St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-07-27
FINANCIAL.
New York.

WALL STREET, July 26.--This has
been the most eventful and exciting day
for long time past in Wall street and
financial circles generally. Liquida-
tons were on more extensive scale
than at any previous time since the
present downward movement set and
the result was decline of simply APP
palling proportions. The Intelligence
that the Erie road had been placed in
the hands OF receivers, although by no
means unexpected, was shock to con-
fidence, and started an indiscriminate
selling movement through the list.
Orders were received from various
quarters TO sell, and many brokers who
could not reach their customers i'll time
threw their stocks overheard rather than
take any further, chances under the
circumstances. The great break i'll
prices, however, occurred after the an
nOuncement that ii. |. Nicholas x Co.
had failed was made at the stock eX
change. This brought the critical stu
alton OF affairs right home to the brok
erS, and it was not long before the mar
ket drifted into panicky condition.
The excitement was not as great as in
either the 1884 or 1878 panicS, but the
Shrinkage in values was very rapid, and
prices that happened to be bid. The
failure of Nicholas & Co., followed up
as it was by the suspension of John b.
Dermon q Co., showed plainly that the
banks we're calling in loans, and this
knowledge made the street nervous.
The rate for money jumped up
to 3-l6 per diem, and inter
est closed at 20 per cent per
annum. The sales for the day reached
the large total of 464,0S1 shares. Divi-
dend-payipg shares and bonds and the
Eon-dividend payers suffered alike. and
the depression reached an acute stage
The exceptional break in Evansville u
Terre Haute from 127 to 20 was due to
the fact that II. l. Nichols was director
of the company and had borrowed con-
siderable amounts on the stock. The
other big declines were: Manhattan,
II points to 1870; Delaware & Hudson,
III to 1929; Oregon Navigation, IL to
A; Lake Shore,S13 to LOG; Lackawanna,
s to 100; Nickel Plate, first preferred, s
to As; General Electric, ~ to 4019 :;
Jersey Central, 9 to 81; Lake Erie,
Il Western preferred, z to IS; Pullman,
90 to 1861; Western Union, rs to CTS !;
Wheeling 81 Lake Erie preferred, Z 10
"a; Lead preferred, to IS; Consolidated
Gas, q to 10; American Cotton Oil pre-
ferred, to 80; Northwest, 53S TO S4%;
Erie preferred, 5 to Is; Sugar, 3 to 81 :;
preferred, So to 6S19. and Missouri Pa
cific, AZ to 1861. Although final quota
tions showed recovery of 12@2 per
cent from the lowest, the market left off
feverISh and the feeling in stock circles
was unsettled.
The railway and miscellaneous bond
market was heavy aud demoraliZed
Forced sales and closing out of loans
account for the phenomenal break in
prices. The sales were 81 $4,000. Erie
second cOnsuls declined 7$4c to $50
5412c; Chicago IL Erie incomes, to 20;
Northern Pacific consol IS, to 3915 {;
Chicago q Northern Pacifs firsts, 4s4 to
52114; Atchison As, 615 to to; Atkinson
Is, i TO 80; Chesapeake IL OHIO IS. 2$4
to 94%; Chicago Gas l., 2 to rs; Color
ado Midland As, to 40; Fort
Worth d Denver City Is, 3
TO 70; Kansas u Texas Is, Az
to 2715; Kansas e Texas Is, 5 10 7012 +;
Minneapolis u st. Louis Pacific extern
sion firsls, 4 TO 30; Mobile IL Ohio tours.
319 to IS; Peoria, Decatur 81 Evans
vile, Evansville division, 6 to 50; Read
ing tirsts, ~ to 2O12@21; Rock Island
fiveS, 81 to IS; Tennessee Coal IL Iron,
Blrminghom division tirstS, to 10:
Texas Pacific, 4 to 81; Wabash firsts,
to %; Wabash seconds, 10 65, and
Western Union iives, 2 to 81; Northern
Pacific Terminal firSts. 2 to %.
Four thousand dollars Peoria, De-
catur & Evansville seconds sold at IS,
and $1,000 at SO under the rule.