The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-11-11
STOCKS TAKE A TUMBLE.
A BROKER DROPS DEAD DURING
THE EXCITEMENT.

the Tip That the Bears Used to Rout
the Bulls "A Rally and Another
Slump.
NEW YORK, Nov. 10.-The stock market
to-day continued the rapid aud heavy de-
cline of the latter portion of last week, and
for a time this morning it looked more like
panic than at any previous time since the
downward movement began. AS remarked
by prominent western manipulation of
stocks and other speculative commodities,
it was only a rich mans panic, and thus far
the slump in prices, which has reached
| some Is per cent. in some cases, has be en-
accompanied by complete freedom from
failures on the street, demonstrating the
fact that not for long time have stocks
been held to any extent upon the street in
brokers' offices on margins To-day, how
ever, the excitement, which was of the sup
pressed order, and almost entirely free from
the usual noise and wild gyrations which
| mark the transactions of business at the
stock exchange at times, was sufficient to
cause the death of one of the leading mem
bers OF the exchange upon the floor at
| about noon. The gentleman was James
Struthers.
TOO EXCITED TO STOP.
Such an event in usual times would have
been sufficient to have caused the closing of
| the exchange at once, but the magnitude of
| interests which would have been endan-
gered by such a course forbade it, and after
| half an hours interruption of business
| trading was resumed upon the floor. The
| events of the past few days have given in
| creased currency to the suspicion that some
| Of the largest capitalists in the country
| have entered into combination to depress
prices in order to pick up some
| cheap stocks, which the tenacity with
which they were held up to this time pre-
vented at the higher level of prices, and
with the coming of the present depressed
condition Of the prices of railroad stocks
| there are indications that the pressure upon
| the market has about reached its limit The
| Gould party are credited to-day with being
| large purchasers.
LONDON ADVICES DlsCoURAGING.
There were some hopes that liquidation
had reached its limit last week after the
Bank of England had raised it rate Of dis
count on Friday, and early advices from
| London this morning were of a most
| discouraging character and the prices of
all kinds of securities there were materially
| lower, while American rails were from l to
2 per cent lower than Saturdays closing
here. There were heavy selling orders in
the market for foreign account also, and
prices were given absolutely no support
whatever, and the opening declines as com.
pared with the final figures of Saturday
were from / to per cent. as a rule. These
| losses caught many stop orders
| right on the minute and the trading ele-
ment, which was bearishly inclined, with
| the aid of the bears sold stocks short
heavily and further losses of to q per cent.
were scored.
MANHATTAN's BIG TUMBLE.
Gould stocks were the leaders in the
break, and Manhattan at 90 was per cent.
| below its final price of Saturday. After
the first break there was sharp rally, but
it failed to reach anything like the proper
lions of the break. The pressure was re-
newed again and liquidation was begun. the
rates for money beginning 60 rise. During
the forenoon there were no offerings of
money to loan and 10 per cent. was bid for
it, but after business was resumed
in the afternoon the rate went up
rapidly and the premium for its
use was again demanded, Il per cent.
| and legal interest being the extreme rate.
Liquidation has been so great on Saturday
and to-day that the disturbance of loans
which necessarily followed has caused some
demand for money, but as soon as tie shift
ing of loans is over the street will find
money more abundant, and, of course, at
lower rates The railroads have fully real
1870 SA@O
rates. and arrangements are now under
way to effect an equitable understanding.
ANOTHER SLUMP
The advance in money caused auo Their
throwing over of stocks bought on the rally,
and in the first half hours business done in
the afternoon, the lowest prices of the day
were generally reached. At tde lowest
prices to-day Manhattan was down 8,
| sugar 616 Big -Four o., st. Paul 556,
Western Union 81 New England So, Pa
citc Mail 5, Jersey AZ, Louisville as, North
81, Northern Pacific, preferred,
81 and Burlington 8 per cent.
The only strong features were Lake Shore,
Wheeling and Lake Erie and Northwestern
The first named was bought by the insiders,
| aud the second is held firm on the announce
| ment of the completion of the SteuoenviIie
extension. At the low prices reached, how
ever, there was good buying noticed all
along the line, and an effort to pick up good
stocks was most apparent. This changed
the room-trading element over to the long
side for the time being, and during the
remainder of the afternoon there was sharp
and vigorous upward movement, which
was sufficient to bring prices on an average
about half way up to those of Saturday
Some of the specialties we're very promi-
nent In this rally, and Manhattan reached
80, and some of the stocks which had been
we'll held again passed the opening prices.
SUGAR CAUSES ANOTHER BREAK.
Late in the afternoon, however, sharp
break in sugar, which was discovered to
have been left without support. caused
another rush to realizs the forfeits &C.
crued upon the afternoons rally, aud
some stocks among which were st.
Paul and Others, went down again to the
lowest figures of the day. The market
closed weak and active at or near the lowest
points The final losses are very material
and uniform, and St Paul is down 55s, Pa
cific Mail and New England, each, 5; sugar,
As; Louisville, Az; Big Four, ~; Erie,
SO; North American and Lackawanna,
81 each; Northern Pacific. preferred, 275;
Jersey Central, 215; MARYLAND Pacific, 21l ;
Atchison. rs; Richmond and West Point,
Us; Canada Southern, 2, and most of the
active list over l per cent. The sales of
listed stock aggregated 5l4, 900 shares, and
Of unlisted stock 66, 900 shares.
WINDOW ON THE WATCH.
WASHINGTON, Nov 10.-Secretary Win
dom wa kept fully advised of the condition
of the money market to-day, but did not
feel called on to take any action i'll the
matter beyond the purchase of all the silver
bullion that was offered to the department.
The director of the mint said this was done
for the relief of the market. The
available treasury cash balance will
ha ,Sad ~, ba roJaY. r~t;or sc Ell