The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-11-12
WALL STREET GOES WILD
THE EXCITEMENT THE HIGHEST OF
THE FURRY.


that is Demoralizing the Market Con-
contracted in an Attack on the Willard
s+ocks-Prices Tumble from to 20
Per Cent.
NEW York, Nov. 1.-THE excitement
+,-dav in Wall street was greater than on
anv previous day since the present decline
beyan. and while the downward movement
IN the general list was not as large as usual,
an unusually heavy drop in Willard stocks
made I'D for the lack Of movement in 9TH
ars The power of the great combination
which is now making values for
securities in Wall street, was concentrated
todav on Willard shares, and stocks, as a
rule. would undoubtedly have advanced,
had il not been for the depressing influence
of the slump in those shares. The move
ment undoubtedly winds up the last combi-
nation in Wall street, and stocks being well
distributed and the general business of the
country in prosperous condition, so that
when an adjustment Of the existing railroad
difficulties has been brought about, and an
easier money market assured, which would
result from a Gould-Morgan, Kidder-
Peabody combination, there will be an i'm
movement in the stock market.
READY FORA RISE.
The news of the morning was all of a
favorable nature. The first was reports
from London that settlements there were pro
crossing in a much more favorable manner
than was expected, while GO $500, 900 were
said to be on the way TO the Bank of Eng
land from the continent. At the same time
| the prices of all American stocks there we're
materially higher than yesterday, and Lon
don had buying orders in this market at the
opening. On the heels of this there was a
rumor that all the difficulties be-
tween the Union Pacific, Northwestern.
alliance and other granger roads, together
with the southwestern systems, had been
adjusted and the shorts for the first time in
many days felt the anxiety which has been
the portion Of the bulls for 50 long a time.
There was a rush to cover by the shorts,
and prices at the opening ranged from |
per cent to 2% per cent. higher than last
nights figures, and rumor from the west
caused quite boom in Union Pacific, which
was run up quickly from AZ per cent.
to 4S19.
THE PRESSURE ON THE vILLARDs
The pressure upon the Wizards, however.
was the most prominent feature of the
trading, and North American was pressed
down quickly from 2716 to 2115, and
VNeShcu tIlO amy Ill B0G general IfSt.
The failure Of Whitney & Co., who have
been carrying a large line of low priced
shares and bonds which were unavailable as
collateral at present, caused large amount
Toledo, Ann Arbor and North Michigan
sock to be sold out under the rule for their
Gcount. The stock mentioned sold
@e other, day at 30, but
vas opened at &c, and under
offerings from the chair dropped away
quickly to Is before buyers who were will
Ing to mold for rise appeared. This gave
check to the advance and rumors of
banks being unable to settle their balances
at the clearing house, found circulation, as
we'll as predictions of the failure of a large
brokerage house. A perfect food of Willard
stocks appeared for sale, with the pressure
principally upon Northern Pacifics, and for
two hours after 12 o'clock panic in those
shares existed, the only sentiment being, it
seemed, to get out as soon as possible.
NORTHERN PACIFIo's BIG DROP.
Northern Pacific preferred was forced off
RAPIDLY from 6115 at the opening to 55
before the terrible drop was checked In
tne yne mssltime common dropped from 90 to
l'59, and North American yielded per
cent. more, with the making of the lowest
lgures, the suspension Of Decker, Howell g.
70, firm mentioned as likely to fail, was
announced, and an explanation given to
the heavy selling of Willard stocks. This
!.luseu leehng OF relief into the street, as
1t was felt that the worst was in ali nroh.
aollty over for the present, and con-
of business. ~ ''-0 ''''' iA0"i
ne general list, which was at it's highest
point during the forenoon, some l tn AZ ner
oeet better than last nights prices, felt the
iiunuence OF The heavy pressure upon Vii
' MUS ana IN most cases about all of the i'm
VT Loaf
Speclaites, like Toledo, Ann Arbor and
AoICa michigan, Louisville. New Albany
TI Tli Chlcago, Great Northern preferred.
.,dsoa ,oln"s ueneral Electric and some Others,
''orea declines of to 20 per cent.
IMPROVEMENT AT THE CLOSE
Inc impro' ed feeling in the last hour was
SiI. NIo"n IN another upward movement In tha
% a', auu Cae close was firm and active.
Sanr.g SSrV.ag most stocks at materially better
W. NJ. than those of last evening, The
oniIs iLoollng ana Lake Erie stocks are the
sboyr ,Ssy ones Ia the usually active list which
@ts;do any material loss for the day
do,Sn ,S H Wizards, common being
Eortb S and preferred per cent
lover N2i,isILlcan, however, is S5 per cent.
Co.. CO. Northern Pacific preferred 1I% and
etn,ilon reaaaA: "a On the otaer had sucar
bv rba les, which was helped at the openinp
r:cai.'.a ale announcement of the names of the
yiIo ~ . rs is % higher. Louisville and Nash
l% on3i ~ ERIE Z, Union Pacific TX, st. Paul
h ., rolil ana o1ners fractional amounts. This
tropblss Naole IN view of the financial
togetbaS, announced during the day,
he'd win the fact that money was
dsv very tightly throughout the
and IaTaT IsoaGHlng one-half per cent. per dav
cfferins.aa' sa' ~ i.terest ON call, there being no
dsy anS rS' .l 4t funds at any time during the
hicbes+l l e. tue last loan being made at the
ths nsufes. The trading was by fer
listed asooS.een so seen In months, ths sales of
amount tNViis.ed NaaeS stocks to 61,657. To this
tribrteG -NoPE9ern S9 Inc Pacific preferred con-
Amerjcar 0@:SS6: common,( 375O0; North
eugsr ~; ~ Ios 'o'o65; st. Paul, 81, ,5S5, and
". WINDOW ON THE WATCH.
fon Ss;d NNIGFroN, Nov. 11.-Secretarv Win
ormatio,'' 'lis afternoon that the latest in
itu9ti~,O' ! from Wall street was that the
hat tho is IIn proving, with the indications
Whether th 1osst Is over. He declined to saw
you'd nor I9 treasury department would or
honey noar uo anything for the relief of the
Eigin1 tha let, but admitted that he was
he d. matter serious consideration.
featy +t9apaftmeat, he added stands
the arte tveeem - per cent. bonds
put Is not 4'ent OF its resources,
vertures uo0 ready to make any
ponds, Tha 70 the holders of 4 Der cent
ecent baa bue secretary said further that the
de aysiIstIy disbursements had reduced