The morning call., 1890-11-12
FINANCIAL CRASH.
Scene Of Confusion and Excite
ment on Wall Street.
DemOraliZad Condition Of The New York
and London Stock Markets.
Heavy Failures Caused by the Extraordinary
Honey StrllgenGy - Assignment
Of Prominent Firms.

NEW YORK, Nov. II. - Stocks opened
one and two points higher. Following the
lead of London they became weak on large
sales. declined steadily for short time and
then rallied making material gains all along
the line There was larger attendance of
brokers on the floor of the exchange this
morning than for years. Every stock on the
the list had crowd of brokers trying to
trade in it. When the market opened the
scene was one of confusion and excitement.
Cablcgrams reporting an advance of to
per cent in London, received before the open
ing.caused brokers to take the bull side, and
disposition to buy was shown all around.
The largest crowd was in st. Paul. which
was offered at As, and then sold at AIS,
25s per cent above yesterdays close. Heavy
expected selling by London, however, drove
the price down TO 45A. The general list
followed, and for few moments the
weakness of yesterday was evinced, but
heavy buying soon began to come in, and
on an active business the upward move
ment was resumed. Sugar opened up
2h on the news of the appointment
OF II. o. Havemeyer, S. V. White and
General SlOcum as receivers, and moved up
10 81, then reacted to SO, but was soon once
more selling at 81. North American was a
weak point in the market, opening at 27la,
in six minutes declining to 21B, and then
slowly advancing to a. Willard stocks
seemed TO bear the brunt of tue early at
tack. Northern Pacific preferred showed
loss of 8; Western Union .. The low prices
brought in more buying, however, and the
force that opened the market up began
again 10 show its influence, and Il smart
rally took place. The strongest stock on
The list was Union Pacific, which failed to
go below the opening figure, and with the
rally advanced to As, against Al at the OPEN
ins. The rest of the list generally re-
gained their early losses, and in almost
everything but Wizards fractional advances
were scored.
After the announcement of the failure Of
c. NJ. Whitney and a break in the North
American the market rallied on the re-
ceipt of private cablegrams announcing
s30O0,G00 in gold on the way to London
from the Continent, and that money is easier
in that center.
Vanderbilt brokers were heavy buyers of
Union Pacific.
ATTACK ON WILLARD STOCKS.
Trading in stocks after 12 o'clock was
marked by the apparent withdrawal Of all
support and a special vicious attack by the
bears upon Wizards, which brought about
the most rapid and disastrous drop OF the
present decline. The forces OF the bears
were concentrated against Northern Pacific
preferred, and that stock before o'clock in
the afternoon had been forced off over 10
per cent, reaching 3d. against 66 50 at noon.
The rest Of the market sympathiZed to some
extent. st. Paul, showing the most weak
ness outside Of the Wizards, returned to
4G5s from 4S, and all the active stocks losing
probably as much. Rum0rs OF a noted Vii
lard h ouse being in financial difficulties
caused the entire list soon 10 become demOr-
allied, and the losses from the noon figures
reached an average of TO 8. There was
perfect panic in Wizards. and Northern Pa
cifc common lost 35s to 17A, while North
American dropped to 1874. The market
showed some strength toward the delivery
hour, and Northern Pacific preferred lose
to 5115, but al 2:15 o'clock the market was
active and weak with most of the list at the
lowest prices Of the day.6
SLIGHT IMPROVEMENT
The general list, which was at the highest
points during the forenoon some l to AZ
per cent better than last nights prices) felt
tie Influence of the heavy pressure upon
Wizards, and in most cases about all the
improvement was lost. while some OF the
specialties, like Louisville, New Albany
and Chicago, Great Northern preferred,
Edison General Electric Light and some
others scored declines from to 20 per cent.
An improved feeling in the last hour was
shown in another upward movement in the
list and the clese was firm and active, leay-
ing most stocks at materially better figures
than those Of last evening. Wheeling and
Lake Erie stocks are the only ones IN the US
ually active list which show any material
losses for the day outside of Wizards,
common being down Is and preferred per
cent. North American, however, is s% per
cent lower. Northern Pacific preferred IS
1l% and common 63l. On the other hand
sugar refineries are 81 higher, Louisville
and Nashville 2A, Erie 2, Union
ira actionaI 20 amounts. This Is IS remarkable
in view IF the financial failures announced
during the day, together with the fact that
money was held very tightly throughout the
day, reaching Y per cent per diem and
legal interest on call, there being no offer
ing funds at any time during the day and
loan being made at the highest figure which
was 1856. Governments are steady. Petro-
leum declined nearly three points, but be-
came stronger on covering shorts; spot
closed 7312 December 73h.
TIGHT MONEY MARKET.
Money has been tight, ranging from 10 to
1sS per cent. The last loan was at 1885,
Stocks remained very active. In the last
hour heavy sales were the rule, undoubt-
edly TO demOraize some of the speclaliies.
North American touched 1874, and sugar.
which had suld at 5S, dropped to "a. The
pressure abated toward the close and few
marked recoveries took place, ST. Paul and
Union Pacific being the most conspicuous
The market closed active and firm at the
lowest prices of the day.
BOSTON QUOTATIONS.
cessful effort was made upon the part OF
the bulls to advance stocks this morning,
as fear was entertained that further de-
cline would lead to an actual panic. Quota
tions opened booming at about per cent
higher tnan last night as a rule. A further
slight improvement was made. when there
came The failure of prominent Wall-street
house, and prices fell off. The trade
changed for better ag lin, and by II o'clock
prices were near those of the opening. At
] O'Clock this afternoon the market was firm.
At times excitement ran hgn, and the
crowds at the local boards were larger than
for years last. There was, however, very
little Of the panicky feeling manifest that
orally luctuated widely the range was con-
siderably above yesterdays figures. and al
together the feeling showed better and
more hopeful temper.
THE LONDON MARKET.
LONDON, Nov. 1.-THE stock market
opened 1ePeflsn. nearly everybody DuyihB
to close bear accounts Money is much
easier, owing to a rumor that much gold has
gone into the Bank of England Compared
with last nights closing prices, consols for
both money and account show an advance
of u, Canadian Pacific u. Erie q, Illinois
Central As, New York Central 1.
At the close, prices of cOnsols for both
money and account compared with the
prices at u 80 o'clock in the afternoon were
unchanged Canadian Pacific advanced ],
ST. Paul common r. New York Central PA,
Pennsylvania /.
Toward noon an abrupt change from the
gloomy feeling was caused by the semi
cial announcement that large amounts of
gold were coming from Paris and more ex-
pected from Russia. Preparations for set
tlement at once became energetic and money
became easily borrowed at per cent Loans
In many unexpected instances were repaid
and the progress of liquidation Of accounts