Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-11-16
ANOTHER SCARE.
WALL STREET LVeLlER THAN SINCE
DECEMBER, '66.
a Perfect Panic for an Hour-The Cause
Alleged Difficulties of barring
prcthers in London
nv telegraph TO the pispatcn.I

space OF An hour or more there existed
perfect panic among the holders OF secu-
rites and especially of railroad stocks,
and tho declines established during that
time we're greater than ever before seen
In the same time.
CAUSE or EXCITEMENT.
The only cause Of excitement was tue
announcement from London that the
great firm Of Barring Brothers had been
forced 10 seek assistance to tide them
over tho present financial crisis, and the
holders Of stocks became panic-stricken
over tho news, without reflection that
the danger had really already passed
over when the Bank Of England and the
Rothchilds came to the rescue. Rehec-
ton. however. is the last thing man
thinks Of when his pocket-book Is IN
danger. and every one went in 10 save as
much ont OF the wreck as possible Dy
selling out in the quickest time.
LONDON ADvIcKs BEAssURINd.
Early adyices from London were re-
assuring, and the Crisis was represented
as over there. Continuing the improve
ment begun yesterday, therefore. first
prices were generally fractionally higher
than Yesterdays figures, with Northern
Pacific preferred up z per cent. OF o9t'
TIE GOOD FEELING LOST.
The announcement about the Earrings
was thrown at the market Immediately,
however, and the good feeling disappear
ed in an instant, and from prospective
BUYERS the whole room became sellers ct
the best prices obtainable.
A GENERAL DECLINE.
The force Of the decline may be
pathered from the fact that in the short
space Of On hour Lackawanna had
dropped away o. per cent. to l23.},
Jersey Central n TO 9S, Atchison % to
231, Pullman 81 to 175, Canada Southern
Ga 10 AZ. Burlington u 10 80. Rock
Island 81 10 63l. and other leading stocks
from 2 TO 8 per cent. The drop in Lacka-
wanna is entirely inexplicable upon any
known hypothesis, but the selling OF
Atchison was based upon fear that the
holdings of the Barings would have 10 DO
hquidated.
THE DROP sTAMpEDE.
Other stocks were sold merely upon
the impulse Of the scare. The drop,
however. soon brought into the market
a class Of buyers who are paying out
RIGHT for their securities and the current
was soon turned by this support, when
the bears joined in buying to reailze the
profits accrued in the tremendous drop.
The carly selling soon developed the
fact that there we're large selling orders
on the market, and the trading and pro-
fessional element soon took the market
away from the sellers and innumerable
stop orders we're quickly uncovered,
rendering the stampede more serious
every minnie.
TIE nOyNwAEp MOVEMENT CHECKED.
After the downward movement was
checked the bank statement was issued,
showing a material gain in the surplus
reserve, and the growing strength of the
banks leaves no further feeling OF APP
prehension among Wall-street houses,
and the general impression is that as
soon as London becomes really quiet
there will be no disturbing influence
found here. Some inyestment-houses
now report that they have more orders
for the'rurchase of securities than they
can I'll, and these purchases are oil Tor
investors who take their securities away
from the street.
"A RALLY.
The rally which obtained IN The last
hour extended to per cent and over IN
some OF the most pronounced cases, but
the inward movement was insufficient
TO make UP Anything like the losses in
CURED. and an extremely feyerlsh and
unsettled condition marked trading
throughout.
THE CLOSE ACTIVE AND STRONG.
The close was very active and strong
for the moment at material losses for the
day. There is talk of q meeting OF IN
tluential bankers and capitalists to con-
slider the situation over Sunday and come
to some conclusion as TO what can DO
done 10 allay the excitement and appre-
hension prevalent on the street.
THE FINAL LOSSES.
The final losses are very material, and
Iackawanna is of AZ; Jersey Central,
3: Rock Island, 4; Missouri Pacific,
81; Atchison and Chicago gas. each . !;
Burlington. %; G., c., Q. and -.
Louis, q; Silver certificates, 2; North
western and Canada Southern, each II /;
Western Union, II New England, u ;
Wheeling aud Lake Erie, Il; Texas
Pacific, II; Lake Shore, II Sugar re-
fneries, per cent
RAILROAD BONDS
Railroad bonds were active, but
showed none OF tho excitement or anlma-
ton in stocks, and while tho sales OF all
issues reached Sl,4S4.0OO the iinal
changes Of note were comparatively few
in number. The active issues comprised
Atchisou incomes with Sl9l, 900, North
ern Pacific Sc with sl7S,000, Texas Pa,
cifc eds, '6l, Sl5i, 900, and Kansas and
Texas As $780, coo.
PmcKs LOWER.
Prices tonight are naturally lower
aud Atchison as lost lia79, the incomes
2s4S, Canada Southern lists lssl04!. Ere
eds la973, Iowa Central lists LASS, North
ern Pacific Dds l4al07, Oregon Short
Line 6's l3al05, Texas Pacific incomes
11a32, Reading As 1a76-lsts l4ao23
Wabash lists lia96, and the DDS 2alO
The sales of listed stocks aggregated
86l, $3.50 shares, OF unlisted 41,46S.
MONEY AND EXCHANGE.
Evening. Exchange quiet and firme
at 4SOlals6l. Money easy, closing OF
cred at 5a6. Sub-Tressury balances
Coin, Sl4i, $780, 600; currency, 81, 1i3,
600. Governments dull but steady
per cents, 122; AIS, l04. State bond
entirely neglected.
egoCK QUOTATIONS.
Alabama--Class A, 2 to 5.......... l03
h, IS ............i0 I
Georgia rs, mortgage. .............
North Carolina consol SIS. tex. INT )l22
North Carolina 4's,............... %
South Carolina Browns. ........... W
Tennessee bB. .....ss..s.'... 1Vo
Tennessee o'e...... ............ lVl
Tennessec's settlement. .......a,:. az
Virginia 6's. .................l Dld) oU
Virginia SIS. consols. .............. AZ
Chesapeake and Ohio.