The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-27
A pANICKY CONDITION.
,<osr ryENTFUL And EXCITING
nay IN VAIL STREET.
.,.,latons on q Very Extensive Scale
.ad Decline in Securities OF simply
Appalling Proportions.

>.t.u, YORK. July 26-1his has been
,,osf .vcntful and exciting day for
long lime past in wan street. ana
~..,cial circles generally. Liduidations
.-. ON more extensive scale than at
,,sylous time since the present
1.~r,rl movement set in. and the re-
.t WIS a decline Of simply appalling
.,,,.rs The intelligence that the
90, road had bcsn placed in The hands
,......ofs. although by no means un-
.,...,ei was a shock TO confidence and
...r,ei an indiscriminstc selling move
~. nrouch the list orders were re-
is frsm various quarters 20 sell, ana
brokers who could not reach their
'.,,..rs In time threw their stocks
t..r4 rather thar take any further
,... under the Circumstances. The
80, lr.4k % prices. however, occurred
t.. flr announcement that ii. /. Mich
81. ro had failed was made at the
e.. hange. This brought the cri-
,f situation Of affairs right home 10
'rs fr...rs. and Il was not long before
a.. market drifted into panicky con-
Sat.r Che excitement was not as great
I'D, ..t,r the 1884 or 1913 pancs. but
90. shruEacc I'm values was very rapid,
.,f .|.s had 10 bee made at pracu-
@.ry ary price that happened 20 be bid.
rIs failure Of Nicholas & Co, followed
ia his 30 was by the suspension Of John
b U.mont showed plainly that the banks
,.,rl calling in loans. and this knowledge
made The street nervous. The rate Tor
money jumped up to 3-i6 per diem and
interest ana closed az 20 per cent. per
eru.m The sales for the day reached
ffe lrre total Of 10000 shares. Divi-
send-paying shares and bonds. and the
uon-diHdend payers. suffered alike. and
the depression reached an acute stage.
IN exceptional break In Evansville and
Terre Haute from 121 10 20 was due 10
the fact that II. !. Nicholas was direc-
Tor OF the company and had borrowed
considerable amounts Of money on the
stock The other big declines were
Manhattan T. 70 100, Delaware and Hud-
son ia 10 1928. oregon Navigation
Al to a.. Lake shore 50 20 JOG. Locka-
wanna s 10 i30 Nickel Plate first pre-
ferred : 10 a.. General Electric ~ TO
fOib. Jersey Central . 10 81. Lake Erie
end Western preferred z 20 %. Pullman
c8. TO 14Gt. Western Union tx 10 G7M,
wheeling and LAX Erie preferred TO
B4 Lead preferred q TO ~ Consolidated
Gas g % ITO. American cotton Oh pre-
fsrred G 60 30, Northwest 59s 10 S41s,
Erie preferred 10 -, Sugar 10 81, pre-
Z erred o. 20 CeB and Missouri Pacific
~ 10 1871. Although final quotations
showed a recovery OF y 20 per cent.
from the lowest, the market left off
feverlsh and the feeling ~ stock circles
vas unsettled. The railway and mis-
celaneous bond market was heavy and
Forced sales and closing
out Of loans account for the phenomenal
freak Ia prices.
Money on call has been stringent rang
nc from 3 10 3-16 and interest. last loan
% 20 per cent. and closing offered al
On per cent: prime mercantile paper.
Sq12 per cent. Sterling exchange IS
weaker: posted rates. 4s2hq4S4i5; com
norcial bills. 4sOQ4s3 Government
bonds weak. State bonds dun. Railroad
bonds demoralized.