The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1899-04-07
WALL STREET
IN A PANIC.
Trust Stocks Go TobOgganing
on the Exchange.
Recent Attitude of the Banks
Has Its Effect.
HOLDERS GET SCARED
And Dump Their Holdings on
the Market.
Brooklyn Transit Leads With a
Decline of 16.
Tobacco Loses 10 Points and
Sugar l 4.
HOLDERS GET SCARED
And Dump Their Holdings on
the Market.
Brooklyn Transit Leads With
Decline of 16.
Tobacco Loses 10 Points and
Sugar 4.

New York, April THE scene on the
stock exchange this morning was one of
wild confusion. Brokers unable to Sc
cure further margins on many proper
ties were obliged to sacrifice them TO
protect themselves. The volume of bus
mess was tremendous and the selling
movement obtained more momentum as
time progressed.
The manifest indifference of what is
termed inside interest to secure the
course of their specialties aroused ap-
prehenSiOn of holders of the numerous
industrial securities which have been
quoted of late. Consequently the de-
clines were most serious in properties
of this class and an additional incentive
to the selling was produced by the con-
servative attitude which the banks had
taken toward this collateral. The loan
market has reflected the disfavor with
which this class of securities are viewed
by banking interests, quotations of the
past few days showing Stringency being
anywhere from to points above the
figures asked for advances on standard
railway stocks.
The market was in a panicky copdi-
tion. During the course of the one and
a half hours trading such declines as
the following occurred: Brooklyn Tran
sit 16; tobacco and airbrake 10 each:
Federal Steel pfd. and Manhattan
each; Metropolitan 1919; sugar IA: Peo-
pies gas u; Federal Steel common 71A;
Tennessee Coal & Iron 6; National Steel
s; Continental tobacco 6; American
Steel & Wire and Consolidated Gas
each and International Paper stocks 4.
The railways after an early show of
strength broke violently in sympathy
with the specialties, the high class
stocks losing over 8 points, with New
York Central exceptional, which went
down 5.
STOCK BROKERS FAIL.
New York April THE failure of the
firm of Dimock & Co., stock brokers
was announced on the stock exchange
today. One of the firm said the assign
ment was not due to the present mar
ket but to old complications, on account
of which it was thought best to close
The firm was founded in 1895 and. was
composed of J. A. DimOck and r. w. E.
SwintOn.
BANKS STARTED A SQUEEZE.
On Monday last it was common report
that the Shrewd banking interests were
getting out of the speculative stocks
but the infatuatiOn of the outside spec
uIators continued. Most of the recent
purchases were made on borrowed
money. This week the money market
grew tight, partly because of the April
settlements and partly because of de
mand for money to float new industrial
combinations.
The banks had to call in loans and
they cancelled first loans on the indus
trial stocks which have all along been
regarded by sober bankers the most
dangerous part of the market The
violent break in stock values terminated
al midday, the exhaustion of weak ac-
counts having been about completed.
The velocity of the movement rendered
it impossible to gauge with any certainty
what prices would be obtained for a
security when order was given to
sell at the market. The ticker was
many minutes late in compiling trans
actions and order issued in the
brokers' office to sell as the quotation
appeared on the ticker would be full
filled at many points below the figure
expected.
The intense excitement was accentu-
ated by the announcement of a suspen
that other embarrassments might fol-
ium around the industrial post where
fought vigorously to obtain recognition
from one another in filling orders. At
times the prices of a stock would vary
2 points because of the extreme dimen-
sion of the crowd around the post
The recovery which stopped after
midday was on a less volume of bust
ness than had accompanied the slump.
The rise assumed considerable dimen-
sion in the shares which fell the most
brooklyn Transit at 1:30 showed re-
covery of over 10 points from the low
est, Metropolitan got up nearly as much
and Sugar S12, American Tobacco and
Manhattan 6. and many other special
ties to g. The recoveries in the rail-
ways have reached 2 points for the
principal shares.