Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-07-27

Louisville and Milwaukee.
New YORK, July 26.-To-day was
sarcastically described by brokers as the
banner day ia Wall street. lt was eX-
pected that news Of the Erie railroad
going iRto the hands Of receiver would
cause a downright panic on the e1-
change, but 70 the surprise Of some
there was nothing sensational. In the
FIRST hour there was a gentle decline,
as one broker expressed it, Of from one
70 four points, the greatest fall being
IN Lake Shore, which sold down from
Ia 10 1O959.
As the day wore on, however, the
tstock exchange presented situation
very close 10 panic. At times the sales
Investment stocks proceeded In such
NNlums aud with such violence as has
never before been witnessed, eXcer' in
the worst days OF 1878. London -sht
for a time, but proved quite rJwerless
70 stem the tide OF liquidation. Some
OF the best stocks on the market broke
from points upward, Lake Shore, In
particular, falling points, New York
Central Al, Manhattan Elevated ~ to
par, Western Union 2.
One extraordinary incident was the
sale Of /, 200 shares OF Evansville y
Terre Haute, a stock not active on the
exchange. They were sold under the
rule" for an embarrassed broker, aud
although the price was quoted yester-
day az l26 bid, no buyer was found to-
day until the stock was offered at IS,
decline of So points In a day, probably
unparalleled in the record Of the stock
exchange.
The greatest decline set in about mid
day, after which Manhattan reached
par, Missouri Pacific 1sS, Western
Union 67]5, Jersy Central S95l, ST. Paul
49L, General Electric 44$.
The bears had il entirely their own
, way. There was no opposition TO their
OnslaughIs.
The announcement OF the failure OF
Ii. /. Nicholas & Co., added zest TO the
bears profitable fun, II any were needed,
and prices tumbled right and left with
out rhyme or reason.
AT half past ? o'clock bankers and
brokers Of prominence said there was
better tone 90 the market, bat they
would NOT say whether bottom prices
had beeUseouched yet for any stock e1-
change securities.
The sub-treasury was debtor at the
clearing house to-day $500, 600, and It
settled that balance in gold. 1t paid
out over the counter about s4OO, 600 Ia
notes 10 exchange for gold certificates
and greenbacks Of large de-
nomination, after the applica-
tIons for small notes were
refused, the supply having given out.
It was learned that, although the sub
treasury was supposed TO have about
Si2, 900 OF currency on hand, its supply
Of items" and ''twenties" had absolute
~ given out and that II was practically
short of everything else OF lower de-
nominations. IL had, however, few
"hves" which 10 was willing 20 ex-
change for gold certificates.
Bank officers said the situation ia
that respect was pretty bad. As the
sub-treasury receives supply OF notes
every day from Washington for re-
demption it is hoped that IL will be able
70 supply, az least in part, the demands
for currency that will be made upon it
tomorrow.
The clearing house loan commission
issued slOO, 600 loan certificates to-day
and retired $500, 600.
IL was estimated that about $1,000
600 was shipped 70 the country by New
York. Much Of II was in gold. This
money was sent TO Chicago, Louisville,
Philadelphia aud other places.
Rumors we're plentiful to-day Of re-
ceiyers tor several we'll known corpora
tiOns, including two railroad corpora
81 ia
utterly baseless
The Post summing up the financial situa-
tiOu tonight SAYS:
"In its violence and helplessness OF
liquidation the market OF the present week
has not been paralleled since 1873. But peo-
pie Will be wiser. il, in such comparison, they
examine rather the striking points Of dif-
ference than surface resem OlRnces. First,
and foremost the collapse Of twenty years
ago followed Immediately on the heels
OF wild aud universal speculation.
There are shifting sands in the
financial ground work Of to-day, but the
fabrics 0uIlt upon them went down for the
most part long ago London, whose opera
tiOns were source OF terror
10 the markets Of 1878, is the
gSpremOst present factor OF support.
Iqs'he storm which Frustrated the English
redits, and wbica sent up the London
I, Oank rate 10 October, 1873, from 3 TO per
cent, came indeed TO this later epoch. but il
came and passed over 70 the financial
horizon three years since There are
hard pressed corporations now, as there
were then, and some OF them have already
fallen out their bank notes do not carry, as
they did IN 1873, the fatal endorsements Of
scores OF powerful banking houses.
The panic Of 1873, in short, caught
two chief credit nations un-
prepared This year each had its
house in order 3rhere is an answer, too,
in the history, Of 1873, . the despondent
query now so common. what Is 70 turn the
Edei The tide turned 20 years ago, as
suddenly as tue deluge OF liquidation had
begun. The market first resisted,
then steadied aud al length within month
returned abruptly 70 normal conditions,
simply because a point az last was
reached when financial reason mastered
financial insanity. Neither q repeal bill
nor a sudden renewal OF gold imports
served then 70 mark the change, but hQui-
dation simply exhausted itself. HOarders
Of money suddenly appeared as buyers.
With as little warning as that which
marked its beginning, the panic ended -
DRY ROT CAUSED TIE FAILURE