The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-08-05
NEW YORK MARKETS.
The stock Exchange.

New York. Aug. A-The failure cf
Moore Bros. az Chicago. was a complete
surprise 20 Wall street and was at firsz
assumed 20 include the collapse OF the
Diamond Match Com pany. OF Cnicago. and
the New York Biscuit Company. which
had been promoted by the srrn The sem
sational character of the failure and the
unusual step taken Of closing the Chicago
stock exchange pending q reimbursement
led the financial community at large 20
expect the most startling disclosures II
was feared that the New York barks
might be involved as holders OF collateral
and also thar wholesale liquidation in the
Changers and other shares might result.
Lower London cables previous 10 the
opening also created an unfavorahle i'm
preston. Accordingly there was a rush
10 sell AZ the sound OF the gong. and dur
ing the first fifteen minutes the market
was cemoraiized under liquidation, bear
offerings and sales forforeign account. The
situation was aggravated BY expectations
OF sharp advance in rates for money and
commercial paper In the time specified
Declines were scored all along the line.
with the Changers the favorable objects
or attack The selling pressure ahated
ater, and sharp rallies occurred. on a
clearer understanding OF the situation.
Leading bankers were heard from. to the
effect that the New York institutions were
received reporting that measures had been
TAKEN 70 support the stock OF the D;a-
mond Match Company. and quoted proff,f-
hent capitalists as saying that the trouble
would De over within a comparatively
snort time Nevertheless II was learned
later that the New York banks had called
loans In order 10 send money 10 Chicago.
The result OF this action, although the
fact that IL had been taken did not become
public, was the withdrawal OF offers OF
short funds and the marking up OF rates
TO per cent. for al periods. Call money
was advanced TO sIa per cent. as the max
imum figure, with the bulk OF the trans
actions. however. AZ 2s per cent. A stiff
fening IN commercial paper rates also took
place. lower quotations than sis per cent.
for prime paper being the exception The
market became extremely dun az the re-
covery, owing to the continued depress-
ing effect Of the railroad rate disturb
ances. disappointing traffic returns and
expectations of poor exhibits yet to be
published. As the. day progressed frac-
fional variations either way occurred,
frequently as a result OF trading opera
tons A further rise in actual and posted
rates or sterling exchange failed to create
ripple. The rallies had extended to "a
In Burlington Around ! o'clock the adj
vance was checked. and under light Of
ferings by the bears together with real
king sales. prices reacted TO near the inI-
tiai low figure. The closing was Irregular.
at net declines OF l93 per cent. in the
leading shares. The railway bond market
was dun. with a sagging tendency. The
sales were $4,000.
Government bonds were duh but lower.
on sales OF $4,000. In silver certificates
5000 brought e9c.
Money and Exchange.
Money on call firmer. at effs per cent;
last loan 2. closed 2: prime mercantile
paper. 6sz47is per cent. Sterling exchange
strong. with actual business In bankerg
bills at ASsI4.s 9L for demand and 81 $50
1851 for sixty days: posted rates. assis
G4ss and 81 ssszl4s0: commercial bills,
A-sssa. Silver certificates. sSAQsac.