The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1892-12-22
A STAMPEDE ON CHANGE.
BULLS AND BEARS HAVE A
HIGH OLD TIME. -.
Wild Scramble to Unload Chicago
Gas and Whisky Trust on the
New York Exchange
Big Bids for
Money!.
Selling at a Sacrifice.

New York, Dec. 2O.-There was an ex-
citing time in the stock exchange yes
terday when the announcement was
made that the big pool, including james
II. keeLr, I. and S. WOrmser, and Il. G.
Benedict. had been dissolved, the con-
tract havii.; expired by limitation.
With TIE first report of this occur
renee ther" was q stampede among the
holders of Chicago Gas certificates and
the price started down rapidly. The
traders Who have been watching the
stock II break offered it down at
first; thc:l Il flood of commission orders
came IN from all quarters many of them
being to sell the certificates for the ac-
count of specula tors whose margins had
been exhausted. for the pool had worked
the prices to 100 some time ago. and on
the way down many orders We're loaded
up. To-day their accounts were closed
out Then there were others who had
bought the stock for Investment, a num-
Der of whom joined in the stampede
without understanding what the reason
for the decline was.
On the floor of the exchange, Whisky
trust is allowed space next to Chicago
Gas, and the traders in that stock
Gas broke. The books of Whisky Trust,
or Distillers and Cattle Feeders, as the
concern is formally called. closed to-day
for the dividend of 1 IL per cent, and
the stock. which closed at IS 3-S, opened
at st, an advance of is. In short
time. however, the price gave way, fall
ing II per cent, and before the decline
was checked the certificates sold at 81,
fall of / per cent. While this decline
was in progress the crowd trading in
Chicago Gas intermingled with the trad
ers in Whisky certificates and present
ed Il scene only cqualed on the floor in
times Of panic.
There was, however, no trace of a
panicky feeling at any time of the day. A
good deal Of the liquidation and much
of the decline recorded WAS attributed
to the extraordinary stringency in the
money market Brokers were in the
crowd early, trying to make arrange
ments for carrying stocks and the ear
lier borrowers paid 10 per cent per an
mum for money on call. Several re-
newals were made at the same rate and
then the supply on the exchange was ex-
hausted. The money borrowers bid Is,
20 and 25 per cent and as high as 40
per cent, or equal to nearly per cent
per week was paid by borrowers, who
had urgent need of money. During the
afternoon one firm sent over $4,000
to lend. and were followed by other
houses desiring money at the high rate,
but with the appearance of Il supply
the urgency of the demand disappeared.
Members of the Chicago Gas pool state
that there had been no quarrel between
the. operators composing it, and that
their relations are as friendly as ever.
They also deny that its dissolution was
forced by the tshtness of the money
market.
At the Office Of l. and S. Wormser the
statement was made that the point had
already been reached and it's accounts
closed up, but the members Of the firm
remain confident Of the value Of the
property as dividend payer. 1t is said
that the pool in Gas, which was closed
up a year ago, divided profits of ST.
200 600