St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-11-16
RENEWAL OF THE PANIC.
Holders of Stocks Let Go and
Cause a Heavy Slump.


New YORK, Nov. 15.-The stock
market to-day in the two hours session
was the liveliest since the great slump
of December 15, 1886, and for the space
of an hour or more there existed per-
feet panic among the holders of Securi-
ties, especially railroad stocks, and the
declines established during that time
were greater than ever before enown in
the same time. The only cause of the
excitement was the announcement from
London that the great firm of Barring
Brothers had been forced to seek assist
ance to tide them over the present
financial crisis. and the holders of
stocks became panic stricken over the
news, without rejecting that the dam
ger had really already passed when the
Bank of England and the RothschildS
came TO the rescue. Reflection, how
ever. is the last thing man thinks of
when his pocketbook is in danger, and
every one went in to save as much out
OF the wreck as possible by selling out
in the quickest time. The early advices
from London were reaSSuring, and the
crisis was represented as over there, ,and
continuing the Improvement begun yes
terday, first prices were generally
fractionally higher than yester-
days figures, with Northern Pa
cifc preferred up 9 per cent
at 5915. The announcement about the
BaringS was thrown at the market i'm
mediately, however, and the good feel
ing disappeared in an instant, and, from
prospective buyers, the
Whole Room Became Sellers
at the best prices obtainable. The force
of the decline may be gathered from
the fact that in the short space of an
hour Lackawanna had dropped away
916 per cent to 1885: Jersey Centrrl,
~ TO 9S; Atchison. 81 to 2314; Pull
man, So to IT'S; Canada Southern, 81
to 42; Burlington, SIS to 50; Rock Isl
and. 81 to 6319, and the other leading
stocks from to 5 per cent. The drop
in Lackawanna is entirely inexplicable
upon any known hypothesis, but the sell
ling of Atchison was based upon the
fear that the holdings of the Barings
would in all probability have to be
liquidated. The other stocks were sold
merely upon the impulse of the scare.
The drop, however, soon brought into
the market the class of buyers who are
paying outright for their securities, and
the current was soon turned by this
support, when the bears joined in the
buying to realize the profits accrued
upon the tremendous drop. The early
selling soon developed the fact that
there were large orders in the market,
and the trading and professional ele-
ments soon took the market away from
the sellers, and innumerable stop orders
were quickly uncovered, rendering the
stampede more serious every minute.
After a downward movement was
checked the bank statement was issued,
showing a material gain in the surplus
reserve, and the growing strength of the
no nlvc Iao f1,rf Of
prehenslon among Wall street houses,
and the general impression is that as
soon as London becomes really quiet
there will be
No Disturbing Influence
found here. Some investment houses
now report that they have more orders
for the purchase of securities than they
can fill, and these purchases are all for
investors who take the securities away
from the street. The rally which OBJ
tanned in the last hour, extended to 4
per cent and over, in some of the most
pronounced cases. but the upward move
ment was insufficient to make up any
thing like the losses incurred. and an eX-
tremely feverish and unsettled condi-
ton marked the trading throughout.
The close was very active and strong for
the moment, at material losses
of meeting of the influential
bankers and capitalists to consider the
situation over Sunday, and come to
some conclusion as to what can be done
to allay the excitement and apprehen-
sion prevalent in the street. The iinal
losses are very material, and Lacka-
wanna is off 435; Jersey Central, 5;
Rock Island. 4; Missouri Pacific. 35S;
Atchison and Chicago Gas each, 3;
Burlington, 2X; c., c.. G. & ST. L., 2114;
silver certificates, 2: Northwestern and
Canada Southern each, 134; Western
Union, 15S: New England. IL; Wheel
ing & Lake Erie, II; Texas Pa
cific, II: Lake Shore, Is, End
Sugar Re6neries, l per cent.
Railroad bonds were active, but showed
none of the excite1hent or animation in
stocks, and Wnlle the sales of all issues