The herald., 1893-07-19
A BIG SLUMP IN STOCKS,
Feverish Transactions in
Wall Street.
A General Decline in Prices
All Around.
Many RumOrs About Embarrassed
Firms in Circulation.
Liquidation on a Large Scale the Fea-
ture of the Day-London and
Chicago Markets SINH
larly Excited.

By the Associated Press.
NEW YoRK, July 18.--The stock ex-
change opened in excitement and
general decline of prices followed a
break started in London, accompanied
by the report that large international
banking house was about to fail, and of
liquidation of at ocks on its account.
No name was openly given, but several
were suspected. 1t was learned def
nitely that London stock exchange
firm was saved from failure by
timely assistance, and it was
supposed this might have given ground
for the rumor, as it necessitated added
liquidation of some stocks. The house
referred to was that of Crews, Lichten-
stadt & Co., whose embarrassment was
caused by injudicious and unfortunate
speculation of the junior partner. His
dealings were said here to have been
largely in Americana; the firm had
been helped and would not fail, and the
junior member of the firm would be
dropped. This would not be accepted
in Wall street, as the firm
that was causing heavy sales.
1t was insisted that the house behind
the activity was larger house than that
of Crews, Lichtensaadt & Co.
Another thing which added to the un-
easiness of the stock market was the
rumored embarrassment of certain rail-
way ompanies. Receiverships were
ko1l~ 0F Co hol rnadu 0f
course the reports were denied in official
circles, but the denials did not kill the
rumors. It Ia certain that railway
companies that like certain firms whose
credit is not of the highest, have had
difficulty in securing funds. and in many
cases big commissions have been. ex-
acted. This is about all there is to the
talk about embarrassments.
Stocks opened heavy and depressed,
I@3I per cent lower. There was con-
troubles in she west and rumors Of
financial difficulty in London.
Liquidation on large scale was the
feature of the early trading. A further
advance in the rates of exchange
destroying the chances of gold imports,
and reports affecting the credit of the
Pacific Mail, Union Pacific and other
movement. A sharp fall wiped out
margins and brokers were compelled to
close out their contracts in many cases,
The break in prices ranged from 1a to
AZ per cent, the latter was General
Electric to 5724, which is lower than
during the cordage panic.
A further decline occurred after II
O'Clock, the lowest quotations made
since the decline set In being reached.
The tendency continued downward
after noon. The worst feature of the
situation was that the market failed to
rally after attacks by bears. The mar
ket appeared to be falling of its own
weight.
There was much cabling to Europe TO
verify or disprove the rumors oftroubles
in London. Many dispatches were re-
eeived denying the reports of troubles
abroad, but brokers were skeptical. About
p. m. liberal offerings of Sugar were
made. which fell to 1915. At 2:15 the
market was heavy, about the lowest of
the day. Railway lands we're heavy
and pressed for sale.
Socks in the last half hour were active
and very excited. Brokers up to that
time had taken the days developments
with comparative complacency, but the
out-pouring of long stock in the last half
hour unnerved many. Prices fairly
melted away and it seemed simply
question of getting out, not what
securities ought to bring.
Toward the close stocks sold almost
regardless of price. National Starch,
second preferred, fell off 8; Chicago
Gas, SO General Electric, 6I Ameri-
can Cotton Oil, preferred, u Manhat-
tan, g.; St. Paul, 51s; Louisville and
Nashville, 51s; American Sugar. AZ;
AZ; National Lead, ~.
New York Central, 33s.
During the last half hour of business |
there was an outpouring of long stocks
on vague rumor that down town
bank called upon the clearing house for
assistance, but upon investigation it was
found that there was no truth in the |
story. A few stocks rallied q to II per
cent in the final dealings, but specula-
ton left off heavy in tone.
The London Stock Market,
LONDON, July 18.-Stocks were fiat
boday in sympathy with the depression
IN New York Yesterday Bar silver WAS