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Daily Cress and Dakotainn
# REACHED WALL STREET.
# A Panic Prevails Among
the Buyers and Sellers of
Stocks.
The Sioux Falls National Bank Wins
in Judge Spencer's Court.
# A Wall Street Panic.
New York, June 24th.-Noon-There
is great excitement at the stock ex-
change and prices are rapidly declining.
At 11 o'clock the market was weak and
active as a fractional concession from
first prices. It is understood the break
was caused by the report that Jay Gould
was dead. Western Union fell from 75
to 80, but is now recovering.
The excitement in the stock market
reached its greatest height shortly be-
fore noon, and a veritable panic de-
veloped. No attention was paid by
brokers to fractions in sales made by
them, and the flactuations were so wild
sales were some times from 5 to 10 per
cent apart. The greatest declines so far
recorded are Manhattan, 40½ to 116;
Missouri Pacific, 11 to 93½; cotton seed,
7 to 39; Richmond terminal, 7¼ to 26;
New England, 6 to 45¾, and Lake Erie
and Western 5 to 53½. No failures
have been announced as a result of the
break.
The stock market still continued very
active after 11 o'clock, and though there
was a slight rally it was quickly ended
and the decline was renewed with ad-
ded force. The sensation of the hour
was a drop in Manhattan from 156½ at
the opening to 153½, and at 11 to 120.
It recovered to 188 and declined again
to 115 at 12:25.
2:30 p. m. When delivery hour passed
at the stook exchange without bringing
the announcement of any failures, the
street became more confident and buy-
ing orders was received from all sources.
The stock market closed quiet and
firm at an advance.
Wall street was puzzled to account for
the fact that such a great decline could
occur without dragging down some of
the bull houses which have been carry-
ing large lines of stock, but this is ex-
plained by reports that Gould, Field,
Vanderbilt and Philadelphia capitalists
had taken up stocks which were in weak
hands, and relieved holders of the neces-
sity of sacrificing them. Field is reported
to have taken up $7,000,000 of Manhat-
tan stock.
Cyrus W. Field was seen in his office
this afternoon in regard to the rumor
that he and Jay Gould and Russell Sage
had fallen out, causing the big drop in
stock to-day, Mr. Field said: "There
is nothing in it-not the slightest foun-
dation for the story."
The Sioux Falls National,
Flandrau, June 24-The famous bank
case from Minnehaha county, which has
been on trial here this week before
Judge Spencer, has been decided in
favor of the Sioux Falle National bank.
This case became famous a year ago last
January, when Minnehaha county at-
tempted to a settlement with C. K
Howard, then treasurer of the county.
The First National bank, now a busted
concern, was his place of deposit. When
the commissioners came to the point of
counting the money Howard presented
a certified check of $16,000 from the
First National. The commissioners had
a suspicion that the bank was shaky,
and taking the check and what cash
Howard had, made the Sioux Falls
National the county despository, and
the back accepted the certified check as
so much cash. When the check was
presented for payment the cashier of the
First National refused payment, alleg-
ing that he had honored sight drafts
for that amount since the issue of the
check. It was simply an effort to beat
the county by a set of rascals, who im-
mediately thereafter suspended the
bank, and depositors have thus far only
got 26 per cent, and will get very little
more. How the Sioux Falls National
expects to collect its judgment is not
known, but at least the verdict is a
righteous one. It will be carried to the
supreme court of the territory and prob-
ably farther.
Army Changes,
Washington. June 24-An order will
soon be issued from the war department
making the following important changes
of stations in the army, which will go
into effect as soon after July 1 as possi-
ble: The headquarters of the fourth
cavalry, now at Fort Riley, will be trans-
ferred to such posts in the Indian terri-
tory as the commanding general of the
department of the Missouri may desig-
nate. Headquarters of the band and
and four troops of the seventh cavalry
will be transferred from Fort Mead, D
T., by marching to Fort Riley, Kan.
Troops of the fifth cavalry, now
at Fort Riley, will go to Fort Sill.,
Indian territory, and two to Fort
Elliott, Tex. This will give Col. Forsy-
the, of the seventh cavalry, command of
the new cavalry and artillery school
lately authorized by congress, Two
troops of the third cavalry, now at Fort
Elliotte, and two troops of the same
regiment at Fort Sill, are to be trans-
ferred by marching to the department
dthe Texas, and then by marching all
the troops of the third cavalry will
change stations, with troops of the
eighth cavalry. This will put the third
cavalry on the lower Rio Grande,
The
twelfth infantry, now stationed in the
department of the lakes, will change by
rail with the eleventh infantry, now in
