Los Angeles herald., 1890-11-11
Wall Street in a State of
Generalization.
The Greatest Slump in Stocks
in Many Years.
Alarming Reports from Europe
Cause Heavy Declines.
An Excited Broker Drops Dead on the
Floor of the New York Stock
Exchange.
Associated Press Dispatches.

Associated Press Dispatches
New YORK, Nov. 10.-A flood of
alarming cables from London and Paris,
predicting disasters in the markets there
this week, caused a panicky feeling in
the stock exchange here. Long before
opening brokers tried to make sales of
stocks, but could not find buyers, and as
soon as the signal for the beginning of
business was given, no offers were made,
but every Did, no matter at what price,
was at once filed. This selling caused
Manhattan Elevated to fall from 100 to
90, decline of s per cent. Western
Union fell 81. Other stocks, with the
exception OF Vanderbilts, fell 2 to 6.
There were no buying orders III many
specialties.
The market showed the utmost de-
moralization, and following the lead of
London figures, opening prices were ex-
tremely low. Declines since Saturday
afternoon were the largest ever seen
over night, and losses of fractional
amounts were exceptions. Drops of
/ to 81 covered nearly the
whole active list. There was more of
panicky feeling than noticed at any time
during the present decline Stocks were
thrown over in the most reckless man
ner, causing most feverish and unset
tied market, but with a steady decline
in silver. Even after heavy opening,
further declines of l to z per cent
were scored, the most prominent move
ment being the drop in Manhattan,
which, after opening off per cent at 96,
retired per cent further to 92 in few
minutes trading. Other losses were 3
per cent in Western Union, 2ls in Pull
man and in almost all the active stocks
material amounts. Trading reached
enormous figures, but while the
bottom seemed to drop en-
tirely out of the market,
there came a more quiet feeling toward
the end of the hour, and some stocks
loss. The market, however, remained
in an extremely feverish and unsettled
condition, and at ii O'Clock, while less
active, it was weak at or near the lowest
prices for most stocks.
At noon money was tight; there were
no offers, and Is per cent. was bid. After
II O'Clock the heavy pressure was re-
moved from the stock market to a GER
tain extent, but stocks continued to
come upon the market, and prices con-
tinued to decline. Grangers, Wizards
and New Englands were the chief suffer-
ers in the decline.
A Member Drops Dead.
The market displayed no recuperative
power, and at noon, when business was
arrested by the death by apoplexy of
James Struthers, member, On the floor
of the exchange, the market was active
at the lowest prices of the morning.
Struther's dead body lay on the floor
surrounded by the brokers. For some
time not a word was spoken, but the
brokers, with uncovered heads, waited
for the officials to act. Business was at
once suspended, but on account of the
situation today they could not close the
exchange, and at 1890 business
was resumed. Then the decline was re-
newed with increased rapidity. Prices
again fell off, but are now somewhat
better.
Lowest Prices of the Day.
The rush to sell after the recess caused
by the fatal incident, caused the lowest
prices of the day, but with the exhaus-
ton of the selling orders, which then
appeared, number of brokers who had
been heavy sellers in the early dealings,
turned and bought heavily. A rally
was soon under way, and at | 80 pm.
the market was quiet, with prices to
per cent. above the lowest OF the day.
Vanderbilts had been firmer than the
list, and Northwestern and Lake Shore
did not sustain material decline.
Money was now in urgent demand;
d per cent. premium, in addition to the
legal interest, was bid.
Before O'Clock the general railway
list rallied, and the market continued to
gain strength up to 2 80 p. m, when the
quotations showed recovery of 1@2%
in number of stocks, with Lackawana,
Atchison, Burlington and Quincy, North
western, 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 interest, but these
rates were exceptional, and around
2p. m. the quotation was down to Is per
cent per annum.
The Closing Hours.
Pacific Mail bore the banner for weak
ness, and with drop Of "a, touched
354. The downward movement then
met with check, and while there was
less animation, as usual when the
pressure was removed, the whole list
rallied materially, and before the de-
livery hour, most of the active stocks
were brought up to within about l per
cent of opening figures.
At 2:15 the market was dull and quiet
at.recovery.
At 3 p. 10. money was tight, ranging
from to 96 per cent, with the last
loan at SO. Bar silvetwas $1.001a.
The stock market maintained mod
crate business in the last hour. Prices
continued to advance, and gains of p to
III were scored. Later, however, sugar,
which had been nearly neglected during
the early portion of the day, came to
the front with sharp drop from 81 to
51T, and the general list was affected
to some extent.
The market finally closed active and
weak, close to the lowest prices, not
withstanding rally of 2 per cent. in
sugar.
A Rich Mans Panic.
The heavy declines of late, without a
failure on the street, emphasizes the fact
that for a long time stocks have not been
held, to any extent, upon the street or
brokers' margin.