The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1890-11-11
PANIC OF The RICH men
Wall Street All Torn Up Over the
Decline In Stocks.
EVERYTHING WENT DOWN
Sudden and Tragic Death OF a Rich
Spectator Upon the Floor OF
'Change-Results OF
aDay.

alarming cables from London and Paris
predicting disasters in the markets there
this week caused panicky feeling in the
stock exchanges here. Long before open
ing brokers tried 10 make sales Of stock,
but could not find buyers, and as soon as
the signal for beginning business was
given, no offers we're made. But every
bid, no matter at what price, was at once
flied.
The stock market this morning showed
the utmost decentralization, and following
the lead Of London figures, prices were
extremely low. Declines since Saturday
afternoon are the largest ever seen over
night and losses of fractional amounts
with the exception Of drops Of to az,
covered the whole active list There was
more Of a panicky feeling than noticed
at any time during the present decline.
Stocks were thrown over In the most
reckless manner, causing most feycrish.
unsettled market, but with steady de-
cline in values. Even after heavy OPEN
ing further declines of ! 10 3 per cent.
were scored, the most prominent move
ment being the drop in Manhattan, which
NI'hAhE 'h Ifi NNAts az w. tNhhS'
per cent. further 10 90. In the first few
minutes after trading began the other
noticeable losses were per cent. in West
ern Union and ~ in Pullman, and al
most all active stocks material amounts.
Trading reached enormous figures, but
while the bottom seemed 10 have dropped
entirely out of the market there came a
| more quiet feeling toward the end OF the
hour and some stocks actually recovered
portion Of the early loss. The market,
however, remained in an extremely fever
ish, unsettled condition and at 2 o'clock,
while less active, Il was weak at or near
the lowest prices for most stocks.
The Erening Posts financial article
says: The panic in the stock market con-
tinued this morning in about the same
temper as on Friday and Saturday, the
declines ranging from one TO six points in
the first Is minutes business. Some very
astute people regarded as significant that
the Manhattan Elevated and Western
Union were important factors in the de-
creasing Of all other prices. Whether the
reported holdings Of the Reading by Wan
amaker. who has q scheme for n postal
telegraph in opposition 10 the Western
| Union, have any connection with the
manipulation of the Western Union,
which was quite apparent, il was impos-
sible to say, but II looked as though il had.
Nevertheless the panic received a fresh
impetus from London this morning. All
stocks opened there at from a quarter to
one and three-quarters lower than closed
ha.. A..
Union Pacific. Money is higher in Lon
don at noon, and all the great banks Of
Europe appear TO be grabbing for the di-
minished supply Of gold, some Of which
has gone 10 Spain and to South America.
Atnoon money was tight and no oilers,
and Is was bid after II o'clock. A heavy
pressure was removed from the stock
market 10 a certain extent bIt the stocks
continued 10 come upon the market and
prices continued TO decline. Grangers,
Willard and New England were the chief
sufferers in the decline. The market dis
played no recuperative power and at noon
business was arrested by the death by ap-
| oplexy Of James Struthers, a member on
the floor Of the exchange. The market
was active at lowest prices this morn
ing.
Struthers' dead body lay on the
floor surrounded by brokers for some
time. Not word was spoken, but the
brokers, with uncovered heads, waited for
the officials to act. The business was at
once suspended, not OH account Of the
situation, for they could not close the ex-
change, and IL 30 business was resumed.
Mr.. Struthers had entered few min
utes before and was noticed 10 be acting
| in very singular manner. He staggered
up against one or two brokers and sud-
denly fell forward on his face, dying IN
q few minutes. Struthers was seriously
| i'll two years ago and has not been him
self since. Friends noticed recently he
| had not been looking well aud his doctor
said the excitement to-day was undoubt-
lily too much for him, Struthers was 5s
years old and leaves wife and young
daughter. Sharp 10 the minute OF 1890,
exactly after the half an hour recess had
expired the president again mounted the
rostrum and made official announce.
ment of the unfortunate brokers
death. He had hardly stepped
down from the platform before
there was rush and a shout, aud busi.
ness once more was resumed on the floor.
This scene, as well as that when recess
was announced, was characteristic Of the
tremendous excitement pervading the
market to-day. When the death was first
announced scores Of brokers, without
waiting TO hear anything about il, rushed
off in mad haste TO make the best use
they could Of the time in making up their
accounts.