The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-07-19

NEW YORK, July 1S-The stock exchange
opened In excitement and . general decline Of
prices followed. The break started in London,
accompanied by the report that large intsrns-
tionai banking house wss about to fail and that
the liquidation OF stocks was ON their account
No name was openly given. but several were
suspected. IL was learned definitely on the
London stock exchange that the nrm had been
saved from failure by timely assistance, and is
Was supposed this might have given ground for
the rumor, - it necessitated added liquidation
o! some stocka The house referred 70 10 that OF
Crews. Lchtenstsdt 4 Co. whoss cmbarrass-
ment was caused by the ,njudicious and I'M
fortunate speculation Of The junior partner
HE dealings were asid to have been largely 'fn
America n The firm has bcea helped and will
not fail. and the junior MEMBER OF the firm will
be dropped That this was the firm that vac
causing heavy ssiss would not have been &C
ceptcd In Wall street. Il Was insisted that the
house behind the activity wss larger house
than that OF Crews. Lichsenstadt x Ca'a
Another thing which added to the uneasiness
Of the stock market was the Iumored embar-
rassment Of tcestain railway companies. Re-
csiverships were talked of for half dozen
roada OF course, the reports were denied in
ofieial circles. but deniais do not XII! iumors
Certain railway c0mpaniea, like certain firms
whose credit 10 not OF the highest, have had
difficulty Ia securing funds. and In many cases
big commissions have been enacted. This 10
about Gil there 10 10 the talk about embarrsss-
ments. Liquidation on . large scale Was Tea
turs Of early trading
A further advance In rates OF exchange de.
ssroysng the chances of gold imp ports. aud the
reports affecting the credit OF she Pacific Mail,
Union Pacific aud other companies accelerated
the downward movement The sharp fail wiped
out marr ms aud The brokers we're onpcgied 10
close out contracts IN many cssea The break in
prices ranged from = TO .per cent. the latter
In Genera Electric. 10 81 which Is lower than
IL went during the Corasga panic. Lead. pre-.
ferred, dropped q, TO o.. Pacific Mail y. TO IL;
ST. Paul "a TO ae5.. Great NorsherD. preisrred.
90 loa Al IL o'clock the marke, was heavy
There was . further decline after II. the lowest
quotations eelng made siucs the dec ne set u
ss Paul sold low az ga :. on q decrease in easn-
ings las; week, and Rock Island dropped 10 es7s
Al ncoa the market was weak. The tendency
continued downward ai.er noon. ana prices
went lower. TT Paul teeginsd 10 55,.: sugar to
-ei.: Burlington - ia, Ne-txes,ern 20 sC
kees Island ia els.; Lead to ~ aud preferred
10 ~. General Electric To tef.s Aos.hera Pacific.
preferred. TO n: Union Pacific TO 10:
wessera Union 10 sei4 rhe worst feature
OF the stua,icn that the market
failed TO rally after astacks by beara There 10
no support aac the marke, 10 apparently falling
u Its own weight There was much cabling 70
Europe 10 verify or cssprove the runo-s o.
troubles in London. Many DISPATCHES were re-
csived denying reports OF trouble abroad, but
the operators were skepttcsl About p m.
there were liberal offerings of sngar, which fell
To &c. A. as the market vas heavy and
aaoa, the lowest OF the Gay. Railway houds
were heavy and pressed for saiA Northern Pa
cinc So offered down TO s. againss %. the las, re-
ported sale. seattle. Lake shore & Eastern ars;s
declined 20 90. Northern Pacific assts TO IL
seconds. =. to lo*ss and thirds To -.
Near the closc stocss sold almost regardless o,
price National starch secoad p-sfsrrei feslsoH
=. Chicago Gas 80 General Electric "a. Amer
icsn Gotten Ca. Fsesesred :, Manhattan L -,
Paul 81. LoaisyIlls NASHVILLE -. American
.ns.s "a. Burlington FL. National Lad AZ and
New Yorx Central So Daring ;as iAat hat
hour Of tassaess sAerv Mas IN oatpoaring II
.sag stock on q vague runner that . dswa iowa
hank lad called upoa the clearing house .cg
assistance, ea; upca Investigation IL vss found
that tasve was 70 truth ia the story. A lev
stocks rallied n 5is per ecat. IN aasl dealings,
ba, specala;soss VA. aeavy In soaA
Government b saS-s-ssssay.
ietro.sG H. llS.sa.
FINANCIAL.