New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-07-27
STOCKS GO TUMBLING.
BIG DECLINES, BUT NO PANIC.
DAY OF CONSTANT ANXIETY ON THE
STOCK EXCHANGE

DAY OF CONSTANT ANXIETY ON THE
STOCK EXCHANGE.
ERIE REcEIvERsHIp AND THE FAILURES
THE MOVEMENT OF CURRENCY
WESTWARD.
Yesterday was day Of sensational trading in
the Stock Exchange. 1t is doubtful if such pre-
cptous and in some cases entirely unlocked
for breaks in the prices of securities have been
suffered since the memorable days of S13. There
was 10 panic, but when such stock rs Nam
haitian Elevated fell from II to par there was
a nervous condition of mind and hasty llqul-
datiOn of holdings which suggested an uncom-
Portable ncarness of panic. The Erie recelvershlp
was undoubtedly the factor which gave Impetus
to the downward movement, Notwithstanding
the fact that it had been pruphesied long be-
fore, and was generally expected. Two failures
announced, neither OF them important, as
far immediate results are concerned, although
one was the suspension Of an old and well-known
house, with liabilities Of "A million and quarter.
In such time Of storm az yesterday, however,
these announcements were sufficient materially TO
increase the distress and to swell the Hood OF
selling orders Yet the total of shares dealt Ill
did not reach the half-mion mark
There no further disquieting reports from
the West, but the demand for currency continued
without abatement. 1t is estimated that at least
81, 900 shipped away by New-lor banks
to suppl, the Unsuitable cities of the Interior,
and it is even probable that the amount equaIlei
that of Monday and Tuesday. Curously enough,
when the day over, there was not -,
$40 or 800 bill left in the Sub-Treasury, but Its
ii ILL ,hahlt h. raIpI rp.I
from Washington to-day.
The only elements of strength were the buy
ing orders for London and the covering of the
short accounts This buying by the bears, who
were jumping all over the market, was effective
more than to cause recovery from extreme
low figures A feature OF the days trading was
the sale under the rule of 200 shares OF Evans
vile and Terre Ilautc railroad stock, for which
1876 had been bid on Tuesday Yesterday it fed
10 Is before a buyer was found, an unparalleled
decline of 81 points in single day.
The first hour of dealings yesterday did not
Give hint of the sensations that were to come.
Under the effect of the Erie rec'ivership the mar
ket opened active and weak, the list showing de-
clncs as great per cent. The weak points
were Lake Shore, Missouri Pacific, ST. PauS
Chicago. Burlington and Quincy aud Chicago
Gas The greatest decline began about noon.
Then il was that the air OF the Stock Exchange
was surchargcd with anxiety. The chairman
pounded on his desk. and the tumultuous brokers
left the trading posts and crowded about the
stand Their noise stilcd long enough TO
allow the news OF the failure of H. J. Nicholas
Co.. of No. II Wall-st., to be- read Thereat the
anxiety grew. and the later announcement of tho
failure Of j. B. Dumont, of No. 40 Wall-st., dld
not allay il any.
That rumors Of further recciverships and as
signments should be plentiful was only natural
result OF the conditions. These rumors named
several corporations AMI railroad companies, but
were in the main maniicstly groundless. Tho
clos, of the market was hrmer. but the rally
eccmed 10 recover only small proportion ot the
losses. ,
81 90, 600 in loan certificates yesterday morning,
and retired S2OO.OOO Whether there was prob
ability of a further issuance to-day could hardly
be told. Ih" Sub-lr"aSuV was in debt to the
Clearing House 100000, and II paid that amount
in gold. II paid out over tlI" counter Si2O,OOO
in currency aud Sij0,D00 in gold.
The total dealings at the Stock Exchange yes
terday amounted 10 almost JOO,OO0 shares. Man
haitian which closed at l3 on Tuesday, opened
at III. and sold down to 100. with rally to
lOl. or dealings in 20,0i1 shares week ago
Manhattan sold at 10 The officers of the COM
pany express their surprise at th" decline they
assert that the business of the road was never
letter than now. The Lake Shore and Michigan
southern Stock Tell from III To 100, WITH II
rally of point The savage attack on the
stock of the Western Union Telegraph Company
was resumed. and il dropped from 73 to
81 Is, closing at 81 l-?. One week ago ycst"r-
day Western Union was selling AZ -. Chicago
Gas led the list in IN" amount Of business done.
with II record of s.322 shares II opened AT 30,
sold down 10 IS -, and closed at an advance
Of two points This stock has fallen II per cent
in "A weeks time. Chicago and Northwestern f"ll
from s0l-2 T. 81 7-S closing AZ ~ IL. Della
ware lackawanna and Western opened at 1876
Il tp.l ts..-. nf m
roint Stock of the General Electric Company
icl from g. l.? 10 40 -, with Il rally at the
closing TO ~ 3-S. Ncw-lork Central sold down
rr, m % to o. and stayed thcrn. Missouri Plciiic
droppcd from 20 10 IL - with "A final rally 70
Il ~. The pressure on Erie was naturally
great, because of IN" appointment of receivers,
and il opened . per cent below Tuesday closing.
with a material l'iss during the day. The slump
extended to all stocks traded III.