The Superior times. [volume] (Superior, Wis.) 1870-1912, 1892-12-24
W ALL STREET PANICKY
Wild Scenes the Floor OF the New
York EXchan st-iIeayy Decline in
Prices.

York EXchan st-iIeayy Decline il,
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. 1t appears that a pool IN
Chicago Gas had ilseoly anG the mem
bcrs thereof were compelled TO take
up Their holdings. One OF the mem
beTs OF the pool, a German \ rican
firm, with their headquarters in the
Mills building, started in to sell their
stock. bat they had not disposed of
much before the room became aware
Of the liquidation. Operators are very
tnId Just now on account OF the gold
export movement, the EIbe to morrow
being booked 10 take out S., 90G, 0l0 in
stead OF 81, 100000 as previously re-
ported.
the attempt to liquidatc in Chicago
Gas was the signal for an attack on tie
industrial group, rarely if ever equaled
Traders we're simply frantic and threw
over their stocks almost regarlieFs Of
prices. TO add to tie lever money was
bid up TO 10 per cent. on call
and could not be obtained III
round amounts even at that fig
ure. Chicago Gas broke from 90
to So, Distiiling 4 Cattle Feeders from
81 to -, American Sugar from lt6i to
l0Ii, National Lead from ~ to 39i, and
preferred from 81 10 S2i, EordaEe from
1881 to 13lf, American Tobacco from
l2O to Il6, Linseed Oil from III to 81,
and Starch from So TO 50. Less than q
week ago Distilling 4 Cattle Feeders
sold at 122!!, and Coraage ruied 1T lis.
The great trouble with these stocks is
that when q strinGency in money occurs
they are Tie first to be Disseminated
against by banks and other financial III
stItutI0ns and this i8 one Of the 0cca-
sionS when they are being thrown
out Of loans. After l2:.D z. N.
the excitement subsidized some
what, ana substantial recoveries we're
noted Chicago Gas rallied to 50,
pistilling TO 81, Lead 20 ~, and .&ugar
10 I055, but the improvement was not
t,illy maintained An idea Of the &C.
tiyity al the New York Stock Exchange
VI q o'clock can he had when il Is
stated that np 10 this time the sales en-
braced $50, $50 listed and y6 go unlisted
stocks.
The stock market remained steady
for time after II o'clock. and in a
number OF instances there were further
substantial reCoyerics. Chicago Gas
sold up to SCI, American Sugar 10 I054
Distillers to 6n5, National Lead TO Is,
National Ccrdnge to l4u, and Manhattan
TO l33I Toward O'Clock, however,
the bears made another raid and a re-
action of to ] per cent. ensued, llls-
tlllers selling to 5S (, Reading to -, West
eru | MON to 81, New England TO -, st.
Paul to -, burlington X Quincy to
ST., Lackawauna 10 l41t and Northern
Pacific preferred TO Il. At 2:l0 the
market vas steadier again al Il recovery
OF TO per cent. Inc proportion OF
double eagles, eagles and hat1-eagies
given to exporters by the sub-treasury
to dav were SO, 10 and 10 respective
ly. Gp TO this time ol writ
gold to be exported tomorrow
has been obtained from the sub-treas-
ury. Money Is easier at the Stock TX
change, with loans on cal! at l. per cent.
The sales of stocks up 10 7. II. were
to2 2e4 listed and 66, 1876 unlisted.
The recovery IN the stock market was
making goOG progress alter -:lo P. NJ,
when Reading was suddenly attacked
and declined from 81 10 ol5 on enor-
nous sales. This led 10 a reaction IN
the general list, st. Paul being notices
bly weak with sales down TO i0S. lEe
industriais sold of 10 per cent. from
the best figures of the afternoon, but
ra,l;ed fractionaliv in the final sales.
Reading also recovered per cent. and
Manhattan at I.;}5s was better than At
the close on Saturday. Speculation
closed tirmer.
Money on call has been active, rang
ing from 10 6 and closing offered at =.
Bar silver, a3J. Sterling exchange ls
weak: bills. 4.S53 and I.s3f for sixty
days and 4.S14 ana 4.S7i for demand.
Posted rates. $50 and i.SS4. CONNER
cial bills, lisa and t S15.
Barring. Nia.un 4 Go. have spoken
for Sl00. coo gold, which they expect to
ship by Tomorrow $ steamer, making
total engagements reported to date
The failure of f. W. Morse was an
uoT1nced ut the Consolidated Exchange
this morning.
Il. +. Preusser, of the Consolidated
Exchange, failed this morning. His
liabilities are small. He was long OF
900 shares of Atchison and Rock
Island. Moss was interested IN loo
shares OF Rock Island. Mon Pacific,
New England, Erie and North AmerI-