The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1893-08-03
PANICKY ON WALL STREET
LIQUIDATIoNs AND BIG
DROP IN ALL STOCKS.
The Nicholas Failure Bi oke Confidence and
Many Brokers Threw Stocks Overheard.
Numerous Small Banks and
Business Failures.


than at any previous time since the
present downward movement set in
and the result was a delcine of simply
APPALLING proportions. Intelligence
that the Erie road had been placed in
the hands of receiver, although
no means unexpected, was a shock to
confidence and started indiscriminate
selling movement through the list.
Many brokers who could not reach
customers in time threw their stocks
overheard rather than take any fur
Their chances under the circumstances.
The great break in prices, however,
occurred after the announce.
ment was made that H. L.
Nicholas & Co. had failed.
This brought critical condition of af-
fairs right home to the brokers and it
was not long before the market drifted
into a panicky condition. There was
break in Evansville and Terre Haute
from 121to 70, due to the fact that H.
1. Nicholas was director of the COM
pany and had borrowed considerable
amounts of money on stock.
Other big declines were: Manhattan,
10 points; LVckawanpa, ii IA; Oregon
Navigation, II; Lake Shore, s 1-2;
Lackawanna, 8; Nickel Plate first pre-
ferred, s; general electric, 1-2; Jersey
Central, 8; Lake Erie and Western
preferred, Z; Pullman, 6 3.4 to
6 Ia; Western Union, II to
Is; Wheeling and Lake Erie pre-
ferred, 2; lead preferred, 6; Consoli-
dated Gas, 6; American Cotton Oil pre-
ferred, 6; Northwest, 5 So; Erie pre-
ferred, 5; sugar preferred, 8 1-S: Mis-
souri, Pacific, 43.4, Final quotations
showed a recovery OF one half to 2 per
cent from the lowest. Market left of
feverish, unsteady. Railway and
miscellaneous bonds demoralized.
ALL RIGHT AT LOUISVILLE.
LOUISVILLE, July 26.-All Of the
banks opened promptly at 8 o'clock
this morning and proceeded with their
business as if nothing had happened
to disturb the financial affairs of the
community. Except for the crowds
there was no indication that business
was not as serene and quiet as 1t ever
was. Those in position to know the
truth assert that every bank in the
city is solvent and all that is necessary
to prevent furlher trouble is belieJ
of that fact by depositors.
ALL QUIET AT MILWAUKEE.
MILWAUKEE, July 26.-The bank
panic here is over. Today there is not
the slightest tendency toword run or
any of the local banks. CROWDS thai
have surrounded the various banking
institutions from morning to night thu
past week have dispersed and business
at the paying tellers' windows has re
sumed its normal condition.
STOCK BROKERS FAIL,
NEW York. July 26.-The failure o
Fl. | Nichols & Co., members of thu
New York Stock exchange, was an
nounced today. The firm is composed
of II. l. Nicholas, John d. Nicholas
Walter ID. Taylor and Marcus Mayer
The firm was considered quite prom
inent in stock exchange circles.
STAMPING WORKS IN TROUBLE.
CLEVELAND, July 26.-The Avery
Stamping works today passed into 8
receivers hands to avoid making al
assignment, The concern is perfectly
solvent, but is unable to get furthel
accommodations from banks which
already hold 500, 900 of it's paper. As
sets estimated at $500, 1000; liabilities
$500, 1000. The matter came to heaC
through the action of the Junction
Iron companh of Stenberville, Ohio
which wanted S31, AL. 46 due. Tn,
works will be operated on unfinished
goods until the stock on hand is ex
hausted.
STOCK BROKER sUsPENDs.
NEW YORK, July 26.-J. B. Dumont
a member of the stock exchange sine
May /, 1879, announced his suspension
this afternoon.
BANK PRESIDENT ARRESTED.
CINCINNATI, o., July 26.-Clarenc,
M. Overman, late president and di
rector of the Citizens National o
Pillsboro, o., was arrested by the
United States marshal today charged
with embezzlement OF $4,000 OF the
banks funds and with making false re
ports to the comptroller OF the cur
rency.
PRESIDENT LAWRENCE ARRESTED
DENVER, Colo, July 26.-Presiden
Lawrence, president Of the Peoples
Savings bank, was arrested this after
noon charged with grand larceny ant
violation of the state law in receiving
deposits 80 days prior to the suspen
sion of the bank. lie processes to hav'
nothing to fear.
BANKS TO RESUME.
WASHINGTON, July 26.-The FRS
National bank of Grundy Center
Iowa, expects to resume business
August /, under new management
The Farmers National bank OF Hen
rietta, Texas, and the Farmers Ma
tional bank of Findlay, Ohio, which
failed yesterday, expects to resum
business in a short time.
TWO SMALL BANKS.
MILWAUKEE, July 26.-Specials re
port two bank failures, the Germa
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