The Portland daily press., 1893-07-27
New York Bankers Do Not Anticipate
Trouble There.
OUT in INDIANAPOLIS PEOPLE
ARE NO LONGER ALARMED.

Remarkable TumbIes, Being Badly
Broken Up by Forced Sales-The Bates
Mills Shut Down.
NEW YORK, July 26.-A good deal has
been said during the past few days about
the financial troubles extending to this
city. Some people have worked them
selves into nervous state, but the bank
ing interests of this city, which are most
concerned in the matter, do not antici-
pate any trouble here. The following
interview with Henry w. Cannon, of the
Chase National Bank, about expresses
the views entertained by other leading
bankers. Mr.. Cannon says:
SIN times like these people are apt to
lose sight of the important features of
the situation in the contemplation of the
details. The country is all right. Our
crops are good this year. The crops in
other parts of the world are poor. Eu-
rope wants some of all our crops, even
hay, and Europe must take them and
send us money for them. We shall re-
ceive great of money from Europe this.
fall. In the meantime people have no
need to be scared. Let them keep their
heads cool and exercise a little patience
1t will pay them best in the long run."
Another banker says: II have no hes
itation in saying that the banks here are
in perfectly strong position. They are
stronger as a whole now than they were
ten days ago. The strength of the local
institutions is due to the fact that the
New York bankers saw this trouble
coming fully year ago, and began to
take in sail them
The head of prominent trust compa-
ny says: ''The banks will stand by each
other and will see this thing out. Times
have changed since 1884, and the banks
were never better organized or prepared
to stand a SIEGE"
The condition of affairs at the Stock
Exchange this afternoon was panicky.
The excitement was intense and the
slaughter of values has not been paral-
leled in recent years. Loans were called
by many of the banks, and the failure of
II. l.. Nicholas dS Co. is attributed direct
ly to this fact.
The remarkable drop in Evansville and
Terre Haute, to 70 and 10, a break of 81
points since Monday, could not have oc-
CURED if weak holders had not been
forced to unload. Over $5,000,000 has
been shipped by the banks to inferior
cities during the past few. days, and there
being no indications of let-up in the de-
mand, these institutions were compelled
to call in loans. The natural result of
this precipitated selling of all classes of
securities, bonds as well as dividend and
non-dividend paying shares being fairly
slaughtered. The question of intrinsic
value cut no figure, and it resolved
itco1f intn q rlqftnr of UattJnO
money, and that at once. Money
worked up to 10 Fper cent on
call, and this aggravated the situation.
Manhattan broke 12 to 100, Lackawanna
8 to 1870, Delaware and Hudson IL IL to
1O2 1-2, New York Central to 92, New
Jersey Central to SO, Northwest 4 IL
to 76 General Electric 1-2 to 40 1-2,
sugar 1-2 to 81 IL, Lake Shore Z to
1O7 1-2, Rock Island 3 5-S to 46 IL,
Western Union Is to 81 1-S, Chicago
gas A rs to 45 IA, sugar preferred 1-o
to 6S 1-2, and the remainder of the list
anywhere from l to per cent Evans
vile and Terre Haute, after selling down
to 10, rallied to so regular. Sales were
made at IS and 70 under the rule. AT
2.15 p. m. the market was somewhat
steadier in tone, with rally OF IL to 3
per cent in price, Railway bonds were
heavy and demoralized. Erie seconds,
after breaking "a per cent to "a, raj
lied to 56, and receded to 55. Chicago
and Erie incomes broke per cent to 20,
Atchison tours SIS to 66 rs; do. Sec
onds 2 3-4 to 1904, Northern Pacific
consolidated fves to 80, Chicago and
Northern Pacific first to 50, Colorado
Midland fours 3 IL to AZ 1-2, Fort
Wayne and Denver City firsts to rs,
Kansas and Texas seconds to 30, do.
fours 1-2 to 49, Reading firsts 1-2 to
20 ~, Rock Island fives 8 IA to IS.
Wabash firsts to 95, do. seconds to
95. Forced sales account for the break.