The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-07-27
BIG DROP IN STOCKS
Unprecedented Tumble In Evansville 4
Terfe Haute Shares.
NO REASON FOR THE PANIC
Bankers Say That Everything Is
All Right. But That the Peo-
pie are Scarsd-Scenes
on Exchange.

NEw YORK. July 26.-To-,lay was sar-
castically described by the brokers as
"Banner day." For q large portion of the
day, the stock exchange presented situa-
tion very close to panic. Al times, the
sales of investment stocks proceeded in
such volume and with such violence as
had never before been witnessed except
in the worst days of 1873. London bought
for time but proved quito powerless to
stem the Tide of liquidation. Some Of the
best stocks on the market broke from
four points upward, Lake Shore in par
ticuiar netting seven points; New York
Central, ~; Western Union. One ex-
traordinary incident was the sale of 100
shares of Evansville & Terre Hautc stock.
not active on exchange. They were sold
under rule for an embarrassed broker
and, although the price was quoted yes
terday at 12o bid, no buver was found to-
day until the stock was offered at IS, de-
cline of Is points in n day, probably un-
paralleled in the record of the stock ex-
change.
The bears had il entirely their own way.
There was no opposition TO their on
slauchts. The announcement of the fail
ure OF II. Nicholas & Co. added zest and
prices lunbled right and left and without
rhyme or reason. As an illustration of
this. the case of Manhattan Elevated may
he cited. Tho earnings of the company
were never so great before in its history,
at this time of year, and the road is in
splendid condition. There was abso-
lutely no reason or cause for decline in
its stock.
At half past o'clock bankers and
brokers or t,rntni,,onro III h,t th..pa usa a
better tone to the market. but they
would not say whether or not bottom
prices had been touched yet for any stock
exchange securities.
The president of a leading national
bank said this evening: "The banks here
are perfectly strong and, although there
may be two or three small banks which
would have had hard time hut for the
protection afforded by the clearing house,
there is not the slightest reason for any
anxiety with regard to them"
Tho sub-treasury was debtor at the
clearing house to-day for s3so. 900 and set
tied the balance in gold. II is almost en-
tirely out of currency, especially small
bills. Bank officers said that the situa-
tion in THAI respect was pretty bad. 1t is
estimated that about Sl.O0).On was
shipped to the country to-day by New
banks. Much of IL was in gold.
Rumors were plentiful to-day of re-
ceiyers for several well-known corpora.
tions. including two railroad companies,
many, however, of which were utterly
basclcss.
With reference to the condition of Phil
adeiphia banks, the press OF that city to-
day asserts that New York banks owe
Philadelphia banks about 100000, while
Philadelphia banks owe New York banks
s6.OO0.U0r. New York bankers, however,
say that the money which the New
York banks owe to Philadelphia is mainly
on reserve accounts. The money whicl,
the Philadelphia banks owe TO York Is for
drafts sent for collection, and the money
for which they have received, but have
not rcmittcd. The reason they give for
not RENTING the money is that they can
not get New York exchange except at a
high rate of commission aud cannot spare
the currency. Yet they claim a cash re-
serve OF more than IS per cent. A dis
patch from Philadelphia tonight says
that the banks there pay premium for
exchange and does not imply any weak.
ness whatever on the part of the Philadel.
phia banks. The rate FOR New York en-
change has averaged s. per 100 for sew.
eral weeks, and. in consequence, Phila.
delphia Is considerably out of pocket.