Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-11-12
IN WALL STREET.
EXCITEMENT ON The STOCK MARKET
STILL GREATER.
A ue,ier Feeling Finally. Uowever-The
Worst Considered ovor--s1oney "Out
Of sight 'L-Some Failures.
nv telegraph 10 tho DIspatch.I

the present, decline began, and while the
downward movement in the general list
vas not rs large as usual, the unusually
heavy drop in Willard stocks made up for
tho lack of movement IN others. The
power Of the great combination which is
now making values for securities in Wall
street was cOncontrated to-day upon the
Willard shares, and stocks as a
tale would undoubtedly have advanced
had il not been for the depressing iufiu-
e,.ce Of the slump in those shares. The
movement undoubtedly winds up the
last combination in Wall street, and
stocks being well distributed and the
rcneral business OF tho country being in
: prosperous condition, when an adjust
uent Of tho existing railroad difficulties
Les been brought about end an easier
money market assurod-which would re-
suit from the Gould Morgan Kidder-
Peabody cOmbination-there will be an
Improvement in the stock market.
TIE MOEENG's NEWS FAVORABLE.
The news of the morning was all of
flvorable nature. There were reports
was progressing in q much more favora-
BE manner than had been expected,
while E2O0,00O were SAID 10 be on the
way 10 tho Bank Of England from the
Continent. At the same time the prices
n All American stock there were mate
raIlv higher than yesterday. and Lon
don had buying orders in tins market at
The opening.
RUSH TO COVER
On the heels of this there was n rumor
rat oh difficulties between the Union
Pacific, Northwestern Alliance, and
other Granger roads, together with the
,mthwestCrn systems, had been adjust
al. and the shorts for the first time in
many DAYS felt the anxiety which has
b,,r the portion of the bulls for 20 long
timo. There was a rush 10 cover shorts
and prces at the opening ranged from
uer cent 20 q per cent. higher than last
nights figures. and the rumOr from the
West caused quite a boom in Union Pa
cfc, which was run up quickly A per
cent 70 49,. Tho pressure upon the
Wizards, however, was tho most promi-
rcrt feature Of tho trading, and North
American was pressed down quickly
from 27} TO 2l}, and checked the buoy
aucy in the general list.
AFMLURE.
The failme of Whitney 81 Co., who
h1ye been carrylnga largo line Of low
rneed shares aud bonds, which were un-
availahle az collateral at present, caused
fl large amount of Toledo, Ann Arbor,
and North Michigan stock TO ho sold out
under thc rule for their account. The
stock mentioned sold the other day NJ
81. hut was opened Mt 2G, nn1 under of
farng4 from the chair dropped away
0uicklv to ~ before buyers who were
wiling 10 hold for rise, appeared.
This cnve n check to the advance, and
mmors Of the banks being unable t.
settle their balanccs at the clearina house
found circulation Us well as predictions
of the failure of a large brokerage
house.
APANIC GN THE vTLLARDe.
4 perfect food Of Willard stocks ap-
neared for sale. with the pressure prin-
cipally upon Northern Pacific, and for
two hours after II o'clock a panic in
those shares existed, the only sentiment,
II seemed, belng TO get OCt rs soon as
plssible. Northern Pacific preferred
was forced off rapidly from GA at
the opening TO - before the terrible
drop was checked. In the mean time
common dropped from % 20 ia, and
North American yielded 3 per cent
more.
ANOTHER FAILURE.
With the making Of the lowest figures
lhe suspension of Decker, Howell & Co.,
the firm mentioned as likely 10 fail, was
announced and an explanation given TO
thc leayy selling Of Willard stocks This
infused feeling ofreHef into the street,
ns it Was felt that the worst was In all
prola'Iltv over for the present, and
colNlsuble Of rally occurred IN the
la. hour Of business.
THE WORST OVER.
The General list, which was at its
highest point during the forenoon, some
lotl per cent better than last nights
prices. felt the influence Of the heavy
pressure upon the Wizards, and in most
cleo, about an Of the improvement was
lost, while in some Of the spccialties like
Toledo. Ann Arbor and North Michigan.
Louisville. New Albany and Chicago,
Great Northern preferred. Edison Gene
ral Electric, and some others, scored de-
Clines OF to 90 p,rcont
AN IMPROVED FEELING.
The improved feeling in the last hour
wa shown in another upward movement
in the list, and the close was firm and
active. leaving most stocks at materially
better figures than thosc of last evening.
Wheeling aud Lake Enc stocks are the
only ones in the usually active list which
show any material loss for the day. out
siio OF the Wizards. common being
down T.. and preferred per cent.
North American. however, is s. per cent.
lower, Northern Pacific preferred l1l,
sni common 81.
srVAR AND OTHER STOCKS HIGHER.
On the other hand, sugar, which was
tcIed at the opening by the announce
reut OF the names Of the receivers, is
p. higher, Louisville and Nashville y,
Eric 2, Union Pacific IL, ST. Paul },
aud other fractional amounts.
MONEY "oUr or SIGHT,"
This is remarkable in view of the
financial troubles announced during the
day, together with the fact that money
vss held very tightly throughout the
day, reaching ! per cent. per day and
legal interest on call. there be-
lag no offerings OF funds at
any time during the day, and
the last loan being made at the highest
figures The trading was by far the
largest seen in months, the sales Of listed
stocks extending 10 65S, AL shares. and
Of unlisted Gl,657. 70 this amount
Northern Pacific preferred contributed
s2,326 Common. 81, 500 North Ameri-
can. 7G,565 ST. Paul, 6l,5Sj, and Su-
gar 81, ,43&
MONEY AND EXCHANGE.
Epening. Exchange dull but steady
At SS04ais5. Money tight at l5a1S6 (;