The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-11-12
In Wall street.

NEW YORK, Nov. 11.-Wall street II am =
Stocks opened lag higher, following the lead OF
London became weak on large sales. declin-
ing steadily for a short time. then rallied max.
ing material gains all along the line.
There was larger attendance of brokers on
the floor OF the exchange this morning than for
weeks. Every stock on the list had a crowd of
brokers trying to trade in 1t. When the market
opened the scene was one of confusion and ex-
element. Cables reporting an advance of to
3 per cent. in London received before opening
caused brokers to take the bull SIDE and dis
poSltlon TO buy was shown all around The
largest crowd was in ST Paul, which first was
offered at 4S, then sold at 40. 25s per cent.
above yesterdays close. Heavy unexpected
selling by London, however drove the price
down 10 4514. The general list followed and for
few moments the weakness of YESTERDAY was
evinced. but heavy buyers soon began to come
IN and on active business the upward move
ment was resumed. Sugar opened uD 2Is on
the appointment of h o. HaVemeyer S
White and General Slocum as receivers and
moved up to 81, then reacted to S. but was
soon once more selling at 81. North American
was the weak point in the market, opening at
27h In six minutes declining to 21% then
slowly advancing to -.
Willard stocks seemed to bear the brIlnt of the
early attack. Northern Pacific, preferred
showed loss Of g. Western Unirn 2 The low
prices brought in more buying however and
the force that opened the market up began again
TO show Its influence and a smart rally took
pace. The strongest on the LIST was Union Pa
cific, which failed TO go below the opening foure
and with q rally advanced to 4S against q nj The
opening. The rest Of the list generally recovered
early losses and IN almost everything but VII
lardS fractional advances were scored The
market at II is still very active and unsettled at
an improvement.
After the announcement of the failure of q
M Whitney and the Bank Of North America the
market rallied on receipt of private cables an
nouncing e3 C0lU10 in gold were on the wav tn
London from the continent and that money is
easier in that centre. Vanderbilt brokers were
heavy buyers of Union Pacific.
Money tight. with no offers and 20 per cent
bid.
The stock market after IL O'Clock showed a
moderate volume of business in comparison
with the enormous sales of the first hour, and
while firm tone prevailed, the highest prices
were not generally maintained. Reading and
Burlington were conspicuous for their weakness
and Louisville & Nashville and North American
displayed most strength Union Pacific declined
from IS TO 467s, and afterward held steady at
abont AZ. Some sales under rule for account of
Whitney & Co.
2p. m.-There is panic among among hold
ers Of Willard stocks and prices for North Amer
lean and Northern Pacific collapsed. One
broker sold 1900 shares of North American
ana oOOU0 shares more were sold by other brok-
erS. causing decline of 8 per cent Northe IN
Pacific, preferred, had already declined 121a per
cent. since the opening, most of it since noon
ana the price has fallen per cent. at time. The
CROWDS IN Willard stocks are enormous.
Tradlng IN stocks after ~ was marked by an
apparent withdrawal of all support, and
specially vicious attack by the bears upon Vii
lards, which brought about the most rapid and
disastrous drop Of the present decline. The
FORCES or the bears were concentrated against
northern Pacific, preferred, and that stock, be-
lore p. M, had been forced off over 10 per
cent reaching 55 against $685. at noon. The rest
OF tne market sympathized TO some extent with
II, st. Paul showing most weakness outside of
Wizards. 1t retired to 1853 from 4S, and all
acttVe stocks losing probably as much. There
was fractional reaction, but a steady drop in
Northern Pacific. preferred accompanied by ru-
mors OF noted Willard house being in financial
olmcuitles caused the entire list soon to be-
come demorallzed and losses from noon figures
reached on an average to g. and there was a
perfect panic IN Wizards and Northern Pacific,
common, lost $50 TO l7A, while North Amerei.
can dropped to 1914. The market showed some
strength toward the delivery hour, and North
ern Faclnc preferred, rose to 9l1s, but at 215