The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-07-27
Part Of tho Time tho Spectators
We're In a State Of
Panic.
The Banks and Legitimate Busi-
ness Concerns Not Involved
In tho Furry.
tho East-Businsss Difficulties in
Various Sections.

NEW YORK. July 28.-To-dAv WAS sa4-
oastically described by the brokers' a. ban
nsr day. A large portion OF the day the
stock exchange presented situation very
oloss 10 4 panie. At tinss sales OF invest
msnt stocks proceeded In such volume and
with such violence - hss never before been
Witnessed sxospt IN the worst DAYS Of 1873.
London bought for Time but proved quite
powsSlsss TO stem The tide Of liquidation.
Some Of the best stocks on the market
broke ON four points upward. Lake Shore
IA particular netting seven poiats. New
York Central ~. Western Union seven.
One extraordinary incident vas the sale Of
l, 200 shares Of Evansville 4 Tsrrs Hauts. .
stock not active on ths exchange. They
were sold 'undes rule" fes An embarrassed
broker. and although the prize quoted yes
terday was 126 bid. no buyer was found TO-
day until the stock Vas offered u 7b. de-
oline Of IS roints IN the day. probably ua-
paralleled In The 1sss1A Of the stock
exchange.
The bears haA II entirely their own way;
there VAS no opposition TO their onslaughts.
Announcement Of The failure Of II. Nioho-
lac & Go. added zess and prices tumbled
right and left and without rhyme Or reason.
Az An illustration Of this case the Nanhat.
tan Elevated may be oitsd. The saRnings
OF the company were never % great before
In lie history at this time Of The year. and
the road 10 IN splendid condition. There
was absolutely no reason or cause for the
decline In its stock. Az 2:30 O'Clock bank
srs and brokers' Of prominence said there
was better tsne TO ths narkst. but they
would not say whether bottom p lces had
been touched yet fer any stock exchange
securities.
The president Of leading national bank
said this evening: "Ths banks here are
perfectly strong and although there NAV be
two or three small banks which would have
had a time but for the protection afforded
by tho clearing house. there 10 not the
slightest reason for any anxiety with regard
to them."
Tho sub-treasuYy WAS debtor al the clear
ing house to-day $3.50. 900. and settled the
balance in gold. II is almost entirely cut
Of currency. especially small bills. Bank
officers said the sitastion In that respect
was pretty bad. II 10 estimated that about
81, coo 600 was shipped to ths country to-
In gold.
Rumors were plentiful day Of receivers
for several well known corporations, in :
cludng swo railroad companies. many of
which wero utterly baseless.
With reference to the condition Of the
Philadelphia banks, tho Press of that city
to-day asserts that New York banks owe
Philadelphia banks about 5000 600, while
Philadelphia banks owe New Yo banks
Sc. OOO.O 600. New York bankers. however.
say the money which New York banks owe
Philadelphia 10 mainly on reserve aoc cunts.
The money which Philadelphia banks owe
New York 10 for drafts sent for collection.
and tho money for which they have 1e-
eeived but not remitted. The reason they
give for not remitting the money is that
they cannot get New York exchange except
at high ate OF commission aud cannot
srare the currency. Yet they claim cash
reserve Of more than 80 per cent.
A dispatch from Philadolphia to-night
says the banks there pay premium for
exchange. and this does not imply any
weakness whatever on the pat Of the Phil
adelphia banks. The Tass for New York
exchange has averaged $3 per $1,000 for
several weeks. and in consequence Phila-
dslphia il considerably out of pocket.