The New York herald., 1869-09-30
FINANCIAL AND COMMERCIAL.
WEDNESDAY, Sept. 29--e p. M.

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WEDNESDAY, Sept 800 p. M.
It is said by those who passed the site Of St
Johns Park yesterday afternoon that grim smile
was perceptble the features of the bronze statue
which towers above that locality. AT the same time
one of the largest and most prominent houses in
Wall street failed. The connection between the two
matters was not so traceable IN the great cOmmO-
tion and the crowding OF events in The financial
aestrom bet TO those who rise above the confusion
OF the hour II was plainly visible A few months
ago-in the spring, some time-when rail-
way consolidation was the great topic Of
Wall street the magnates Of the New York Central
road IN Gurtlerance OF plan 10 unite the Hudson
River, New York Central and Lake Shore railways in
one corporation, made certain overtures to the
party then controlling the last mentioned line. 1t
Is matter Of history how these negotiations
ended. The Lake Shore party after coquettnq for
while with The friends of Mr.. Vanderbilt, ana after
gaming possession Of the Buffalo anu Erie read as
the last link IN the Lake Shore route between
Buffalo and Chicago, secretly opened negotiations
with the Erie party, by which they to
secure q connection with New York outside
OF Central and Hudson River. The plan vas alter
wards made public in the announcement OF an
agreement by which the Lake shore road was to have
the privicgc OF third rail over the Ere. The Cen
trail part bldcd their tiuie. The Lake Shore party
the decline Which ensusi wien It was found that
they were 70. 10 aci in harmony with Kew
York Central. Gut The blow came a.
length. Tee Lake Shore stock IN posses-
OF the Genital Company was first thrown
overheard ana "broakn easucd, which was
followed by steady decline and tacn by q third
ana final break Quse recently, the price Of The stock
falling in all from about l01 to 7o The loss VIII ch
was thus cDtailel on the house so prominent in
Lake Shore operations would have staggered any
save one OF immense capital. Bat Lockwood L Co.
were among The largest capitalists Of Wall street,
and they vaiiantly fought their enemies. Their en-
barra5sment was assisted, unfortunately by an
effort 20 assume control also Of tie Pacific Mail
Steamship corporation, the shares of which were
also their possession 20 The extent Of large irac-
ton of the capital stock. Those vino have watched
the market know how this stock also descended the
scale to t6, the lowest Ggure which II touched to-
day. The slow oDliteraiion OF their means, VIII ch
the decline in these Two stocks accomplished, ended
to-day with tie collapse OF The firm. The street
received the news without much excitement
for the rumor had frequently circulated ever
since Friday that such their inev-
liable fate. Indeed, the Whole market re-
covered and became buoyant after the fact was
positively known, as If acting one OF those strange
contradictions which Wall street delights In and
which was illustrated AZ the time the death Of the
leading spirit OF northwestern was followed by q
rise in the stock. But the firm died with nying
cOlors lhey had a name TO keep unsued In
defeat, and they went down with all the hopors of
1Manclal war. At the last moment when it
was Impossible longer to stay the catastrophe
the creditors OF the establishment were IN
formed that the collateraIs on which loans
had been borrowed could nos be received bat
could be sod for the best price obtalnable in
the Market and the firm would pay the difference
The claims were paid as long as the assets OF the
house were available and then suspension ensued.
1t Is not known to what extent the liabilities exceed
what remains OF their capital At the last moment
they made an assignment OF everything TO Captain
John p. Acker, the managing director Of the
Peoples line Of steamers. in whose hands
they have placed the adjustment OF the
claims OF all unpaid creditors. Their original cap-
tai, according to street rumOr, was five millions OF
dollars. This sum may or may not have been
entirely absorbed by the great losses on the stocks
which they carried. 1t Is thought however that the
amount still outstanding ana to be quidated is not
very large. Three other failures took piauv
Today, according to Official announcement at
the Stock Exchange, the firms being G. A.
Meigs & Sons, Fuller, Treat Il Cox and
Julian & Co. Others are reported suspected, but
the above embrace all which il is proper to mention
at this tlme The embarrassment Is widespread
owing to the deadlock between the Gold Exchange
and the Gold Bank, but many firms nave set apart
their gold contracts ana met oil engagements in
stocks. We continue in our general news columns
the full details of the proceedings in various
departments OF Wall street.
IL is to be hoped that the change which came over
the aspect OF affairs when the fate of Lockwood Il
Co. was finally known viii not prove a superficial or
evanescent one. The money market was the first to
tn fha luh M ioh fbo faiI
seemed to produce. In explanation OF this para
dox it should be explained that IN the noundering
Of the firms which have failed, particularly of the
largest one, there was constant daily pressure
upon Tie money market for funds the need for which
led to the payment OF the most eXtravagant
rates of interest This demand Is now removed, at.
least for the firms which are bankrupt. The rela-
tive cheapness OF stocks also tempted new pur-
chasers anu brought out fresh capital, tac appear
ance of whom ana which turned The tide OF prices
this afternoon.
The government, In purchasing S3,0o1,0 001 OF bonds
to-day, will also aid the Improvement. The who
OF this amount of bonds had not beel sent
tonight, but all the money VIII come on the street
tomorrow. The government market was heavy
and declinea despite the more favoriie character
of government securities The following were
the closing street prices:-Unitel States cur.
rency skies, 1865 107; do siXcs 1881, regis
tered 1lSM ll9; do. do, coupon, 1lsJS q ll9; do
fve-twenties, registered, May and November, is
11SH do. do, coupon 1892 do. l1s5s ll3; do. do,
coupon, 1904 do., lis 11St; do. do. coupon, 1861
11SJS 1856 do do, registered January and July,
l18 116s do do, coupon, 1865, do, 1l6a 1i6sS;
do. DO. coupon, 1861 do, 1867 q 1169i; DO. oo.
coupon, 1865. do 1l01S 1l6N do. tenforties regis
tered. 1G7 los; do. do, coupon, los l0sJs.
Southern securities yielded in the great depres.
o;n
the following quoatons:-Tennessees. eX coupon,
81 90; do. new, J01s 81; Virginas cx coupon,
66; do. new, SO; Georgia SKIES, SO; DO. sevens 50
30; North Caronas, ex coupon Az do, new, 40 Al;
do, special tax, Az ~; South Carolinas new 60
63>s; Missouri SKIES, s4s s5ai Louisiana SKIES 81;
do. levee slxcs, Cl bid; Alabama eghts 50 60.
Foreign exchange was dull aud weak nL the Inst