 600 shares was sold !
before noon. jay Gould, who Is CREDITED |
with startlog the decline, and Russell |
Sage tried to save the market. Their |
brokers bid loudly for Western Union
and Manhattan. The prices OF these /
stocks were run up | per cent, but |
everybody dumped blocks Of their stock |
at them, and finally they hi, Gould. Ru-
morB regarding the solvency OF several |
firms were extensively circulated, and a
bank was also reported In trouble. The |
failure OF the old and well-known house |
of l.. Marx & Co., bankers and brokers
at 81 Exchange Place, was announced at
noon. Ludwig Marx Is the sole repre-
sentative OF the house, having had n ,
partner for some years past, altnouf n
keeping up the company" name, one III
the heaviest traders In exchange, alV s,Fs
rampant bull, and a large buy IN ot
Reading at high prices. The eeI ks
In that stock was the principal CO E,so of
his failure. lie was loaded up Arh va
rious other kinds Of stock, II dDpdino
louisville g. Nashville, New Yor' ttOontral
and the coal shares. He has be- ms mem.
Der OF the Stock exchange sir e.e yday.s.
1869, and had weathered al 1 rreyious
panics. The liabilities are fsirrated ~
over 81 800 600 bat no rel able idea ts
known At present Of what Il a. erlonnt,,s
The selling Of Marx Co.'s stock csused
big break in pr fees. HIDev
dropped 6 per cent. nc ar the close.
Governments were low NJ.
Sterling demorHlized
Railway bonds to-day sold as follows
Fort Worth & Denver Cityat SO, Texss
Pecihc Rios at 70 incomes at 5G;
Gulf, Colorado San "a Re 2's at IOlg /;
Houston Tcxss Ger at 90; N tnsas
= Texas ~ at l00ii Missouri, Kan as &
Texas G's at 80.
Wheat dull
Cotton declined Pa 5 points.
eDil closed at 67ic.
Coffee declined 40R50 points.
THE MONTY MARKET.
NEw York, Dec. i5-Money on call
was extreme ly stronger with an active
demand, ranging from 10 per cent. per
ennum TO cent. per diem and in
interest. The last loan was made at 1
per cent. and interest.
Prime mercantile paper 4(ai5.
Sterllng .rchange dull but firm mt 4sO
for sixty day bills and 1894 for demand.
The total sales Of stocks to-day were
1885, 34 shares.
ON WALL STREET.
NEW YORK, Dec. . The scene at the
opening OF the Stock exchange this morn.
Ing was one Of the widest ever witnessed
there. For several minutes the entire
moor was crowded with knots of brokers
going from one side to the other. All
seemingly bent on selling stock, Prices
cropped with such rapldity as to democrat
re brokers' who had buying orders, and
llltle heru was paid TO fractions In making
AN"H ~ Ei'ANNNb NiONAl WIS lnlETEk led |
~ Reading which closed last night at
423 II opened "a per cent. lower and was
soon sold down In a few minutes TO 873 |
Richmond G West Point closed last
night at 40, opened this morning at "a |
ana within few minutes was selling at
" Hooking Valley, which closed last
nlght at Sbs' declined TO 2s5. Western
Union closed last night at ne and sold |
TINS morning at 6S1 London buying or
oerH were caoled over for heavy blocks OF
stock, and these helped 10 sustain granger
ana trunk line securities, but In All other
claims the stocks were the same n ~
understood that the movement IA tho rs-
suit OF big combination against the
oulls which engineered the late large nd
Vances throughout the list. The trust
companies controlled by friends Of
tne Dear leaders are said TO have started
tne break by calling in all loans IN
Stocks after II O'Clock renewed the
uIeuk OF the previous hour, and those
ssochs "hlch had been the strongest were
-, ~ tuth attacked and the selling was OF
the nature II panic, the decnnes rsn1.
ing up 70 10 points. Ia the active ll,t
tne most consoicuous being New England
a Beading ST. Omaha s, Lackawanpe
~, New York Central 4, Canada Southern
o. anu others smaller amounts. There
was sllgnt rally toward noon, but Al
that time the market was active and very
Marx & Co.'s failure was annoprcsd ,ro,,,
the iosirum Of the Stock exchange. TheS
were long OF Terminal Reading and w,
ared stocks, the market touching the
lowest points seen for months Some
STOCKS dropped two aud three points in
lne last lew minutes. All brokers have
orders to sell without limit l.. MARY &
20, knew this morning that they would
nave 10 suspend, ana made private se,tle' h
ments on all Stock exchange contracts
REVIEW or THE DAY.
Nkw YORK, Dec. B.-Goyerpment
bonds dull aud weak.
over 100000 shares was the total
business Ia stocks too day, which has
never before been equslled In the history
OF the exchange. aud hut seldom an. ,
pio \, The panicky feeling develop.
81 IN some OF abe low priced shares in
tue last two days, spread Ia sha 49,. ,