Evening star. [volume] (Washington, D.C.) 1854-1972, 1890-11-12
PRICES ARE STIFFER.
A Better Tone Prevails in the Stock
Market.
THE PRUSSIAN DIET OPENED.
Annual Meeting of the National
Base Ball League.
tiAEkIn CNtfrucnA coct~u- na~rC
THE PRUSSIAN DIET OPENED.
UNFAIR SOUTHERN FREIGHT RATES
THE CRISIS PASSED.
Confidence Returns to Wall Street and u
Bettcr Feeling Prevails.

osSSh TcVhus Il FeNdis.
NEW YORK, Nov. 12.-When the gong was
sounded for the opening OF business this morn
ing on the stock exchange there Was a yell and
a rush and pandemonium reigned on the floor.
The galleries were crowded to their utmost
capacity and by class which only visits the
street in times of great excitement Richly
attired ladies pushed forward for a sight OF the
struggling brokers and the most casual OBJ
server would have seen that il was time Of
unwonted excitement
The market opened stronger than might
have been expected and there was evidently a
hopeful view of the situation despite the fact
that the early London advices were not of a
very favorable character.
PRICES SOMEWHAT HIGHER.
The stock market again opened with a
tremendous business, but prices were, as a rule
from to per cent higher than the closing
hgures OF last evening, rejecting the general
impression that the worst had passed The
buying was very urgent and the first tendency Of
the prices was to advance. resulting In further
gains OF from to i per cent in which
western Union, Burlington. Union Pacific and
some OF the speclalties were conspicuous. The
Wizards, and especially the Northern Pacihcs,
were conspicuously active and strong, the COM
mon rising Ia and the preferred per cent
touching 20h and SO, respectively.
DOWNWARD MOVEMENT.
The general list. however, soon Welded to
the pressure to sell and the influence of fur
ther sales under the rule OF Northern Pacific,
North American, st. Paul and a few others. al
though il was well understood that such sales
would be made for the account OF Decker
Howell Co. The downward movement be-
came more pronounced toward the close of
the hour and Burlington dropped per
cent. Lakawanna ia, Northwestern lI5. while
ADJ nd
American retired about per cent The fluc-
tuations among the specialties and low-priced
stocks were extremely weak and irregular,
while the entire market was feverish in the ex-
treme throughout the hour. Later tue Viii
lards again showed strength and the list fol-
lowed, the market at IL o'clock being very act
i've and firm TO strong, but generally at some-
thing under first prices, though better than
those of last night.
PRESIDENT TAPPAN's coNFIDHScx.
President F. ID. Tappan of the Gallatin Ma
tional Bank. and a member of the New York
clearing house committee, said in an inter-
view about IL o'clock:
Our committee is now in session signing
certificates, but the indications are that the
issue will be very small say. probably. no,
more than five millions, which, when compared
with the issue of twenty-seyen millions in 1854
Is, you can see. mere triie.
There is nothing in the situation 30 far az
it affects the associated banks that is at all dis
turbing and there is not the slightest reason
to anticipate any disturbance in the finances OF
this center. Our action OF yesterday in decid.
Ing TO issue clearing house certificates was
merely precautionary, so that if a crisis should
come we would be prepared for ii. We did not
be the part OF wisdom to forestall rather than
to have to meet it. We are entirely satisfied
that the situation will improve"
FAILURE ANNOUNCED
The failure OF Joseph C. Walcott banker and
broker, 80 Pine street, has just been announced
on the stock exchange.
The failure Of Walco.t created little sur
prise. The house, though a good one. had bu,
a small interest In the market The sales un-
der the rule for its account were mainly in odd
lots and aggregated less than 1000 shares. dis
tributed among all the active specialties Mr.
Walcott was alone in business. although he
continued the firm name since the retiremen,
of MIR. Frank Dickinson some time ago. Mr..
Walcott refuses to make statement
1890 P.M.-The market at this hour is firm to
strong and a free buying movement is in
progress. The failure of Joseph c. Walcott
has had no effect whatever IN the dealings.
During the entire morning the general ten
dency has been toward better prices and with
the exception OF the Willard stocks, which were
rather feverish, the entire list shows an ad-
vance of from 1 to 6 per cent, the latter North
ern Pacific preferred
The Bank of North America was heavy
creditor at the clearing house today The bank
will pay over TO Nelson Cromwell, assignee of
Decker, Howell Il Co., large sum as differ
ences OIL sales of securities held by the bank rs
collateral for loans made to that firm and sold
on the market yesterday.
w. M. Mccormack d Co. Of Chicago and ST
Louis have been large buyers Of stocks under
the rule for the account of Decker Howell &
Co., including some big lots OF Chicago gas and
Illinois Central.
The stock market under the influence of
best prices lacking support from London. The
market at / o'clock had become quiet. with a
comparatively steady tone.
AN ADVANCE IN NORTHERN PACIFIC.
All day stocks for the account of Decker,
Howell Co. and C. NJ Whitney we're sold un-
der the rule, but little attention was paid to
the sales, except by brokers who were creditors
of the firm. The fact that no more trouble
was developed among the banks caused a
steady return Of confidence and prices moved
steadily upward. A powerful pool has been
buying Northern Pacific preferred and SO far
that stock has advanced 7per cent. The rest
Of the list ranges about to 4 per cent above
last nights close.
THE MARKET AT ITS BEST
The market reached its best at o'clock and
the general list was at the highest Of the day.
The advance on last nights prices ranged from
! to per cent, the latter Northern Pacific pre-
ferred The total sales to that hour amounted
to over 100000 shares. of which 23O 900 were
Willard specialties. Money ruled at u per diem
and interest at the lowest quotation OF the day
was 80 per cent
ANOTHER BROKER FAILS
The announcement of the failure Of Benjs-
min F. True, stock broker, was made shortly
after 2 O'Clock.
True is a small trader and the failure is of
no Importance. Money appears to be more
plentiful The market shows the effects of
buying by commission houses for the long ac-
count These purchases are largely paid for
and will tend to relieve the situation by the
withdraw of these stocks from the streets
The feeling is that the speculation will rule
feverish for a few days until the settlements
between the banks and the suspended firms
have been adjusted, but il 10 believed that the
element Of danger has been withdrawn from
the market Good buying orders are coming
into the street
Prof Koch's Proposed Hospital.
BERLIS, Nov. 12-Prof Koch win found .
hospital for the treatment Of consumptives by
his methods. The building will be located ON
Abrecht gtrasoo and will contain 100 heda