The semi-weekly tribune. [volume] (Great Falls, Mont.) 1890-1891, 1890-11-12
A Remarkable Depression in Nearly
all Listed Stocks.
THE BEARS seem TO HAVE FULL SWAY.
Unprecedented Rates of Interest Paid
"A Better Feeling at
the Close.
Depression Of Stocks in London and
Other European Markets
Cause the FURRY.

NEW 1ORk, NOV. lU.-Ine eXcltement
and depression that attended the open.
ing dealings in the share list this morn
Ing surpassed anything that has been
witnessed on the stock exchange for a
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 Saturdays
trading and the start Of today, was re-
Elected In fresh the impetus that quickly
drove prices in many instances far below
the previous quotations of years, and for
a while a panicky feeling ruled transac-
tions. A 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 least seem to have
been inocculated with the alarm that has
lately governed speculative dealings up
on the London board. Early loss in quo
tations tor Americans at London, togetb-
er with a bellef which exists that the
Bank of England will again be compelled
to raise Its rate of dlscount,intensified the
gloomy feeling abroad, and the market
has naturally suffered from another out
pouring of British holdings. Foreign
ers sold heavily, and among the stocks
put out were st. Paul, Louisville & Nash
vile, Atchison, Erie, Lake Shore,
New York Central, Reading, Union
Pacific and Norfolk & Western preferred.
Signs of renewed liquidation were so ap-
parent at the commencement that the
bearish element put out short stock with
great freedom, although they subse-
quently covered to some extent on a
sharp break.
Support, except in a few rare instances,
is not attended, eve to properties that
stand at the head Of the railway systems
of the country, and this had much to do
with the rapid s~hrinkage. The early
surge of the depression was imarked by a
great increase of activity and during the
first hour the sales Of listed stocks were
over 100000 shares. Other losses right
after the resumption of business ranged
from l to 8 points. This fall was soon
succeeded by a sharp rally. This upward
move, however, was only of short dur
alton, and the current of speculation soon
returned to its channel of dependency
and prices dropped again until the sud-
den death or the floor of the exchange of
Jas. Struthers caused an adjournment of
the session to II 80 p. m.
On the ~reassembling of the board
money became very stringent and sud
denly rose to 80 per cent, and after a tenn
porary reaction to 40, worked up to a
commission of d, in addition to legal in
terest. 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 unsettling
character were circulated and they &C.
cepted a downward course of values, Be-
fore 2 o'clock the general railroad list
rallied and the market continued to gain
strength up to $3.50 p. M, when quota
tons show a recovery of 1921 in a num-
Der of stocks, with Lackawanna, Atchis-
on, Burlington s. Quincy, Northwestern,
st. Paul, Rock Island, New York Central
and Union Pacific in the lead. In the
money furry loans were reported as high
as "a and interest, but these rates were
exceptional and around 2 p. m. the quo
tatlon was down to 10 per cent per an
mum. M