The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1886-12-24

II
whit to n.1ns Get msdly flssrrt -spns
Prsmln~nt GIrm Gives Way a. thu fr~s-
snrp-V nrlous eDpininna an1 Commene>
xrw YoRE. Dec. M-Wall street barely
escaped : general financial panic yc>ter-
dav. II was day OF unusual excitement,
which. in the morning hours threatened
10 end in the collapse Of many banking
firms and banks Rnmors Of disaster FOL
lowed cia<e on one another. and the days
Of thr memorable panic u May ISL when
Grant 4 Ward. she Marine Bank aud other
supposed solid firms and banks went under
IN the general failure. were recatlei
There was. IN fact. but one complete fa'i
are on the fioor Of the stock Exchange,
.rd that was Of firm. which for nearly i
twenty wears has stood the brunt Of every \
financial crisis When this suspension |,
was announced in the stock board 4 l
was quickly followed By reports o.
other like brushes. and
= diffcult 70 describe the scene |
witnessed from the spectators gallery !
OF brokers nearly frantic from me
increased excitement and strain 20
more failures came however. although
there were several individuals and firms
uhich barely saved themselves. Al ten
o'clock the floor Of the Stock Exchange
was crowded with brokers' 80 great was
the rush Of business that brokers were
unable 70 attend 70 the wants Of their Gus
toners. and the oficial reporters q the
exchange found Il extremely dimcun 70
record the quotations n they were made
There was no reaction frors the depres-
sion Of the previous day. but the mArke,
prices were taken exf city where they had
been left. and were pounded steadily
II was few minutes after eleven
o'clock when the announcement was made
I that 1. Marx 4 Co. - Exchange place,
I were unable 20 meet their liabilities Lud-
| wig Marx il the sole member OF the nrm-
4 and has been doing business under The
! above title for years His firm has always
l done a safe business. and has been known
(, - one Of the most reliable houses in the
l street His Liabilities aggregate IN the
+, aeirhborhooi Of SlDs.O0 He settled his
| liabilities in the Exchange. and his pres
| ent Indebtedness Is 20 cutsiders-
| The announcement Of the failures added
! 20 the excitement and rum0rs Of other
| suspensions were numerous II was SAID
| indeed that : prominent bank was IN
volved. and was likely 10 break ~ any
moment This rumor was denied ~ me
Clearing house later in the afternoon
was said there that the half-past one
| O'Clock settlement OF the banks showed no
and that All the hank balances were salts
factory Even those institutions which
were essentially brokers banks and
would Be most likely % succumb IN . imam
cial crisis. were sound beyond doubt
The next incident Of the day. which
! served 70 increase the excitement was the
sale under the rule Of 800 shares Of stock
70 the account Of Broker j. Rhineiander
Dillon. Mr.. Dillon Is the representative
of the Boston house Of Clark Ward & Co.
- No. . Broadway Mr.. Dillon said that
the sale OF the Q0 shares. which included
40 shares Of Fesding and I'D Of Louisville
4 Nashville was due 70 mistake he
aid that he hrd bought the above shares
from Boston perties- and that a. ne was
not on hand AZ 2sio p. m 20 accept the de
livery Of them the Boston people became
frightened and sold him out He settled
ms Indebtedness satisfactorily and avcides
1 suspension
N Between the hours Of two and thre'
7 o'clock the TRANSACTIONS amounted 20 -
\ 90 shares showing = total % the day.
business ~ 1.1pkOO shares BY Tar IN
i largest amount II business ever done y
! \ the history Of the exchange The larges
! previous TRANSACTIONS in one day was ~
. On shares
IN There were two theories expresses
1 among Wall street men - 70 the cause 2
I the recent break in the stock market On
. Vas that there had been 50 much wild-ca
. specuIation that prices had been put "
\ 70 an unhealthy figure. and that this brea
4 wzs the natural reaction The othe
! theory advanced was that j. was the dires
result Of an onslaught Of bears heade
! by Could and Addison Camznack
In speaking Of the matter today Henr
Clews says The semipauic was cause
Z ~ The stringent state OF the money ma
4 kcf- and ~ Jay Gould IL has oeen
4 surprise TO me- IS foresaw the state
Affairs some days SINCE
Mr.. Jesse Selirman said. 1T has bee
brought about BY q general want q coni
!. dencc. which has resulted from the emo
!. nous recent speculation in wild-c'
4 securities The hanks had become ca
= tious IN making loans on doubtful secuf
ties. and caused the feeling evinced 7
!. dav- Il was In reality q measure Of safet
~ ara 10 nv mind has been the means
. srcrrfnr still more disastrous state
Affairs
Another well known operator said 1T
~ general opsrfon Is that the Gould and y
~ Vanderbilt brokers had distributed bu
~ ing orders and that they proposed 20 no
N the market AZ any cost Thecifficulty "
that there had been too M uch buying q
that every one was loaded with stock am
An the late unprecedented bull campaign"
M The committee clique denied that 70
had been instrumental in bringing abo
y the financial crisis They said the trout
ne Wa due 10 the unhcalfhful state Of
- market in the unnatural intiation Of che
4. stocks.
ort NJ. Gould denied that he was IN
~ market. and said that he had not sold
NJ share or stock for over year.
ne No one could venture an opinion a.
- the state Of affairs to-day Il was no
lon ever. the belief that the worst had alrca
no. passed. and that feeling o. connde'
- would Be shown.
'en The excitement on the Stock Exchar
en- was repeated In the operations on the A.
Of the Consolidated stock and fetrole'
Exchange where the transactions w
*, exceedingly numerous. There were
Ice. partial suspensions. but - the hrms
! Of fecTed have twenty-f four hours In which
the settle their Liabilities their names win
a. b posted
the EXPORTS ~ Provisions
the WA-urxGToS. Der. l6-The exports
0r- the principal articles 81 provisions dur