The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1893-07-27

Central 4 snd wessern Union !. One a
the Extraordinary incidents vse sha s.Ie
Of l. 40 sssarss II EvnnssilIe q Terre Hause
stock, nst sc4ivs on The sxehanee. Thsv
were solss under rule" Tor IN emharr..,ed
broker. ssd although the prscs ~. nuosed
ysaterd&s. 1t 138 bid, no buyer v.s fonnd "a.
day untSs the stock ~ offered at 3. ! d.
cline OF Is points n DAP. probably nm
parallels In the record Of the stock
exehanss.
The bssrs had IL entirely their own vsy.
1nere Sas NO opposition 70 their on
ssanGnI The announcement Of the fail
uss Of Is Nicholas & Co. aided = sest ana
prices tssnbled right and left, and without
Inyms or reason. A IN illustration Of
TINS tns ease OF the Manhattan Elevated
nAy q sssed. The earnings Of the CONF
Isny wese never 80 great before in iss his
Tory q sans time Of the year and the road
80 AZ sSssndid condition. There vas ab.
.osussay - 1eeson Or cause for decline in
~ ssoek Al 2:30 O'Clock benkers and
o'oAes 81 prominence said there was .
ossser Ses4e 20 the market, bat they would
NOS ssy Nhether bottom prices had been
.oucneo gsefor any stock exchange sscuri-
ues. Isl president Of one Of the leading
ssssesAl Sanks said this evening:
Inc sianks here are perfectly strong.
sno aath,neh there may 30 two or three
smsii DISKS which would have : hard
ume oos COR the protection Afforded by the
e'eeSsnE nouse. there 10 not the sliehtest
ason fsr any snxisty With regard %
Ane a;:b-ereasury vao . debtor st the
clearing aouss today for $4,000 and
ssstssd shs balance IL gold. Ii - almost
eatirsiy ont Of currency. especially small
Diia tank officers said the situation in
mat respect vas pretty bad. II ID estimated
inst stsut 100000 Was shipped to the
country soday BY New York bankers. Not
mech u It was In gold. Rumors were
pscntifE today Of receivers for several
veli-kn.wn corpor ations, including two
railroaa companies. many. however. al
which zsrs utterly. bassless. With refer.
ence Is the condition Of Philadelphia
banks. sns Press Of that city today asserts
that Nav York banks owe Philadelphia
oanks s5.out @o.0m.00o while PhiiadeIphia
banks eve New York banks about IS OoO.-
GOO. Ns~ York bankers, however, say:
The money which New York banks
owe Patiadeiphis II mainly on reserve
accounts: Tho money which Philadel-
phia bsisks owe New York il for drafts
which shey have received. but not re-
mitted- The reason they give for not re-
mttting N money - that they cannot get
New Tork exchange. except at q high
rase OF .ommission. and that they cannot
spare tsss currency. Yet they claim the
cash reserve 10 more than IS per cent"
A diepstch from Philadeiphia tonight
says tha banks pay premium for exchange.
and that this does not imply any weak.
mess Waatever on the part of Philadslphia
banks. The rate for New York exchange
has averaged Is per 81 600 for several weeks,
and in consequences Philadelphia IL consid-
ably or: Of pocket.
Regarding the failure OF Nicholas 4 Co.,
In poins Of liabilities. IL was surprising, -
they have outstanding obligations amount
ing to u ,250.vo0. Although it Was known
that the firm was pressed for money. that
- circumstance 30 common In Wall
street SOW adays that there was no more
apprehension on the part Of Nicholas than
dossns of other Trims not especially sus-
pcc:ed~ The firm has been engaged in the
general stock brokerage business. dealing
In . great number of the best stocks. An
ass,gns.. said this evening: 'srheir COL
lateral il splendid paper. and oil We ask Of
the crestitors is not TO b frightened into
selling i Oh, but hold onto IL II they do
they wisi all receive 100 cents on the dollar
and thsrs will b handsome surplus for
the firs.s."
The cause Of the failure, II goes without
saying, was the financial stringency. cali
Of ioans and the inability Of the firm to
put ar she necessary margins.
The appointment Of . receiver for
TIE Este road. while not unexpected,
Al %.
ct tbs opening this morning. Erie.
commsa. fell to "a: Erie. seconds. to ssh;
North vsesteSn TO ~. Lake Shore to lils.
Msssoari Pacific to ~. st. Paul to %, ST.
Paul. eseferred. TO 10t: Sugar 20 20: Erie.
preferred, to 10 ana Aichison to Is The
marke,s continued fcverish and excited
after tie opening, and still lower prices
we're nsade. with declines generally from
is9f3,s. Erie. consol seconds. broke So.
TO s.; Baltimore & Ohio ga, to SCI; Lake
Shore sss. 10 lliis: Omaha ~. to 26,s;
Missou.i Pacific "a. to 10; Lead. pre-
ferred g. TO 81; Northwestern 81, to 81:
Rock ISLAND 2E. to 5t,.. and Sugar z. to
70 the downward movement was &C
celeraisd by the shaking out Of many
holdings of long stock After 1880 there
were several sharp rallies. but the advance
srecu ation was still fcverish. Some stocks
decined further after II o'clock. General
Electric broke to 49,, Western Union to
20 ana Sugar to Gs, bu, dealings wero not
large. At noon the market was stsadier.
with recovery Of is9fl per cent
The allure of the stock exchange firm Of
NichcSAs & Co. considered quite promi-
nent, was announced. Nicholas Was d.
rector in the Evansville & Terra Haute
railroad. and on Monday the stock Of that
road s;s,d at l2.. while today only 20 could
be go: sor a single hundred shares The
house succumbcd TO the steady shrinkage
montas. The firm has been bulIish. and
is ere ssted with having = great deal OF
monee in Industrial booms. The failure
was rauscd by the rapid decline on the
stock market.
Burlington had now dropped to Gai..
North western 10 ss... Omaha TO IS New
York sientra! to a2. General Electric tn IL.
Western Union 10 o. aud Whisky to iIls,
The l>ssses were from Ia Q points.
The stock exchange this afternoon was
ranissy. the excitement Was intense and
the slaughter in values not paralleled in
rrcens years. Loans we're called in by
many banks. and the failure Of II. {.
NichSsaa & Co. vas attributed directly To
this sset and the remarkable drop in
Evansville & Terrs Haute from IS TO 20.
The leak of 81 points since Monday could
no, have occurred If the weak holders had
no, tsen forced - unload. Over -. 90. eo
was ssspped by the banks TO interior cities