Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-11-11
THE STOCK MARKET.
Tor Awhile It Looked serious--A erich
Mans Panic"


Vrw York. November 10.--The stock
rsrEat to-day continued the rapid and
i.,vv declines Of the latter portion Of
week. and f0r o time this morning 1t
looked more like q panic than at any
rr.vi1us time since the downward move
mont bagan. AS remarked by promi-
nm, western manipulation Of stocks and
,.tarHcculatiye commodities. II was only
q r,b mans panic and thus far the slump
l7rrces. which has reached some 10 per
cont in some cases, has been accom-
tsrItd by complete freedom from fail
ires ru0n the street, emphasizing the
g-ttl.t not for q long time have stocks
l..n held 20 any extent upon the street
u brokers Offices on margins.
TIE EXCITEMENT CAUSES DEATH.
Today, however, tho excitement,
which was of q suppressed order and
almost entirely free from the usual noise
md wild gyrations which mark the trans
s,non of business at the Stock tX-
Change. WAS sufficient TO cause the death
If one Of the leading members on the
foor about noon. The gentleman was
James struthIs Such an event would
,0 ordinary times have been sufficient TO
lave caused tho closing Of the Exchange
at once. but the magnitude Of the inter
p1ts which would have been endangered
ly such a cJufse forbade it, and after
half an hours interruption OF business,
TRADING Wa resumed on the ilOOr
A ZIG hear COMBINE.
The events d the past few days have
gwen increased currency to suspicion
that some of the largest capitalists III the
country have entered into cOmblna-
ton TO dcprcss prices IN order 10 pick
up come cheap stocks which the tenac-
IT, with which they we're held up to this
iino prevented tho higher level OF
prices. and with the coming Of the pres
ent depressed condition of the prices of
railroad stocks there are indications that
the pressure upon the market has about
reached It's limit Tho Gould party are
credited To-Day with being large pur-
chasers There were some hopes that
hauidutiOn had reached lts limit last
week after tine Bank of England had
raised its rate Of discount on Friday.
Iarly udyices from London tins morn
ing. however, were of the most discour-
nung character, and tho prices OF all
Hals of securities there were materially
lower. while American rails were from
lto2 per cent. lower thnn Saturdays
closing here,
HEAVY SELLING ORDERS
There we're heavy selling orders in the
market for foreign account also, and
Prices were given absolutely no support
eaatevcr, and the opening declines, as
uared with the final figures OF Sat
ally, were from to 4 per cent. as a
u.e These losses caught many stop
orders right on the minute, and the
.rding element, which was bear
isuIy inclined, with the and of
tbo bears sold stocks short
heavily. aud further losses Of l To
por cont were scored. The Gould
stocks we're leaders in the break, and
Manhattan at ~ was g per cent be-
low lts final price Of Saturday. After
the first break there was sharp rally,
bat 1t failed 20 reach anything like the
proportions Of a break.
TuE RATE FOR MONEY RISKS.
The pressure was renewed again and
liquidation began, the rates for money
beginning to rise. During the forenoon
U.r- were no offerings OF money 10
loan, and . per cont was bid for It, but
otter bU mess was resumed in the after
l'ol tle rate went up rapidly, and
premium for itsuse was again demanded,
p.r cont and legal interest being the
C.trut rate Liquidation has been 50
great 1u Saturday and to-day that a dis
turuucy OF loans necessarily followed and
ta.-c4uscd some demand for money, but
l- -a0n as the shifting Of loans Is over the
t.r..t WILL lind money more abundant,
and Of course at lower rates.
4Hr RAILROADS ALERT.
The railroads have fully realized the
necessity for restoration of rates. and
lruguments are now under way 10
c' ct am equitable understanding. The
li,auce in money caused another
throwing over OF stocks in the rally, and
lu the first half hours business in the
afternoon the lowest prices OF the DAY
were generally reached
the LOWEST PRICES.
so the lowest prices to-day Manhattan
was down 8 sugar. 6l Big -Four, 6i
So Paul, 5t; Western Union, 81 New
England, o. Pacific Mail, 5; Jersey,
q Louisville, Nortn American, 1
sew York Central, q Northern Pacific,
preferred, -, and Burlington, per
cent The only strong features were
laAo Shore, Wheeling and Lake Erie,
aud Northwestern. The iirst-named was
bought by insiders, aud the second Is
held firm on the announcement Of the
completion Of the Steubenyille extension.
AT the lowest prices reached, however,
there was good buying noticed all along
the line. and an effort to pick up good
stocks was most apparent
VIGOROUS RALLY.
This changed the room-trading Gle
mont over 10 the long side Tor the time
being, and during tho remainder of the
afternoon there was "a sharp and vigor-
Gus upward movement, which was sufii-
ciont 10 bring prices on an average about
hsii way up 10 those Of Saturday. Some
OF the specialties were very prominent
10 tins rally. Manhattan reached 80,
and several OF the stocks which had been
yell held again passed opening prices.
Late IN the afternoon, however, q sharp
break IN sugar, which was discovered to
have been left without support, caused
another ruhl 10 realize profits accrued
apon the afternoons rally, and some
stocks, siaong which were 1T. Paul and