The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-07-27
AFLURRYIN Wall STREET.
The Bears Had 1t Entirely Their
Own Way.
THERE WAS NO OPPOSITION.
Prices TumbIed apparently Without
Rhyme or Reason.
All the Dividend Payers Were Pounded
Down, Evansville s. Terre Haute Drop
ping Fifty-six Points, Unparalleled
in the Record of the Exchange.

NEW YORK, July 26.-Today was sar-
castically described by the brokers as
banner day. A large portion of the day
the stock exchange presented situation
very close to panic. At times sales of
Investment stocks proceeded in such vol
ume and with such violence as never be-
fore has been witnessed except in The
worst DAYS of '73. London bought for
time. but proved quite powerless to stem
the tide of liquidation. Some of the best
stocks on the market broke from points
upward, Lake Shore in particular netting
z points, New York Central Az, and
Western Union z.
One extraordinary incident was the sale
of ZOO shares of Evansville q Terre
Haute stock not active on exchange.
They were sold under the rule'' for an
embarrassed broker, and although the
price was quoted yesterday at 126 bid, no
buyer was found today until the stock
offered at rs, decline OF Sc points in q
Gay, probably unparalleled in the record OF
the stock exchange.
The bears had it entirely their own way,
as There was no opposition to their on
slaught. The announcement of the
failure of ii. Nicholas q Co., added zest
and prices tumbled right and lett and
without rhyme or reason. AS an iilustra-
tion of this case, Manhattan elevated may
De LIE Oh buO
were never SO great before in its history
at this time of the year and the road is in
splendid condition, and there was abs0-
lutely no reason or cause for a decline IN
its stock.
At half past 2 O'Clock bankers and
brokers of prominence said there was a
better tone to the market but they would
not say whether bottom prices had been
5ouched yet for any of the stock exchange
securities
The president OF one of the leading
rational banks said this evening: 1.-THE
banks here are perfectly strong and al
though there may be two or three small
banks which would have had a hard time
but for the protection offered by the
clearing house There is not the slightest
reason for any anxiety with regard to
them.
The sub-treasury was debtor at the
clearing house today $3.50, 900 and settled
its balance in gold. 1t is almost entirely
out of currency, especially small bills.
Bank officers said the situation in that
respect was pretty bad. 1t is estimated
that about Fl Zoo, 600 was shipped to the
country today by New York banks and
much was in gold.
Rumors were plentiful today of receiv-
ers for several we'll known corporations,
including two railroad companies, many
however, of which are utterly baseless.
Philadelphia banks, the Press of that city
today asserts that New York banks owe
Philadelphia banks about 50, 900 600,
while Philadelphia banks owe New York
banks sc, 000, 600. New York bankers,
however, say that the money which New
York banks owe Philadelphia is mainly
on reserve accounts and the money which
Philadelphia banks owe New York is
for drafts sent for collection money
for which they have received but have
not RENTED. The reason they give fol
not RENTING US money is that they can
not get New York exchange except at 9
high rate of commission and cannot spare
the currency, yet they claim their cast
reserve is more than 50 per cent. A dis.
patch from Philadelphia tonight says thu
banks there pay premium for exchange
and does not imply any weakness what
ever on the part of Philadelphia banks
The rate for New York exchange ha
averaged 50 per thousand for severa
weeks and in Consequence Philadelphia il
considerably out of pocket.