The herald., 1893-07-27
VERY CLOSE TO A PANIC
A Most Exciting Day in
Wall Street.
Enormous Sales of Investment
Securities.
Long Stocks Slaughtered Regardless
Of Values.
Bears Have Things Their Own Way on
the Stock Exchange-severAl Large
Bears Have Things Their Own Way ON
the Stock Exchange-severAl Large
Brokerage Firms Collapse
Hard Times Notes.

New York, July 26.-During large
portion of today the stock exchange pre-
sented situation very close TO panic.
At times sales of investment stocks pro-
eeeded in such Volume and with such
violence as never before had been Wit
messed, except in the worst days Of 1873.
London bought for time, but proved
quite powerless to stem the tide Of liqui-
dation. Some Of the best stocks on the
market broke from points up, Lake
Shore particularly netting points,
New York Central Al, Western Union
7. One extraordinary incident was the
sale Of 1900 shares of Evansville and
Terre Haute stock, not active on the
exchange. They were cold under the
rule" for an embarrassed broker, and
altho ugh she price was quoted yester-
day at 126 bid, no buyer was found un-
til the stock was offered at rs, decline
Of Sc points in a day-probably unpar-
alleled in the records Of the stock ex-
change.
THE BEARS HAD IT THEIR OWN WAY.
The bears had it entirely their own
way. There was no opposition to their
onslaughts. The announcement of the
failure of H. 1. Nicholas & Co. added
zest, and prices tumbled right and left
and without rhyme or reason. As an
illustration of this, the case of Manhat-
tan Elevated may be cited. The earn
ings OF the company were never 80 great
before in it's history at this time Of the
year, and the road is in q splendid con-
dition and there is absolutely no reason
or cause for the decline in it's stock.
At 2:30 O'Clock bankers and brokers of
prominence naid there was tone to the
market, but they would not say whether
the bottom prices had beed touched
yet for any stock exchange securities,
CONDITION OF THE BANKS.
The president OF leading national
bank said this evening: 1.-THE banks
here are perfectly strong, and although
there may be two or three small banka
which would have hard time but for
the protection afforded by the clearing
house, there 10 not the slightest reason
for any anxiety with regard to them"
The sub-treasury was debtor at the
clearing house today $390,000 and set
tied the balance in gold. 1t is almost
entirely cut OF currency, especially
small bills. Bank officers said the situa-
tion in that respect was pretty bad. II
is estimated that about 81 900, 900 was
shipped to the country today by New
York banks. Much of it was in gold.
Rumors were plentiful today OF re-.
ceivers for several we'll known corpora
tions, including two railroad companies,
many, however, of which were utterly
haseless.
THE PHILADELPHIA BANKS.
With reference to the condition OF the
Philadelphia banks the press of that
city today ASSERTS that New York banks
owe Philadelphia banks about IS, ,C00. 900,
while Philadelphia banks owe New York
banks $6,000.000. New York bankers,
however, say the money which New
York banks owe Philadelphia is mainly
on reserve accounts. The money which
Philadelphia banks owe New York banks
is for drafts cent for collection, and
money for which they have received but
not remitted. The reason they give for
not femitting the money is that they
cannot get New York exchange except
at high rate OF commission and cannot
spare currency. Yet they claim cash
reserve of more than 38 per cent. A
dispatch from Philadelphia tonight says
the banks there pay premium for ex-
change and does not imply any weak
ness whatever on the part of Philadel-
phie banks. The rate for New York ex-
change has averaged So per $1,000 for
for several weeks and in consequence
Philadelphia is considerably out OF