St. Paul daily globe., 1890-11-11
A RICH MANS PANIC.
Death Adds to the Excitement
on the New York Stock
Market.
One Of the Leading Members
Drops Dead, but Business
Proceeds.
Heavy Slump in Values,
Reaching IS Per Cent in
Some Instances.
ENpoi0rl1 0oooofnp nuYan
Foreign Operators Dump
Their Holding and Amer
leans Follow.

leans Follow.
-4Ecw YORK, New. 1O.-The excitement
and depression that attended the open
lng dealings in the share list this morn
ing surpassed anything that has been
witnessed on the stock exchange for
long time past. The declining impetus
given the market last week, and which
evidently had gained new strength in
the interim between the close of Satur-
days trailing and the start of to-day.
was .+cted i'll fresh impulse that
quickly drove prices in many instances
far below the previous quotations of
years, and for while panicky feeling
ruled the transactions. The violent
plunge of share values directly at the
outset was largely due to the nervous
State of apprehension that exists on the
foreign stock exchanges. Paris and
Berlin at last seen, TO have been inOcu
lated with the alarm that has lately
governed the speculative dealings upon
the London board. L he early loss in
quotations for Americans at London. TO-
gether with the belief which exists that
khe Bank of England will again be cOm-
PEELED to raise its rate of discount, in
tenstied the gloomy feeling abrOad.and
the market has naturally suffered from
another Outpouring of British holdings.
1he EOIe eners Sold Heavily,
and among the stocks put out were st.
Paul, Louisville Il Nashville. Aichison,
Erie, Lake Shore. New York Central.
Reading. Union Pacific and Norfolk IL
Western preferred. The signs of re-
newed liquidation were so apparent at
the commencement that the bearish ele-
ment put out short stock with great
freedom. although they subsequently
covered to some extent on the sharp
break. Whatever may be the special
cause in the background which gives
the leading professional believers in
lower prices the unusual confidence
they have all along exhibited, the fact
Is patent that prices yield on every at
tack almost without struggle. Sup
port, except IN few rare instances. is
not extended even to the properties that
stand at the head of the railway sys-
tens Of the country. and this has
had much to do with the rapid
shrinkage. The early surge of de-
preston was marked by great increase
of inactivity and during the first hour
the sales of listed stocks were over 2O0,-
600 shares. The heaviest decline among
the usually active properties was 81 III
c., c., G. Il St. Louisicommon and 81 in
Western Union. The other losses right
after the resumption of business ranged
from to points. This fall was soon
succeeded BY sharp rally that carried
up c., C.. &. & st. Louis and Western
Union So. Reading and Richmond Ter
minal 2, Louisville & Nashville, New
England. Burlington & Quincy, Rock
Island, LackaWanna and Missouri Pa
cific l@115, and other stocks % to 81.
This upward move, however, was onIy
of Short duration, and the current of
speculation soon returned to its
Channel of DespOnd,
and prices dropped again until the sud-
den death on the floor of the exchange
of James StrutherS caused an adjourn
ment of the session to 1890 p. m. On
the reassembling of the board, money
became very stringent, and suddenly
rose TO so per cent, and after tempo
rary reaction TO 40, worked up to a coui-
mission of 4, in addition to legal inter-
est. These high rates OF interest i'm
PEELED further sales of stock, and with
few exceptions the lowest prices of the
day were made. RumorS of an unset
tied character were circulated, and they
accelerated the downward course of
values. At the bottom figures
touched on this slump, st. Paul
and New England showed declines of
about from last nights closing, North
American as, Louisville d Nashville
aS6, Lackawanna 3M, Burlington d
Quincy, Missouri Pacific, Erie. Atchi-
son, Northern Pacific and Reading, so
81: Canada Southern, Rock Island,
Wheeling u Lake Erie and Richmond
Terminal, 2@2l5; and Lake Shore.
Northwestern and Union Pacific, 11l(0
rs. New York Central, c., c., c. d st.
Louis and Western Union did not sell
as low as before. The shrinkage in the
specialties was simply remarkable.
Manhattan and c., c., G. q st. Louis
preferred declined s,
With Subsequent Rallies
Of and 4. Tennessee Coal and Iron
broke 5 and recovered 1M. Illinois
Central dropped 4 and regained 216.
Oregon Short Line sold off 21% and then
moved up II. Chesapeake & Ohio
declined $685.; Milwaukee, Lake Shore
q Western, 1906: Pullman, San Fran
cisco first preferred and Omaha com
mon, 5@513; Pacific Mail, AZ; East Ten
nessee second preferred, Long Island,
Delaware & Hudson, Lake Erie 81
Western and Norfolk & Western pre-
ferred, 4@4A; Hooking Valley, Mexi-
can Central, Denver q Rio Grande pre-
ferred, Richmond Terminal preferred
and Colorado Coal, 2M3115. e"d a number
of others 1@1%. Before 'clock the
general railway list rallied and the mar
ket continued TO gain strength up to
2:36 p. M. when quotations showed
recovery OF 1@215 i'll a anumber of stocks.
with Lackawanna. Atchison, Burling-
ton q Quincy, Northwestern. st. Paul.
LII
Union Pacific in the lead. In the money
furry loans were reported as high as
M per cent and interest, but these rates
were exceptional, and around 2 %. m.
the quotation was down to Is per cent
per annum.