The New York herald., 1871-10-14
W ALL S { REEr,
Large Trannstions Bat :. q rsssc-rAs Failure
da Rich Yor.As x.a-xAs wsrm
r~o. Bs.ssvsd ~ Bs Over. "a

Forr unAtely, the Fears tAat were sest yesterday
the temporary stoppage OF the Stuyvesant Bank
" Juld be followed b. general crash IN financial
circlas. which would tumble down In hopeless ruas
dozens Of struggling banks and Rnndreds Of nrns
has been so far unioundce. Yesterday af-
fAirs IN Wall street, = in spite Of D little
breeze that once or twice fusd the water, and for
me moment made tha Aky leok threatening, sub
sided into something IKE quiet. Prices closed at
figures which could'not be compared with the rul
ing rates OF . few Days ago, but such a. they were
they were tclerahly sseady. fm F
Early In the ncrniug confidence was somewhat
restored by the formal retracton by certain noto-
ous Dearof the slurs no threw last night upon the
sovency OF prospinent bank. Alter little ex.
postulaticn ON the part OF some among his Fellow
brokershe confessed that he had been carried away
by the excitement Of the moment and
thak his doubts as to the safety OF
the bank were purely speculative. This
put the "boys' In good numor, and hopes Of better
tunes began to prevail, when the failure Of @. G.
Phillips again threw camper upon the Market
NJ PHILLIPS fan Is pretty good example Of one OF
the most common financial tragedies on the street.
Nj. Phillips Is Q Phjladelphian OF good family, who
recently had the good luck to come inso very
handsome fortune. much, 1t is reported as half
million OF dollars. A refined education, however, had
seduced him into habits OF @stnetic extravag
ct least this the gossip OF the street-and to keep
things going. he found Il necessary to engage In
business. And what business could Do found TO
suit gentleman OF his character other than
speculation IN st0cksf He became member OF
the New York Stock Exchange, and was recently
seized with m0nomania in regard TO Reading. He
believed with the most fervor In the pros
poets OF this particular stock, and at last became In
tercsted In At 80 far as TO hold fifty thousand shares.
Even largo fortune could AFFORD but scanty mar
gin on such an immense load as tins, and the pres
ent crisis brought about by the IRE at Chicago has
eugulfed the hapless gpeculat0r This failure ran
Reading down 70 100, and other stocks of course
necessarily sympathlzea in the fall. AL through
the morning the transactions In all stocks were
mense but rates continued pretty steady and grad
ually the belief obtained tnat tine partial panic last
night had been but q scheme OF the "Dearsn to
enable them TO cover their sales ct profitable
figure. 1 as rtagrpJ q wa a1 eti Naf7s ls F4ss
An the afternoon the announcements by Harry,
CambOss that he would pay In full all claims OF
the street against him added considerably to the
good hum0r OF the operat0rs-the more 80, perhaps,
on accOut OF the marked popularity OF this gentle
man. Toward the latter part OF the day. however,
the reported failure OF brokers' firm IN Philadel
pha again caused a little scare, and confidence was
again somewhat broken. This resulted In Q gene
raj lowering OF prices, and the day closed In com.
parative gloom. There was not much excitement,
and the general opinion seems to be that we have
fairly passed through, ct least for the immediate
present, the menaced panic