The morning call., 1890-11-11
Effect Of AdViees From Europe Predict
Ing Financial Disasters.
Rapid Decline In Prices Sudden Death Of
Broker - Alarm In London and
ParlS-COmmentS on The Break.


brok kers tried to make sales of stock, but
could not find buyers, and soon as the signal
for eginning business was given no offers
were made, but every bid, no matter at what
price. was at once filed. This selling caused
NJ anhattan Elevated to fall from 100 to SS, a
decline of 12 per cent. Western Union fell
5H. Other stocks, with the exception uf the
Vanderbilts, fell to 8. There were no
buying orders in many of the specialties
Pacific Mail bore the banner for weakness
and with drop Of 2A touched 35A. The
downward movement then met with check.
and while there was less animation. as
usual when the pressure was removed the
who le list rallied materially, and before de-
livery hour the most active stocks we're
brought up to within per cent Of the open
ing figures. The market maintained mod
crate business in the last hour. Prices con-
tinued to advance, and gains of y to / y
were scored. Later, however, sugar, which
had been nearly neglected during the early
portion of the day. came to the front with a
sharp drop from 81 to 5112, and the general
list was affected to some extent. The mar
ket finally closed active, weak, and close to
the lowest prices, notwithstanding rally
of 2 per cent in sugar.
Before o'clock the general railway list
rallied. and the market continued to gain
strength up to 2:30 O'Clock, when the quota
tions showed the recovery of from to "a
per cent in Lackawana, AtchiSOn, Burling-
ton and Quincy, Northwest, St Paul, Rock
Island, New York Central and Union
Pacific in the lead. In the money furry
loans were reported as high as "a and inter-
nct Int rltA arfI
about 2 O'clock the quotation was down to
10 per cent per annum.
DEATH OF A BROKER.
At noon business was arrested by the
death by apopeXy of James Struthers, a
mem Der, on the floor of the exchange.
Struthers' dead body lay on the floor sur
rounded by brokers for some time. Not a
word was spoken. but the brokers. with un-
covered heads, waited for the officials to
act
Mr.. Struthers had entered few minutes
before and was noticed to be acting in a
very singular manner. He staggered up
against one or two brokers and suddenly fell
forward on his face, dying in few minutes
Struthers was seriously i'll two years ago and
has not been himself since. His friends
noticed recently that he has not been look
ing well, and the doctor said the excitement
to-day was undoubtedly too much for him.
Struthers was 5S years old and leaves a
widow and young daughter. Sharp to the
minute of 10 80 exactly, after the half hour
recess had expired, the President again
mounted the r0strum and made an official
announcement of the unfortunate brokers'
death. He had hardly stepped down from
the platform before there was a rush and a
shout and business was once more resumed
on the floor. This scene, as well as that
when the recess was announced, was char
acteristic of the tremendous excitement per-
vading the market to-day. When the death
Eret nf hrnly u,
out waiting to hear anything about it.
rushed off in mad haste TO make the best
they could of the time in making up their
accounts.
PURCHASE OF SILVER.
WASHINGTON, Nov. 9.-Secretary Win
dom was kept fully advised of the condition
of the money market to-day, but did not feel
called on to take any action in the matter
beyond the purchase of all the silver bullion
that was offered to the department.. The
Director of the Mint said this was done for
the relief of the market. The available
Treasury cash balance will be used prin-
cipally in the redemption of the 4 412 per cent
loan. The Secretary's offer of October 9th
TO redeem this class of bonds On presentation
al par, with interest to maturity, Septen Der
l, 1884, is still open. Bonds arc coming in
very slowly, however, and the total redemp-
ton 10 date is less than $4,000, 600.
LONDON BROKERS ALARMED.
LONDON, NOV. lO.--Ou tuc sStOck EXcuanRe
to-day the feeling of alarm and apprehen-
sion as to the results of the coming settle
ments became intense. Every kind of Sc
curity was freely sold. American railroads
were panicky, and the depression was espe-
clally marked in dealings in the street. On
cable adviceS reporting declines in New
York heavy sales were made here. To-day
the drop in American railroads ranges from
IL to 3. Several financial houses in Paris
are trying to induce the Bank of France to
assist English firms to complete their en-
gagementS to deliver 100000 in gold in
France accedes the action will tend to avert
an increase of the Bank of England's rate
of discount and ease settlements.
SIGNIFICANT FEATURES.
New YORK, Nov. 10-The Evening Posts
financial article says: The panic in the
stock market continued this morning in
about the same temper as on Friday and
Saturday, the declines ranging from one to
SIX points in the first fifteen minutes busi-
ness. Some very astute people regarded it
as significant that Manhattan Elevated and
Western Union We're important factors in
depressing all the other prices. Whether
the reported holdings of Reading by Wana-
maker, who has scheme for postal tele-
graph in opposition to the Western Union.
have any connection with the manipulation
in Western Union, which was quite appar-
ent, it was impossible to say, but it looked
as though it had. Nevertheless. the panic
received fresh impetus from London this
morning. All the stocks opened Y to ~
lower than they closed here on Saturday, the
latter Union Pacific. Money is higher in
London at noon. and all the great banks of
Europe appear to be grabbing for the dimin-
ished supply of gold, some of which has gone
to Spain aud South America.
JAY GoULD's VIEWS.
New YORK. Nov. 10.-Jay Gould was
asked this afternoon to give his views in re-
gard to the great fall of prices in Wall
street. Gould said: There is, of course,
as any one can see by looking at the prices.
very great depression, but there is no doubt
the market would have righted itself if the
trouble In London had not come up. How
much farther things will go l do not know.
only know any one who has the courage
to buy now and the patience to wait will
make monty. So far as / know anything
about the different properties, especially
those that l am interested in, they are all
right. and there is no reason for the present
low prices. | suppose six months from now
we shall look back upon these prices. aud,
comparing them with the prices then, will
say, how ridiculously low they WERE
History repeats itself. l have seen within
amount of money going into Wall street to
buy stocks, principally not ON margin but
outright. This amount is likely TO increase
and when it gets so that the buyers are
more numerous than the sellers the market
win turn. The railroads are all doing very
well. The large movement of freight now
going on is being carried at better rates, and
all the roads have better understanding
with each other than for many years."
RICH MANS PANIC.
The heavy declines Of late without fail
ures on the street emphasize the fact that
for long time stocks have not been held to
any extent upon street or brokers' margins.
Prominent Spectators aptly characterize
Gould people are credited to-day with being
large purchasers. The final losses are very
mafprial