The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-07-27
MARKETS BY TELEGRAPH.


Norfolk and Western preferred .......... ~
Richmond and West Point Terminal.
Western Union. OBSERVATION-DISCLOSURES. 7Ola
New York July 26 p. m.-Monev on cali
has been stringent, ranging from to 3-l6 per
cent and interest, the last loan being at 20 per
cent and closing offered at 20 per cent prime
mercantile paper ga 10 per cent Sterling
exchange weaker: posted rates 81 82lbN4 S4ls,
Commercial bills "a sylG4 50. Government
bonds weak. State bonds dull Railroad bonds
uemOrallzed.
New York, July 26.-This has been the most
eventful and exciting day for d long time past
in Wall street and financial circles generally.
LiquldGtlOnS We're on more extensive scale
than at any previous time since the present
downward movement set in, and the result
was q decline of simply appalling proper
tions. The intelligence that the Erie road
had been placed in the hands of receivers. al
though by no means unexpected, was a shock
to confidence and started an indiSCrim-
mate selling movement through the list.
Orders were received from various quarters
to sell. andmany brokers who could not reach
their customers IN time, threw thir stocks
overheard rather than take any further
chances under the circumstances. The great
break in prices, however, occurred when the
announcement that II. l. Nicholas & CO.
had failed, was made al the stock exchange.
\ his brought the critical situation of affairs
right home to the brokers, and it was not
long before the market drifted into a panicky
condition The excitement was not az great in
either the 1884 or 1873 panics. but the shrinkaRe
in values was very rapid. and sales had to be
made at practically any prices that
happened to be bid. The failure of Mich
olas & Co. followed up, as it was,
by suspension of JnO b. Dumont showed
plainly that banks We're calling in loans and
this knowledge made street nervous. Rate
for money jumped up 3 ZIG per diem and in
terest and closed at % per cent. per annum.
sales for day reached large total Of 46i thous-
and shares. Dividend paying shares and
bonds ana non-dividend payers suffered alike
and the depression reached an acute stage.
The exceptional break in Evansville and
Tcrre Haute from 127 to ~ was due
to the fact that II. l. Nicholas
was n director Of the company and had
borrowed considerable amounts OF money on
the stock Other big declines were Manhat-
tan j.? per cent to 100, Delaware and Hudson
III TO 1924, Oregon Navigation, II to a,
Lake shore 81 to lD6. LIckawana, to 1870,
Nickel Plate. first preferred, StO 45. General
Electric ~ to 4D5, Jersey Central TO "a,
Lake Erie and Western preferred, to %,
Pullman, 81 20 l4G4. Western
Lake Erie preferred TO 81, Lead preferred 8
to IS Consolidated Gas TO no American
Cotton OH preferred 80 30, North West Spa to
$40 Erie preferred to 10, Sugar > to 81. pre-
ferred SO TO GSts and Missouri Pacihc ~ to
16Js Although final quotations showed "a re
,overv OF . to , per cent from the lowest.
the market left of fcverish and feeling in
stock circles was unsettled. The railway and
M StellaneOus bond market was heavy and
demoraliZed. Forced sales and closing out
of loans account for the phenomenal break in
prices