Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1890-11-10
IN WALL STREET.
Exciting Times on Change Last Week
How Prices Fell.

now ifANt> ciis
NEW YORK. November 9.-There
were exciting times in Wall street last
week. Not since the panic of 1854 have
there been such tempeStuOuS days aS
Thursday. Friday and Saturday. De-
spite the menacing aspect of things the
week closed with no more serious re-
suit than a heavy decline in prices.
The drop, however, was something ap-
palling, and impellcd spectators to ask
whether there was any bottom what
ever TO the market.
Many stocks have touched lower
points than ever before in their history,
although il is not fair 10 suppose that
they are iutrinSically worth less than
al any other period since they were is
sued. The sellers have so far outnum-
bered the buyers that stocks could not
resist the pressure, and they went tum-
bling in wild confusion. Spectators
generally say that stocks are cheap,
but they are hardly ready to say that
they may not yet be cheaper.
The bank statement to-day, showing
heavy decrease i'm the legal reserve, eN-
cited a great deal Of talk on the street.
/ Money has been locked up TO affect the
market. i'm other words, there was
practically a corner in money. The rate
for money was nor particularly high,
but loans were difficult 10 obtain.
The stock market to-day started OIL
with a somewhat improved tone, but the
frmneSs was short lived, anG before II
O'Clock liquidatiOnS began afreSh. New
York Central was especially weak, fall-
ling 20 %. The general list not only
I lost the early fractional gain, but de-
clined anywhere from 10 > per cent.
The low prices induced the profession
ais TO turn their paper profits into cash,
and in their eagerneSS 10 cover they
put the market up = to 1 y per cent.
The bank statement, however, made a
material difference, and when II was
announced that the small excess to the
credit Of the banks last week had not
only been wiped out, but that there
was now a deficit of over :, 100000,
buviug orders were Cancelled along the
line, and the selling was renewed. In
fact at the close the market was weak
er than ut any time since the current
liQuidatiOnS set in.
Anv number of stocks sold at the
lowest point Of the year, including Bur
lington and Quincy, st. Paul common
and preferred. Reading, Unien Pacific,
Northwest, New York Central, etc.
The sales Of listed stocks were POS
6G3 shares. The active stock closed
with an average value Of S64.s4 against
SG5.5 Yesterday.
In the specialtieS Pullman Palace
rose from l05 TO l27il, and the latter
broke 10 1907. Big -Four preferred fell
10 81. and Consolidated Gas to 90.
Oregon improvement rose = TO 33.
Sugar refineries certificates were firm
at 5Sit@57@5Til. The other sales In
the unlisted department were Lead at
American Cotton OH
Trust receipts l74 @l65 preferred 30
common l., and 100000 brrrelS OF Penn
svlvania oil at s6@744 @76c.
Railway bonds were generally weak
and lower. The transactions were S665'-
600.
Money on call was nominally 4'z@5
per cent.
The Clearing House again furnished
the street with a surprise. Its return
shows a loss Of over Sf.2O0,OOO in cash
and S3, 246, ,925 in surplus reserve was eX-
actly at variance with the known facts
concerning the Treasury operations ana
Of currency between TINS
ritv and the East, West and South. III
the reprehensible practice of locking
money is persisted in the nance oil the
Institutions engaged in the operation
nav find their way to the public.
The banks are now S2,544, ESQ below
the legal requirement, whereas at this
time last year they had a surplus oi
$3.50. $50.