The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-03-23
Northern LOSSES.


gister, and who the editor of that pa
per endorses as q truthful and we'll
informed gentleman of high standing
in New York, writes to that paper, on
the 4th instant, as follows:
The decline in values-stocks, NOR
chandize, &c.-in New York city,
since the first Of December, has been
enormous us-enough, one would think,
to swamp the whole business com
munity. The stock operators have
suffered mos, and even those who
have as yet escaped the inevitable
consequences of wild speculation are
trembling with Il sense of the danger
before them. The losses on nineteen
stocks during the past two months
that IS, since January amount to
nearly SO. coo, 900. During that
time, Pacific Mail has declined
81. 600, 900, Erie Railroad, 50, 500. OOC:
Cumberland Coal, s., 50O,O 900; New
York Central railroad. 81, SOC, Coo.
Northwestern, 3,51O, 900; Western
Union Telegraph, Sl,250,OOO; Della
ware and Hudson Coal, 81, 900. 900;
Union Navigation, S1,OOO,OO0; Mi
chlgan Southern. S9I0, 900; Atlantic
Mail, SS60,00O; Fort Wayne, SSH
coo; Quicksilver Mining Company,
500, 600, and six other stocks from
quarter to half Il million each.
making an aggregate Of $24, 900
on nineteen stocks. No wonder that
sore heads and long faces are to be
seen i'll Wall street.
The tremendous decline in Pacific
Mail Isl, 100000 in two months) led
to the withdrawal of Mr.. L. w. Je-
rome from the Board of Directors,
and the withdrawal of Mr.. Jerome
led to vast amount of excitement in
Wall street, and among the stock
holders. 1t is alleged, on the one
hana, that Mr.. Jcrome's heavy ope-
tlons in Wall street frightened the
stockholders and made them throw
their stocks Oh the market in antici-
patton Of a crash, and, on the other,
that MIR. Jerome's speculations were
all legitimate, and gave no good cause
to fear for the safety of the Pacific
Company. One thing, however, is
certain. Mr.. Jerone became owner
OF large amount of Pacific stock at
200, which he then sold among his
friends at 220, and guaranteed them
against loss for q. per cent. This
stock is now selling for 1877, and, of
course, Mr.. Jerome is heavy loser.
The directors attribute all their mis-
fortunes to the public's want of con-
tldence IN jerome, but the stock
holders say the directors are to blame
for selling him ten millions in stock
at 200, when it was selling in Wall
street at 22O. Mr. Jerome is one of
the sharpest and most popular men
IN Wall street, and has any number
o. friends ready to take up the cud-
gels for him; but whoever may be to
blame for the enormous decline in
Pacific stock, the losses have almost
swamped some of the stockholders.
and thrown Wall street into fearful
state Of excitement
But the decline of twenty-five mil
lions IN nineteen stocks is only part
OF the story of revulsion. NIerchan-
dize has gone down; nearly all the
values in the market have declined,
and the total loss would, if it could
be accurately ascertained, startle the
whole country. The decline in all
railroad, mining and other stocks,
since the first of December, is GER
talnly not less than fifty millions.
The decline in merchandise dates be-
yond that time, and, taking the ag-
2regate for six months, it will amount
to between fifty and sixty millions
The loss on dry goods alone will foot
up thirty millions, and on the various
other classes Of merchandise nearly
as much more. y table Of the pro
perty owned IN New York to-day, rs
compared with one prepared a year
ago, would show Il falling off of SiOO.-
600, 600 ut least.
Mr.. Fessenden' s statement, in the
Senate, few days ago, that the In
ternal Revenue has fallen off from
S4O, O,OOO,O to S50,O0O,0OO, has made
our thinking men rub their eyes and
look about them. What is to become
Of the public debt, and how is the
country to stand the illimitable ex-
travagance Of Congress-(th thank Hea-
ven. one Congress dies to-day)-if
the revenue is falling off at this
alarming rate? The stagnation of
trade and the suspension of manu-
factures will cause further decline
OF $50, 900, COO or SO, 200, 900 before
the first Of July. The distillery men