Eagle River review. [volume] (Eagle River, Wis.) 1890-1927, 1892-12-22
WALL STREET PANICKY
Wild Scenes on the Floor of the New
York Exchange-Heavy Decline In
Prices.

Wild Scenes on the Floor of the New
York Exchange-Heavy Decline In
Prices.
New YORK, Dec. 19.-Shortiy after
midday the New York Stock Exchange
was the scene OF the widest excite
ment. In fact, there was condition Of
affairs bordering on panic in the indus
trial group. It appears that pool in
Chicago Gas had dissolved and the mem
bers thereof were compelled to take
up their holdings. One of the mem
bers of the pool, German-American
firm, with their headquarters in the
Mills building, started in to sell their
stock. but they had not disposed Of
much before the room became aware
of the liquidation. Operators are very
tlmid just now on account of the gold
export movement, the Elbe to morrow,
being booked to take out $3,90O,O00 in
stead OF 100000 as previously re-
ported.
the attempt to liquidate in Chicago
Gas was the signal for an attack on the
industrial group, rarely if ever equaled.
Traders were simply frantic and threw
over their stocks almost regardless of
prices. To add to the fever money was
bid up to 40 per cent. on call
and could not be obtained in
round amounts even at that fig
ure. Chicago Gas broke from 90a
to So, Distilling & Cattle Feeders from
"a to 81, American Sugar from 1867 to
1O4a, National Lead from Az to 39a, and
preferred from 90 to s2aa, Cordage from
1884 to 1344, American Tobacco from
120 to l16, Linseed Oil from Az to 81,
and Starch from 325 to 30. Less than a
week ago Distilling & Cattle Feeders
sold at 72g, and Cordage ruled at 143.
The great trouble with these stocks is
that when stringency in money occurs
they are the first to be Disseminated
against by banks and other financial in
stitutions. and this is one of the occa-
out of loans. After 1880 P. NJ.
the excitement subsidized some
what. and substantial recoveries were
noted. Chicago Gas rallied to S54a,
Distilling to 500, Lead 70 42$$, and Sugar
| to 1865, but the improvement was not
| fully maintained. An idea Of the ac-
tlvity at the New York Stock Exchange
up to / O'Clock can be had when it Is
stated that up to this time the sales en-
braced 336, $50 listed and Sc, go unlisted
stocks.
The stock market remained steady
| for time after IL o'clock, and In q
| mum Der OF instances there were further
substantial recoveries. Chicago Gas
| sold up to S65, American Sugar to 1863,
| Distillers to 608, National Lead to 43,
| National Ccrdage to 146, and Manhattan
to 1881. Toward 2 O'Clock, however,
| the bears made another raid and re-
action of J to u per cent. ensued, Dis
tillers selling to 5Sa&, Reading to 81, West
ern Union to 81, New England to AZ, st.
S65, Lackawanna to 1474 and Northern
| Pacific preferred to At. At 2:l5 the
market was steadier again at a recovery
of to l per cont. The proportion of
double eagles, eagles and half-eagies
given to exporters by the sub-treasury
to day were so, 10 and 10 respective
lv. Up to this time OF writ
Inc $3,6s5, 600 of the $3,9O0,oo(
gold to be exported tomorrow
has been obtained from the sub-treas
urv. Money is easier at the Stock Elk
change, with loans on call at II per cent
| The sales of stocks up to ? P. NJ. were
400. 2O4 listed and IS, 1856 unlisted:
| The recovery IN the stock market wa
making good progress after 2:lo p. NJ.
when Reading was suddenly attacked
and declined from "a to 5la on enor
nous sales. This led to reaction II
the general list, st. Paul being noticea
blv weak with sales down to 753. Ih'
industrials sold Oft to l per cent. from
the best figures of the afternoon, bu
rallied fractionallv in the final sales
Reading also recovered per cent. ant
Manhattan at 1869 was better than a
the close on Saturday. Speculation
closed firmer.
Money on call has been active, rang
ing from to 6 and closing offered at 6
Bar silver, 49,. Sterling exchange i
weak; bills, 4.S55 and 1852 for sixt,
DAYS and 4.S75 and 1879 for demand
Posted rates, 1856 and 1881. CONNER
cial bills, 4.S5 and 4.S79.
Barring, Magun & Co. have Spoken
for 100000 gold, which they expect t.
ship by to-morrow's steamer, makin
total engagements reported to dat
| S., 100000.
The failure of E. w. Morse was an
nounced ut the Consolidated Exchang
| this morning.
r. z. Preusser, of the Consolidated
| Exchange, failed this morning. Hi
liabilities are small. He was long Q
| 1000 shares of Atchison and ROcl
| Island. Moss was interested in 1,57
shares of Rock Island, Union Pacific
New England, Erie and North Ameri
| 0EryoIAv VOTE IN WTSCON9IN