Morris tribune., 1890-11-12
The grihm1re.
Published Wednesdays.
Re. O. STEVENS.
publisher.
0.iiciaI Paper Of Stevens County.
A PANIC THREATENED.
EXCITING TIMES BEING EXPERIENCED
IN WALL STREET.

Stocks Decline 9 to Per Cent, Causing
Rush to Sell---A Panic In London,
Which Would Reverberats the world
Over, Thought to BE Imminent.
NEW York, Nov. 10.-The dark clouds
which have been hanging over Wall
street for the last six months almost
reached climax of blackness Monday
morning. The stock exchange was on
the verge OF panic during the first two
hours. Money was almost unobtainable
and failures were imminent. London
prices for American securities cabled
over here in the morning showed de-
clines of from to per cent. below the
closing prices of Saturday. Money rates
We're high in London, and an uncom-
Portable feeling of insecurity was re-
ported. When the market opened here
there was
A Rush 30 Sell Stocks at Any Price.
In the first ten minutes prices of active
stocks had declined from II to per
cent The excitement on the stock ex-
change was tremendous. 1t seemed
almost impossible TO find buyers, so
greatly has public confidence been
shaken by recent developments here and
in Europe. The banks and trust COM
panies, sharing in the general fright,
began to call in loans, and within half
an hour the stock exchange was bare of
money. The streets were full of brokers
rushing about to obtain loans to make
good their margins, which were vanish
ing at terrible rate.
Death Stops the Panic.
Shortly before IL o'clock the death of
James Struthers occurred and cast an
added gloom over the stock exchange.
Business was suspended for half an
hour, and the brokers had time to take
breathing spell and count up their
losses.
At about i o'clock money lenders
began to appear in the loan crowd on
the stock exchange. They offered the
money which they had been holding
back for better rates and found many
eager takers. Rates quickly ran up to
% and so per cent, and then to / per
cent and interest, which is equivalent to
about 80 per cent per year. At about
the same time there came sharp rally
in the stock market, and prices began to
advance again. Among the extreme de-
cline OF the dag was that OF Manhattan,
per cent, and Cleveland, Cincinnati,
Chicago and st. Louis per cent.
Over 215, 900 Shares Sold.
The declines to the lowest prices of the
first terminus were as follows. Atchi-
son, II; Union Pacific, II; st. Paul, 2;
Missouri Pacific, 2; Lackawanna. 81;
New England. 8; Chicago, Burlington
and Quincy, 8; Louisville and Nashville,
80, ard Cleveland, Columbus, Cincin-
natl AMI st. Louis, 6. Lake Shore,
North American Sugar Trust, Wheeling
and Lake Erie and Chicago Gas showed
considerable strength. Manhattan Ele-
vated fell from 100 to 90. Only at the
opening was excitement manifested, but
although the brokers continued appar-
emily calm there was determination
almost universal among them
to close out everything but the
strongest accounts. The sales were
enormous in the first hour, but in that
time nearly everything pressing seemed
to have been sold and the rest of the
selling appeared to be only on small
orders from commission houses. The
traders made rash effort to bid prices
up and they rallied some stocks about
per cent, but when stocks began to
come out they retired. The sales in the |
first two hours amounted to over 215, 600 |
Shares.
The Bank of France Holds the Key.
The impression seems to be gaining
ground that only prompt action on the
part of the bank of France can avert al
panic in London, the reverberations of
which will fall over the world. The
bank of France has stock of nearly
1000, 900 pounds of gold. The banks
directors are proverbially miserly.
On Saturday they advanced the pre-
mium on gold coins
The situation in London is becoming
painfully strained. South America,
South Africa and Egypt, in all of which
Eng1and's moneyed interests are very
large, are all calling on the bank Of
England for more gold, and the bank
cannot respond. It is thought probable
that the directors of the bank must soon
advance the rate to an even higher fig
ure than 6 per cent.
AProninent stock Broker Dead.
New YORK, Nov. 10.-Mr. J. B. |
Struthers was stricken with apoplexy
on the floor of the Stock Exchange at |
noon and died shortly after. Business |
was suspended to allow the governors |
to take action.