Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1890-11-13
PANIC IN STOCKS.
Jay Gould's Hand DIscerned in the
FURRY.
Money Advances to 142 Fer Cent--The
stocks Hammered Down to the Boston

Money Advances to t4s Fer Cent--The
Stocks hammered Down to the Boston
Notch.
New YORK, Nov. l0.-The Wall street
stock market to-day was just a repetition
of that of the last two DAYS of last week.
and values had another heavy shrinkage,
even from the wretchedly low plane of
quotations of Saturdays closing.
The opening was very weak, indeed,
London being an eager seller, and the hear
brokers helping the decline in every way
their ingenuity could invent. The first
sales recorded were at an average of from
| to per cent below Saturdays last sales,
and in some stocks they fell off rapidly,
even from that plane.
st. Paul, Lackawanna, Louisville and
Nashville, Reading and Erie appeared TO
be the chief points of attack, and they
suffered to the extent of to 5 per cent
during the day. About II. 80 a. m. the ex-
citement in the exchange was intensified
by Mr.. Strnthers, member, dropping
dead on the floor and the president closed
the session at once, out of respect for the
dead, and only reopened it at 4. 30 p. m.
The market was little steadier on the
reopening, and stocks grew considerably
iirmer towards the afternoon, and were re-
gaining some Of the lost ground, when the
bear suddenly jumped on sugar trust,
which had been neglected and fairly steady
all day around 81, and sold il quickly
down TO 5l!. This broke the market again,
and the traders uniting in Il selling move
ment to bring about weak closing, Sue
ceeded admirably in their intentions, and
the whole list fell off to about the lowest
quotations of the day, and closed weak at
those figures.
There was good deal of scattering buy
ing Of the lower priced stocks in small
amounts to-day, but it was hardly heavy
enough TO make any impression in the
market, and while the big bear leaders de
cree that the list shall be kept down. such
investment buying as we have had to-day
would not be drop in the bucket.
There are some enormous interests now
at work in the market who have engi-
neered the present decline for some object
or other, and Mr. Gould is generally slls-
pected to be the head of the movement.
Whatever the object is that is desired by
the bear party-and it is generally sis-
pected to be some railroad deal or deals of
unusual magnitude, involving the control
Of one or more large railroad properties-it
is probable that It is now on the verge of
accomplishment, and it is not improbable
that before very long some news will he
announced that will put very different
face on affairs in the stock market, and we
shall have a huoyant advance from the
present extraordinarily low range of quo
ta,ionS.
The prodigious amount Of liquidation in
the last week has not been without a good
deal of significance. Many hundreds of
millions Of dollars worth of stocks have
changed hands, and somebody has bought
them. Who are the buyers? Certainly
not operators with weak margins. The
public has moi bought any great amount
Of stocks yet, and the shorts havecertainly
not absorbed the tremendous amounts Of
stocks poured out.
Only very strong people are able to pur-
chase in a market like the present, and
with money quoted at three-eighths per
cent per day in addition to the legal inter
est; and these people are in the main the
ones who have been Instrumental in bring
ing about the decline. They are the peo-
pie who have locked mp funds, and WHO
were able to rig the bank. statement on sat
nrday so that it showed a loss of three
millions in reserve instead of gain.
A great many stocks are now selling
lower than ever before in their history,
and large majority of them must be sell
ing far below their real value; but the fear
OF tight money, which the bears have
caused by locking up funds, keeps all out
side buyers aloot, except people who have
the money TO pay for their purchases out
right, and meanwhile the bear leaders
control the market pretty much as they
wish,
Each drop, however, is that much nearer
bottom, and there must he limit 10 the
downward course of the market some
where, and AS the darkest hour is said to
be just before dawn, we may be nearer
sunrise than we think.
The closing was weak and feverish, and
the last quotations very ragged and rregu-
lar.
Money was greatly manipulated by the
bears, and the highest rate recorded was
of per cent premium, in addition to legal
interest, or about 142 per cent per annum,
1t was quoted during the day at IL, 40 so.
and interest, and interest; 10, ~ and Ii
per cent but was bid upto and interest
at 3oclock, and closed with that the best
offer.
NEW York, Nov. 11-Wal street, 10 a.
m.-The stock market 1a2 per cent higher,
following the lead Of London.
10.15 a, m.-Market has become weak
and on big business is steadily declining.
1920 q ma strong tone again prevails
and material gains are now being scored
all along the line,
1850 a. m.-Charles M.Whitney, prom
inent member of the Stock Exchange, has
lust Suspeuded