The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1893-08-01
PANICKY ON WALL STREET.
A Great Depression in Stocks Caused by
the announcement of the Erie Rail
road R~eceivership and the Fail
ure of H, /, Nicholas.

road R~eceivership and the Fail
ure of Fl. I. Nicholas
NEW YORK, July 25.-This has been
the most eventful and exciting day for
a long time past in Wall street and
financial circles generally. Liquida-
Gions were on a more extensive scale
than at any previous time since the
present downward movement set in
and the result was a decline of simply
appalling proportions.
The intelligence that the Erie road
had been placed in the hands of re-
ceivers, although by no means mex
pected, was a shock to confidence and
started an indiscriminate selling move
ment through the list. Orders were
received from various quarters to sell
and many brokers who could notreach
their customers in time threw their
! stocks overheard rather than take any
further chances under the circum
| stances.
The great break in prices, however,
| occurred when the announcement that
| H. I Nicholas & Go. had failed was
made at the stock exchange. This
brought a 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 as great as in either the 1884
or the 1873 panics, but the shrinkage in
values was very rapid and sales had to
be made at practically any prices that
happened to be bid,
The failure Of Nicholas & Co, fol-
lowed up, as it was, by the Suspension
| Of John B. Dumont, showed plainly
| that the banks were calling in loans,
and this knowledge made the street
nervous. The rate for money jumped
up to 3 Is per diem and interest, and
closed at 20 per cent. per annum. The
sales for the day reached the large total
of 464, 600 shares, both dividend paying
shares and bonds and non dividend.
Buyers suffered alike and the depres-
sion reached an acute stage. An ex
ceptional break In Evansville & Terre
Haute from III to 70 was due to the
fact that H. L. Nicholas was a director
of the company and had borrowed con
siderable amounts of money on his
stock.
Other big declines were Manhattan
IL to 100; Delaware and Hudson III 80
1929; OregOn-Nevada II to A; Lake
Shore s! to 106; Lackawanna s to 100;
Nickel Plate, first preferred, s to As;
General Electric y to 4OB; Jersey Cen
VI al u W OF OIAO 10 LII W OoUCA4I
preferred. Z to So; Pullman g. to 1861;
Western Union u to 678; Wheeling
aud Lake Erie, preferred, Z to 81; Lead,
preferred, 6 to As; Consolidated Gas 6
to 10; American Cotton Oil, preferred,
6 to SO, Northwest So to 8455; Erie, pre-
ferred, 5 to Is; Sugar 5 to 67; Sugar,
preferred, 81 to 681 and Z; Missouri
Pacific A. to 49,.
Although final quotations showed a
recovery of ] to 3 per cent. from the
lowest, the market left off feverish and
the feeling in stock circles was unset
tied The raiIwav and miscellaneous
bond market was heavy and democrat
lied. Forced sales and the closing out
of loans account for the phenomenal
break in prices.
DALLAS, Texas, July 26 The old and
widely known land, loan and collecting
agency of Murphy & Bolans, the largest
concern of the kind in Texas, made a
general assignment yesterday. No
schedule of assets or liabilities was
filed but as the firm did an enormous
business, the chances are that the liza
bilities will reach $500, 900; the assets
fully that amount.
NASHVILLE, Tenn, July 26.-B. s.
Loventhal & Son and M. J. Levy &
Son, wholesale whiskey dealers, and
Sulzbacher Bros, proprietors of the
Hermitage Vinegar Factory and large
produce dealers, made special assign
ments to day. The %failuresare directly
due to the failure Of the Louisville De,
post Bank, which is a large creditor
of the assignOrs.
NEW YORK, July 26 The failure of
II. I. Nicholas & Co members of the
New York stock exchange, is an
nounced. The firm was composed of
II. I. Nicholas, John D. Nicholas, Wal
ter @. Taylor and Marcus Mayer. The
firm was considered quite a prominent
one in stock exchange circles
PHILADELPHIA, July 26.-The extern
sive wooden mills Of Scatchard Bros,
which have been giving employment
to about $50 hands, have shut down
indefinitely owing to the depression in
trade. The firm has been in business
over a quarter of a century. This is
the first time operations have been en-
tirely suspended in the mills.
W~AsHINGToN, July 26.-The Comp
troller of the Currency to day ap-
pointed James r. Barker receiver of
the First National Bank of Cedartown,
Georgia.
ATLANTA, Ca, July ga tempo
rary receiver was appointed last night
for r H. Shook & Son, furniture deal
ers. The assets and liabilities are not
given.
BOSTON, Mass, July 27.-Tickner &
Co., publishers, 211 fremont street,
are financially embarrassed and have
made an assignment to Col. Charles
F%airchild, of Lee, H~igginson &Co.
The firm succeeded to the business of
James R. Osgood & Co., when the lat
ter firm failed in 1885. Besides it's
book publishing business, the firm pub
fishes the American Architect. The
creditors are well disposed toward
Tickner and it is thought he will have