Los Angeles daily herald., 1886-12-03

cussed by the crowds. Persons who had
carried stocks for some time hnd paid
assessments thereon. yesterday took oc'
casion to unload and were glad when
the drop came to. day that they had done
so. In all the crowds were to be OBJ
served old operators, cynical, cool, in
credulous, who had no stocks and who
declared that they did not want
any, BY the middle OF the after.
noon the excitement had reached
high pitch rumors few thick and fast
of the failures announced and suspen-
sious anticipated. Inquiry at the Of
fices of leading brokers and prominent
banking institutions verify in measure
some of the statements circulated on
the streets. The present agitation in
the exchange of mining securities is pc
culiar in many respects. The market
has been stronger than many cautious
and far.sighted brokers believed, and
several of them who were supposed to
possess wisdom and sagacity have
apparently been cinched. Awell known
banker said this afternoon that
the firm of Greenbaum & Strauss had
confessed their inability to stand the
strain of the demands for money to keep
contracts. The operations OF Frankel,
the broker and banker of Virginia City,
are said to have involved Greenbaum &
Co. in financial ruin. The loss in,medi.
ately to the firm approximates S4OO, 600
and what the customers may lose is
another thing. Old timers say that
the long session of the San Francisco
Exchange from 8 o'clock this morning
till near o'clock was one OF the liveli-
eat ever seen in that historic chamber.
There was an executive session this
afternoon, succeeding the regular ses.
sion, at which there was large attend.
ance of brokers at the Pacific Exchange.
The galleries at the afternoon session
were crowded with ladies'. Groups were
gathered everywhere discussing the
crash and the likelihood OF more trouble
to come. There are many who believe
that tomorrow. Friday, will be a
s'Black Friday" for San Francisco, and
that before the sun goes down there will
be in many household weeping, wailing
and gnashing of teeth.
A RESULT.
VIRGINIA, New, December 2.--L. B.
Frankel & Co., the Oldest stock broker
firm IN Story county, filed petition in
insolvency this morning. The liabilities
foot up S9l5, 600. The assets are nomi-
nal. The list of creditors includes the
most prominent men and operators on
the Coast. Following are the names of
the heaviest sufferers through the sus-
pension: s. L. Jones, superintendent of
the Crown Point and Belcher, $2O5, 900;
General Keating, superintendent OF the
Savage and Hale 4 Norcoss, $50, 900;
Col. 4. D. Boyle. superintendent OF the
Alta, $4,000. The list includes the
names of scores of miners and clerks
with liberal sprinkling of young ladies
and matrons.
L. B. Frankel, senior partner in the
firm, retired from active business pur.
suits several years ago. He is reported
to be millionaire, and as his name still
appears on the sign over the office cred
itors have faint hope of recovering at
least q portion of their losses. The three
Younger brothers, Sol, Louis and Jacob,
departed this morning on foot. Great
excitement prevails in the community at
the failure and if the members Of the
firm had not skipped out unpleasant
consequences might have resulted. The
brothers are supposed to have secured
ample fortunes by holding nearly every
cent in coin deposited with them since
the rise in shares began. Their business
was enormous, their receipts in single
day sometimes footing up $50, 600, de-
posted for the purchase Of mining
stocks.
ANOTHER FAILURE.
SAN Francisco, December 2.--The
failure of Captain VIM. L. Duncan, a
member of the stock exchange, was re.
ported late this afternoon as O result OF
the failure of Greenbaum & Strauss. The
extent of liabilities is not known.
STOCK QUOTATIONS.
SAN Francisco, December Best Il
Belcher 1923, Chollar 1915, Crocker
Sl.95, Consolidated California and Vir-
ginia SAL, Peer $l.S0, Peerless 81 .25,
Ophir S25, Savage $l5.75. Hale & Nor
cross $3.50, Confidence $3.50. Potosi
S6.S7a, Sierra Nevada $ll.25, Union
Consolidated $3.50, Utah $6, Yellow
Jacket SO so.