The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1893-07-27

New YoRH, July M.-To.day was
s1rcaaticaIIy described by brokers as
the banner day in Wall street. 1t was
expected that news OF tho Erie railroad
going into the hands Of a receiver
would cause downright panic on the
exchange, but to the surprise Of some
there waa nothing sensational In the
fret hour There was gentle decline,
as ono broker expressed 1t, Of from one
to four points, the greatest fall being in
Lake Shore, which sold down from ia
to l00!. As the day wore on, however,
tho stock exchange presented sltua-
ton very close to a panic.
At times the sales OF Investment
stocks proceeded in such volume and
with such violence as has never before
been witnessed, except In the worst
days Of 1873. London bought for atlme,
bul proved quite powerless TO stem the
tide OF liquidation, Some Of the best
stocks on the market broke from four
points upward. Lake Shore in particu-
lar falling seven points, New York Cen
tral four and one-quarter, Manhattan
Elevated twelve to par; Western Union
seven. One extraordinary incident
WAS the sale OF !, 200 shares OF Evans
vile Il Terro Haute, q stock not active
on the exchange, They were aold "un.
der the rule" for an embarrassed
broker, and although the price was
quoted yesterday at l20 bid, no buyer
was found today until the stock was
oaered ut 70. decline oil tifty.six
points in n day, probably unparalleled
in the history Of the stock exchange
Tho greatest decline cot In about
midday, after which Manhattan
reached par, Missouri Pacific 1871,
Western Union 673, Jersey Central sol.
st. Paul 40s, General Electric 44s. The
bears had III entirely their own way;
there was no opposition to their on,
slaughts. The announcement Of th9
failure Of II. ]. Nicholas & Go. added
zest to the bears profitable fun, II any
were needed, and prices tumbled right
and left and without rhyme or reason.
At half past 2 o'clock bankers aud
brokers' oi prominence said there was
better tone to the market, but they
would not say whether bottom prices
had been touched yet for any stock ex-
change securities.
Tho sub.treasury was debtor at the
clearing house to-day $500, 900, aud It
settled that balance in gold. II paid
out over tho counter about 100000 In
notes In exchange for gold certificates
and greenbRcks Of large denominations.
After tho applications for small notes
were refused, the supply having given
out, 1t was learned that, although the
sub'treasury was supposed TO have
about $1,000 OF currency on hand, its
supply OF tens" and "twenties" had
absolutely given out, and that II was
practically short OF everything else OF
lower denominations. II had, however,
iew "hves" which it was willing to
exchange for gold certificates. Bank
officers said the situation in that 70.
spect was pretty bad. As the sub-
treasury receives supply OF notes
G"ery day from Washington for re.
d,eimption, 1t Is hoped that 1t will be
able to supply, at least in part, the de-
lnand9 for currency that will be made
upon II tomorrow.
The clearing house loan commission
Issued 100000 loan certificates to-day
and retired 100000. It was estimated
that about Sl,0OO0OO was shipped to
tho country to-day BY New York
Onnkero. Much oft was in gold. This
money was sent to Chicago, Louisville,
Philadelphia aud other places.
RumorS wero plentiful to-day Of re-
celvers for well known corporations, in
Guiding two railroad corporations,
many, however, OF which were utterly
basclesa
THE SITUATION SUMMED uP
The PoS, summing up the financial
situation tonight, says: "In its VIC.
Ienco and helplospness OF liquidation
ihe market Of tho present week hos not
UeSn paraIIeod since 1873. But people
Tl'I De wiser II, In such comparison,
l9ley examine rather the striking points
o. dltcroHcO than surface reIemblanCOS.
iust and ior0mosL tho collapse OF
twenty years aRo followed Immediately
oh the heels Of wild and universal
gpeeulntion, There aro shifting scnds
iu lhG financial groundwork Of to.day,
9ul iho iObrics built upon them wont
1oWh Tor tho most part long ago. Lon.
.v'l, Whose operations were source OF
tot|"F TO thc markets Of 1879, 10 tho
'o,olnoS' present factor OF support
Inc storm which prostratod English
[teIlt5, aud which sent up tho London
oaOR ratio In October, 1873, from 8 to 0
yer cont camo indeed To this later
epoch, but u CNmu aud passed over to
Tao financial horizon thrHo yeNrs since.
more nrc bard pressed corporations
,oW, M thOro worN then, and somo OF
n,ln hNyo Nlrondy hllen, but their
nu'g4 DO not Catry, as they did
~ 'N18, the fatal endorsements OF
ssIotas OF powerful banking houses.
uo panic Of 1879, In short, caught
Two chief credit nations unpre.
aieO' This year each hud It's
house In order. There Ia an answer,
VOC. VOC. 'n the history Of 1893 TO tho do.
IloNIent query now go COMMON, What
y" lnrn tito tlJoY The tide turned
INoNS yeaTs Ugo as suddenly II tho dc.
Ky oi liquidation hn1 begun. Tho
W4fNpt ilfaL fOSiAtnd. than aLnnuinl nu1