East Oregonian : E.O. (Pendleton, OR) 1888-current, 1907-10-30

New York, Oct. 3O.-Now that they
have had time to catch their breath
Wall street men are figuring why 1t
was that last weeks collapse in the
stock market was accompanied by so
few failures. That the collapse did
not result in a panic, with the conse-
quent failure of many stock brokerage
houses, may doubtless be attributed to
one cause, namely, that the public
was not in the market.
To go no further back than 1903
it is found that declines much less
severe than those of last week brought
disaster to a number Of stock ex-
change houses, and these were fol-
lowed three days later by another. The
failure of Talbot ]. Taylor & Co.. one
of the three, was connected with the
losses Incidental to the disastrous end
Of the Keene pool in Southern Pacific,
and too large interest in more or less
unmarketable securities was assigned
as the reason for the suspension of
W. L. Stow & Co. and E. S. Hooley
& Co., the two other firms.
Hill-Harriman Fight.
The panic of May ., 1901, finds its
adequate explanation in the Northern
Pacific corner resulting from the
fight between the Hill and Hartman
forces for the control of that property
ard in the necessity of selling other
securities to meet the situation devel-
oped by the corner in Northern Pa
cific Losses in that stock were made
good by sales of other securities, and
1t was done so precipitously and with
such dread of the result of the strug-
gle over Northern Pacific that values
crumbled away.
Failure of 1890.
The extreme weakness of the mar
'ket in November, 1890, was attribut-
able to several unfavorable' develop
ments, not the least of which was the
news of the Barring failure, which be-
came known on the 18th of that
month. During the same month q
number of failures occurred here, al
though the declines were not as se-
we're as those which have taken place
in recent weeks. 1t was in November,
1890, that Decker, Howell & Co.
failed, and several less important
failures occurred in the same month.
The '73 panic.
September, 1873, is remembered as
the history of the stock exchange. 1t
the history of the stock exchange. It
was on the Goth of that month that
conditions became so bad that the
authorities of the stock exchange
closed the institution for ten days. on
the same day trading on the stock ex-
change was suspended at the height of
the panic. but not before a score or
more of houses had gone to the wall
"Black Friday"
Probably the most famous of all
have seized the financial community
in this country was "Black Friday"
September "a, 1859. For this the
Fisk-Gould corner in gold was respon-
sible. On that day gold rose to 1872
1-2, and stocks broke with unprcece-
dented violence. Lockwood & Co.
prominent n those days, failed, and
the announcement Of their suspension
was followed by the failure of many
other firms. The Gold Exchange
Bank became involved and suspended
The declines from the high point
.of that month to the low point on
BLACK Friday" in some of the stocks
active at that time were 23 Ia points
in Chicago &c Northwestern, 16 in the
preferred, 13 is in Chicago & Rock
Island, Is in Erie, 13 1-2 in the pre-
ferred. so SIS in Hudson River, 80
Ia in Lake Shore, 10 IA in Milwau-
kee st. Paul, IA IA in the prefer
red SO IA in New York Central s
S-S in Ohio e. Mississippi, 2 rs in
Western Union, and 21 IA i'm Pacific
Mail. When it is recalled that these
were the declines not of the day of
the panic alone, but of the entire
month, it will be seen that they offer
striking comparison with the declines
of the early davS of Ia st ,veeLy