The Portland daily press., 1886-12-16
GREAT EXCITEMENT
In the New York Stock Exchange
Yesterday Forenoon.
A Panic Feared, but Happily II Was
Ayerted.
The Market Closes Active but Firm
at the Recovery.

oP~AAn6 VI tiic osoSh 1ACiidnBe IN new Ork
this morning, was one of the widest ever
witnessed there. For several minutes the
entire floor was crowded with knots of brok-
ers, surging from one side to the other, all
seemingly bent on selling stocks. Prices
dropped with such rapidity as to demoralize
the brokers who had buying orders, and lit
tie heed was paid to fractions in making
sales.
The greatest crowd was in Reading. which
closed last night at 424, and opened at q per
per cent lower. 1t was sold down In few
minutes to 372. Richmond and West Point
closed last night at 40, and opened this
morning at SO, and within few minutes was
selling at S2 Hooking Valley, which closed
last night at 35s opened at "a, and declined
to 2Sa. Western Union closed last night at
71s, opened at 20, and again closed at 7s1.
London buying orders were cabled over +
heavy blocks Of stock, and helped to sust n
the granger and trunk line securities.
1t is understood that the movement Is the
result OF a big combination against the bulls,
which engineered a large advance through
out the list, and trust companies controlled
by the friends of the bear leaders, are said
to have started the break by calling in the
loans on Reading
l.. Marx IL Co.'s failure was announced in
the New York Stock Exchange at noon to- O.
day.
A despatch received at O'Clock today
says: The stock market Is touching down
10 the lowest points seen for months, and
some stocks have dropped from 2 to 3 per
cent. in the last few minutes. All brokers
nave orders to sell without limit. The
heaviest losses made by the bulls have been
In Reading, New England, LackaWanna
Hooking and Richmond Terminal stocks.
exchange nf
Marx & Co. has been q member of the board
since 1869. and Is one Of the most prominent
men on Wall street.
A still later despatch says that Gould's and
Commack's brokers have been buying stocks
at decline and the market shows a better
tone.
This afternoon the stock market in New
York was still feyerish, but a little better
than the lowest prices of the morning. The
general feeling seemed to be that the worst
was over, and that the panic which seemed
imminent at noon would be tided over.
A later despatch this afternoon saws there
are wild rumors afoat regarding the banks.
but the prominent banking institutions, in
Guiding the American Exchange, the Fourth
National and the Bank OF America. state
that there is no trouble in any of the asso-
ciated banks.
Russell Sage says that the drop in stocks is
occasioned by the unwarranted prices at
which worthless stock has been selling.
OdHC IcSdiuo Tue ucCllHe dS only Degun.
Henry Clews says that before there can be
return OF the bull market money must give
way from the present high rates of loaning.
or else stocks will recede still further.
Some few small brokers have been caught
on the wrong side of the market but have
made privnte settlements and no further
suspensions are anticipated. The market at
Its lowest showed decline from four to fif-
teen points, all along the line 1t recovered
one to five and is selling off again. Money
has advanced to so per cent this afternoon.
AT 80 orders were cabled for gold ship
ments from Europe, the exchange market
having come down TO the shipping point.
A 2.50 the situation was gradually assum-
ing its normal condition and more confident
feeling was apparent.
At 8 o'clock money was loaning at six per
The business of Stock Exchange for one
day has never reached, and rarely
approached tOday's record of LOSS. .434
shares. The .panicky feeling developed in
some OF the low-priced shares in the past
two days spread to more substantial stocks
and the pressure TO sell was unprecedented
in the board room. The bears began the
attack at the opening but orders to sell for
both sides of the account were overwhelm-
ing, the only desire seeming to be to get out.
The attendance at the board was greater
nearly had orders to sell. The excitement
was intense. the feeling bordering closely
upon panic. The foreign buying aided to
chScfr NJ esrly feclfne befere the end. of the
first hour, but the pressure was AGAIN
renewed, and stocks which had held up well
under the first slump then gave way with
rush.
Toward the end Of the session both bulls
and bears became alarmed at the magnitude
OF the decline and buying orders were freely
given out, resulting in a marked recovery
over the entire list. This induced free COW
erlng OF short sales, which helped the final
rally. Only one failure was announced on
the board, although rumors OF others were
thick at one time Stocks opened extremely
weak, with declines exceeding one per cent.
for large number of active stocks.
Transactions for the first two hours were
numerous, the sales for the first 10 minutes
approximating 115,000 shares, for first hour
350,0 and up to noon over 100000 shares
Declines in first few minutes ranged up to
six per cent. toward the end of the first hour
slight rally occurred, the Changers Trunk
lines and Union Pacific displaying consider
able strength. The market was feverish
and Irregular, however, and another slump
soon followed. The New England and Read
ing leading the decline, with Omaha, Sacha
and New York Central closely following
The extreme activity was largely decreased
after II O'Clock, accompanied by slight re-
cOyeries in some stocks. The downward
movement, however, was again resumed,
Manhattan leading. In the last four hours
rally took place and material advances
over lower figures were recorded. The mar
ket closed active but firm at the recovery.