Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1890-11-11
AN EXCITING DAY
BETWEEN TIE BULLS AND BEARS ON NEW
YORK CHANGE.
Stocks Eetp Going Down All Day-Depression Sur
passes Anything Witnessed on the Floor for a
Long Time-Causes for the Decline in
PrieeS--A Broker Falls Dead.

NEW YORK, November lO.-The eX-
citement and depression that attended
the opening dealings in the share list
this morning surpassed anything that
has been witnessed on the Stock En-
change for long time past. The de-
clining impetus given the market last
week, and which evidently had gained
new strength in the interim between
the close of Saturdays trading and the
start of to-day, was reflected in fresh
impulse that quickly drove prices in
many instances as far below the previ-
Gus quotations of years, and for Il while
. panicky feeling ruled the transactions.
The violent Shrinkage of share values
directly at the outset was largely due to
the nervous state of apprehension that
exists on the foreign stock exchange,
and Berlin at last seems to have been In
oculated with that alarm that has lately
governed the speculative dealings upon
the London board.
CThe early loss in quotations for Amer
leans at London, together with the be-
lief which exists that the Bank OF Eng
land will again be compelled TO raise its
rate of discount. Intensified the gloomy
l
urally suffered from another Outpouring
of British holdings. The foreigners
sold heavily, and among the stocks put
out were st. Paul, Louisville and Nash
vile. AtchiSOn, Erie, Lake Shore, New
York Central. Reading, Union Pacific and
Norfolk and Western preferred.
The signs OF renewed liquidation were
so apparent at the commencement that
the beariSh element put out short
stock with great freedom, although they
subsequently covered to some extent on
the sharp break. Whatever may be the
special cause in the background which
gives the leading professional believers
/ i'm lower prices the unusual confidence
they have all along exhibited, the fact
is patent that prices yield on every at
tack almost without struggle. Sup
port. except in few rare instances, IS
not attended even to the properties
that stand ut the head of the railway
system of the country, and this has had
much TO do with the rapid shrlnkase.
The early surge of depression was
marked by great increase OF activity
and during the first hour the sale OF
listed stocks were over 100000 shares.
The heaviest decline among the usually
active properties was 81. in C., C., {. ~
St. Louis common, and 81 in Western
Union. The other losses right after the
resumption OF business ranged from to
points. This fai was soon succeeded
/ by a sharp rally.
I This upward move, however, was only
of short duration and the current OF
speculation soon returned to the chan
mel Of despondency and prices dropped
again until the sudden death on the
noor of the Exchange OF Mr.. James
Struthers caused an adjournment OF the
session 10 1890 2. IL.
On the reassembling OF the Board,
money became very stringent, and sud
denly rose to 50 per cent, and after a
temporary reaction to 40, worked up TO
a commission of ! in addition to legal
interest. These high rates OF interest
Iimpelled further sales of stock and
with few exceptions the lowest prices oil
the dav were made. RumOrs OF an un-
settled character were circulated. and
they accelerated the downward course
of values. In the money Hurry loans
were reported . high a. and interest
S but these rates We're rather exceptional
p and around p. m. the quotation wa
: down 10 - per cent. per annum.