Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1893-07-29
Wednesday Ironically Described
on the New York Exchange.
BEARS HAVE CHOICEST OF PICKINCS.
The Street Very Close to q Pnnic-Banks
Confident of an acknowledgements
of Currency-UnfOunded
RumOrs.

ing into the hanuS OF receiver Wouiu
cause n downright panic on the en-
change, but to the surprise OF some
there was nothing sensational in the
first hour. There was n general de-
cline, as one broker expressed 1t, OF
from to points, the greatest fall be-
ing in Lake Shore, which sold down
from ia to 1O9is. AS the day wore on.
however, the stock exchange presented
n situation very close to panic.
At times the sales of investment
stocks proceeded in such volume and
with such violence as has never before
been witnessed, except in the worst
days of 1873. London bought for time,
but proved quite powerless to stem the
tide of liquidation. Some OF the best
stocks on the market broke from 4
points upward, Lake Shore in particu-
lar netting points; New York Central,
As Manhattan Elevated, one-half to
par: Western Union, Z. One eXtraor-
binary incident was the sale of 1900
shares of Evansville 4 Terre Haute.
stock not active on the exchange.
They were sold under the rule" for an
embarrassed broker, and although the
price was quoted ut 126 bid no buyer
was found until the stock was offered
at IS, u decline of 50 points in day.
probably unparalleled in the record OF
the stock exchange.
The greatest decline set in about
midday. after which Manhattan reached
par, Missouri Pacific 1S]4, Jersey Gen.
trail. SOL. st. Paul 1913, Rock Island
5I5S, New York Central 9li4 and Cen
eral Electric 443s. The bears had 1t
entirely their own way. There was no
opposition to their onslaughts
The announcement of the failure OF
II. /. Nicholas & Co. added zest to the
bears profitable fun, if any were need
ed, and prices tumbled right and left
and without rhyme or reason. AS an
illustration of this case the Manhattan
elevated railway may be cited. X. NJ.
galloway. president of the Merchants
Exchange National bank and vice pres
ident of the Manhattan Elevated Rail-
way Co., said that the earnings OF the
company were never so great before in
its history at this time OF the year as
they were to-day. and that the road
was in splendid condition. There was
absolutely, he said, no reason or cause
for the decline in the price of the stock
of the company.
At o:3O o'clock bankers and brokers
of prominence said that there was
better tone to the market, but they
would not say whether bottom prices
had been touched yet for any stock eX-
change securities.
In banking circles there was little
news up to . o'clock, but nervous
condition of affairs was reported.
Rates formerly were reported to b'
easy. but there was little doing in the
forenoon. Bank officers were pursuing
waiting policy they said, waiting to
see what Developments the day would
bring forth from the country. The
president of leading national bank
thus summed up the situation: I'VE
who make it our. business to know
exactly how every bank is situated and
lust how much it can stand, are, as
result of that knowledge, by no means
ratified or nervous over the situation.
Speaking with knowledge, l have no
hesitation in saying that the banks
here are perfectly strong and / feel
quite happy about the situation. The
banks are stronger than they were ten
DAYS ago, and though there may be
two or three very small banks which
would have had a hard time but for
the protection afforded every clearing
house bank by the action taken. there
is not the slightest reason for any anx-
iety with regard to them.
II think we can fairly say that we
owe our strong position to the fact that
we took action and provided the means
of defense before the trouble came"
. The sub-treasury was debtor at the
clearing house to-day s39O,O00 and it
settled that balance in gold. 1t paid
over the counter about 100000 in notes
in exchange for gold certificates and
greenbacks of large denomination.
After that applications for small notes
were refused, the supply having given
out. 1t was learned that although the
ssub-treasury was supposed to have
about slo, 900, 900 of currency on hand,
its supply of items" and Juveniles" had
absolutely given out and that it was
especially short of everything else
of low denominations. 1t had,
however, few ''fves," which il
was willing to exchange for
gold certificates. Bank officers said
the situation in that respect was pretty
bad. As the snb-treasury receives q
supply of notes every day from Wash.
ington for redemption, it is hoped that
1t will be able to supply, ut least ip
part, the demands for currency that
will be made upon it to-day. The
clearing house loan committee issued
100000 loan certificates yesterday and
retired 100000 1t was estimated that
about 81, 900 was shipped to the
u