New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-08-05

Tuesday, Aug. 4-p. m.

Tuesday. Aug. 4-p. m.
Over-tr1. ding in Diamond Match stock and
New York Biscuit stock led to a large failure
in Chicago resulting in the closing Of the Stock
Exchange in tina; city to-day. Although there
was no possible excuse for decline in stocks in
this market, the bears took advantage of the
failure in Chicago and hammered stocks here.
losses being made throughout the list and final
'changes in the active shares showing net losses
Of 14G21s per cent Neither the stock Of the Dia-
mond Match Company nor that Of the New-Yorl
Biscuit Company is listed upon this Exchange.
Tn, firm which failed had practically no paper
outstanding in this CITY, and there will be no
losses sustained here on account of the failure,
save those in stocks forced by the bears. AL
though prices declined, there was no general
selling movement, and the total business in
stocks comparatively small The Chicago
Stock Exchange does an entirely local business
the properties dealt in there being stocks In
which New-York has practically no interest
whatever The collapse in Diamond Match
and New-York Biscuit the inevitable re-
suit Of over-speculatiOn. The price Of Diamond
Match had been run up from lJ1 10 2JO. and re-
Gently had been declining while the shorts had
been straining every effort to corner the stock
promoters In II. and yesterdays failure showed
the success OF their work. The firm was unable
TO respond 10 the call for margins and went I'M q
der To prevent Wholesale slaughter in stocks,
the Governors Of the Chicago Stock Exchange
decided to close the Exchange for an indefinite
period and already united action has been taken
by bankers and others in Chicago 10 tide over
those who were affected by the failure: so from
the present understanding Of the situation there
appear no grounds for worry by operators in chi
cago or here. The failure will not affect the
earning power Of the Diamond Match Company
or of the New-York Biscuit Company. A big
speculative deal IN both stocks has been going
on probably the greatest speculation in the his
tory Of the Chicago Stock Exchange but the
whole affair has reoched It's logical and unavoid-
able end. eliminating in the failure Of those who
were behind II. They will be the chief sufferers
The failure may tie up number of loans in
w-England cities. as considerable money wac
lent In the East Diamond Match stock. but
New-Yor institutions will be affected TO no ma
terial extent whatever.
In the first two hours Of business there was
heavy selling movement through
ont The list bur later in the day, when the con-
ditions surrounding the failure In chicago ana
the closing Of the Chicago Stock Exchange De.
came better understood there was q cessation or
selling although prices drfted toward lower
level. The dealings were poorly distributed and
the greater part Of the days business was done
In the Granger shares. Sugar Refining. Chlcago
Gas Louisville and Nashville and Manhattan
Early losses extended TO above per cent IN the
railway shares and the 1ndustrials. ana other
shares from 10 2la per cent sharp rallies oc-
cured after the first hour Of trading, and great
dulness set in. Rccoveries were made in most
stocks but toward the close reactions wiped out
in great part the gains leaving last prices slight
" above the lowest Of the day. Rates Tor can
and time money SITTER. and this. with
number Of ,nfavorable railroad earnings. con-
tributed to the weakness in the afternoon. Lon
don prices came lower to-day. and reports from
London indicated very light business IN Amer
can securities, and a bearish sentiment over the
political situation and rate-cutting here Note
worthy net declines among the active shares
We're made by Sugar Refining. u per cent; Bur
llngton. % per cent: Lake Shore. > per cent;
New-York Central II. per cent; Northwestern.
IL per cent: Omaha. III per cent; ROCK Island
rs per cent st. Paul, IL per cent: United states
Leather preferred. per cent Among stocks Jess
active American Tobacco preferred lost per
cent American Cotton OIL preferred IL. per cent;
Cleveland Lorain and Wheeling per cent: Iowa
Central preferred per cent: Pullman Palace
Car ~ per cent. and ST. Paul and Duluth = per
cent Total sales were 19G.ISI shares, against
06 7S7 yesterday
Closing prices to-day Of a number of active
40 as fnllnWS.