The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1893-07-27
or BLACK FRIDAY
Prices in Wall Street We're TumDlGd
Right and Left.
MONTREAL LOST FIVE MILLIONS
The Bottom Probably Touched After I'm
paraiIeled Declines In All
Securities.
Associated Press.

I fAbSOcllileu fFeSS.
New York. July 26.-Today was sar-
castically described by brokers as
Banner Day." During q large portion
of the day the stock exchange present.
ed situation very close to a 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 '73. London bought for time,
but it proved quite powerless to stem
the tide of liquidation Some of the
best stocks on the market broke from
four points upward, Lake Shore in par
sttcular netting points; New York Cen
tral AZ, Western Union Z. one of the
extraordinary Incidents was the sale of
200 shares Of Evansville and Terre
,Haute, q stock not active on exchange.
They were sold "under the rule" for
an embarrassed broker: and, although
the price quoted yesterday was at 126
bid, no buyer was found today until
the stock was offered ut so, a. decline
Of 76 points in day, which is probably
unparalleled in the record of the stock
exchange.
The bears had 1t enirsly their own
way, and there was no opposition to
their onslaughts. The announcement of
the failure of Hi Nickles & Company,
added zest. and prices We're tumbled
right and left and without rhyme or
reason. AS an illustration of this, the
case of the Manhattan Elevated road
may be cited. The earnings of the com
pany were never so great before in it's
history at this time of the year, and
the road is in splendid condition, 50
there was absolutely no reason or cause
for decline its stock.
At half past two o'clock, bankers and
brokers Of prominence said there was
a better tone to the market, but they
would not say whether the bottom
prices had been touched yet for any
stock or exchange securities.
The sub-treasury was debtor at the
clearing house today in $390,0OO, and
settled the balance in gold. 1t is al
most entirely out of currency, especial
ly small bills. The bank officers say
the situation in that respect is pretty
bad. 1t is estimated that about $1,OOO,-
900 was shipped to the country today
by New York bankers, much Of which
was in gold.
Rumors were plentiful today Of re-
ceivers for several we'll known corpo-
rations, including two railroad compan-
les, many, however, of which were ut
terly baseless
With reference to the condition Of the
Philadelphia banks, the Press Of that
city today asserts that New York
banks owe the Philadelphia banks
about 100000, while the Philadelphia
banks owe the New York banks $6,OOO,-
900. New York bankers, however, say
the money which the New York banks
owe Philadelphia is mainly on reserve
accounts, and the money which Phila-
delphia banks owe New York is drafts
sent for collection, and money which
they have received but not remitted.
The reason they give for not remitting
us the money is that they cannot get
New York exchange. except at a high
rate of commission and cannot spare
the currency; yet they claim a cash
reserve Of more than SS per cent. A dis
patch from Philadelphia tonight says
the banks there pay premium for ex-
change, and that does not imply any
weakness whichever on the part Of the
Philadelphia banks. The rate for New
York exchange has averaged SO per
$1,000 for several weeks.