The sun., 1893-07-27
STILL THE STOCKS GO DOWN.
4 BREAK IN Dividend PAYERS THE
FEATURE OF THE DAY.

Drop OF Finy Points In Evansville md
Terre Haute-Tho Shrinknge In Values
said TO bo More Severe Than In Any
Panic Wall street Has Experienced.
Yesterday was the gloomiest day Wall street
has yct experienced. Tho oldest brokers' those
vho had survived tho exciting days OF tho
manic Of 1873. as woll as those whose career
4, Wall street extends back only to the troub-
ious times OF 1884. agreo that yesterday Is
~lthout precedent In tho records Of the stock
market
There have been many daye OF greater ac-
t,vity on the Stock Exchange and possibly Of
rider fluctuations in n fow stocks. but never
su.h n continuous and material decline follow
ing week OF constant shrinkage in values.
Tho dealings yesterday were less than half n
million shares. But q number OF stocks that
we're comparatively active dropped to II
pon.s. while the final losses were. in many
cases, 4 y cent. and upward Two Of tho most
remarkable features Of the day were the alb
sepce OF evidences OF excitement on the part
OF the brokers and the few confessions OF In
eolvency.
Those failures wore brought about entirely
by inability to SECURE loans or rather to pro-
tact loans secured by practically one kind OF
security. namely. Evansville and Terre haute
stock. That stock has for long time paid
dividends considerably above 10 y cent.
per annum. which 10 considerably above
the average. 1t has. however. been closely
held and no general market established.
For this reason it has not been In favor with
many money lenders. The firm OF II. l. Nicho-
las & Company has been moro largely inter-
ested in the stock than any other. and their
inability to carry their line OF it caused their
suspension. and also, it is understood. that OF
II haon n n
were announced soon after midday. and.
though they were not largo 80 far as liabilities
are concerned. they gave fresh selling i'm
petus to tho market.
The selling movement as whole appears to
have been precipitated by the elimination Of
tho misfortunes OF the Erie Railroad Company.
To be sure. that event had been expected in
many quarters. but coming as 1t did on top OF
o long list OF commercial and financial fail-
ures 1t seemed to destroy whatever Of conf
dence remained. During the first half OF
the day the Decline which was more
pronounced in tho better class OF stocks
than In any others. was gradual. but in the af-
ternoon the makct for the stocks referred to
broke right open. Fortunately. large short
interest came to the rescue OF the market. for
the decline was to figures that tempted the
bears to secure considerable proportion OF
.
tho market They will be found In their usual
place on another page Of THE sun. but the
essd pd s sas es sa Sf n
closed Il per cent lower than on Tuesday.
and a number Of other stocks namely. Lake
Union. G.. C.. c. and s. Louis Northwestern.
Chicago Gas; end % DIstiinC M and Cattle Feed,
snes mads . sRrinkare Of ~ per cent; in
n and ROCk IsIanl. and matply oA
per cent in number Of other stocks seem
comparatively unimportant.
ease, with which the bears obtained practically
all the stocks they Tanted aher & bIyng
London. should. in the Judgment Of the, street.
have brought a bout sharp rally. To the sur.
' 81 the By The nsWs
,MS u"seted @ 6as when tRe Stock ExcRanse hcrs
recovered from its early depression and was in
the main slightly IN advance Of Tuesdays
prised when. London appeared as a fairly lib-
eral buyer OF stocks. Foreign arbitraGe houses
@ estimate that they bought about 25.ooo shares
These purchases had an immediate and fav-
oorable elect upon the foreign exchange mar
decline in tho rates for sight sterling to s4.S31s.
which Is the lowest figure mt which this class
lnh St G has sold in many az m0pths Is
the rate at which, gold could be import |
cd from nd London in Per cx cent money
Bank Of England in ising its price for Amer !
lean double eagles. sharp advance in the |
depressing 'i the foreign me excSsnee ger market: At
sTmmission sn1a 3, o. al9 q PEI cent ADDED The
were at rates not m uch above q per cent.
AS u matter OF fact. II was not the condition
selling. but the accumulatiye alarm that has
44yertaken Investors as well as spectators.
community. has. w in tho opinion Of efh the most cs
osbservant brokers; liquidated the great bulk
a. q It's ventures. and the general belief Is that
actua holders. who are compelled to do SO or
msns nSe sePf fSs Sa of he ns
day. and particularly after. the close OF
business. did not nGicate that the short inter.
sst a nad been very much reduced. One set OF
pears appeared 10 have covered while others
h4ye put out fresh lines.
The The firm Of H. !. Nicholas Co.. at Wall
f.9eI + SisPas I5S s@s FSs rsi
Stock Exchange. Mr.. Nicholas has been
Of tba b%sm.er mn.t since ls.s He s one
yesterday for him, and his partners. Their
for tn. capitalists Interested in the Evansville
hagS AND ssd nt Hsseds
SSommitee. OF the Terre Haute road has had
ms place OF business in offices adjoining those
oi ne firm. lie is understood to have boen one
u.noIr principal clients.
ne nrm made an assignment to William
Nelson Cromwell Of the firm OF sullivan 4
ysssFaay wsrs daIro, that MessII 56 Nicholas e.
on Evansville and Terre Ts''MH Maute stock.
At A. the close, of business on Tuesday
the firm figured that 1t had about S4OOOOO in
@sr"ns sHcsss Of its liabilities. This consisted Of
iHhIElnS on Its loans, about 70 |
Gent. unpedged securities, and cash
nny dney thought they would be able, TO
ellen Siisnts had Disappointed them Tor several
uhys IN the matter OF imagining their
accounts. Yesterday morning oan OF S25O,-
wv was called. aud they also had demands
made upon them for additional margins. They
ssh ssw ne situation was h3pelcss, and, hence
W. wa, SCI closed out on the stock ExcLan ., chiefly
Stock under tho rule" That stock
SS!1sed on Tgesday night at 1876 bid. offered at
NJ The first bid obtained hy Chairman
t MtGhcI ,l when lie started to sell ont 800 shares
noxt no. az Which price he sold 300 shares. Tho
bNATOB were sold Mt T,lls and the last roo want |