, 1873-10-18

500 light ahoad. Tho Clearing -Hougo Assocta-
tlon las decided 10 resume currency payments
on tho 27th inst, and meanwhile, st. Louis will |
bo engaged In tho interesting operation Of re- !
ttrine certificates In small lots from timo to |
timo
VANDERBLT's STRUGGLE AGAINsT FACTS.
Tho upward spurt taRou by stocks on TLura-
day indicates TINT Commodore Vanderbilt ts
losing his head. uo is betting that tho proa-
perity OF tho country is Just as great aa it was
before Jay CookeB failure. In the desperate ro-
solvo which has seized him Of escaping au 1oas
and sustaining tho stocks with which ho ia donsi-
fed, he has Ignored facts that arc perfectly ap"
parent to unprcjudiced observers. lie Ia oppos-
ing his personal RESOURCES against tho law OF
gravitntion, 1t is IN unequal struggle,
IN which dozen Vandorbi|tH would hayc
to eucc1a1nb. Tho brtsinoes Of tho coun-
try, both public and private, received a
shock from tho panic that spread over the outire
continent. There has been serious falling~on
III tho revenue Of tho Government It las boen
publicly announced TINT the Government will
require several millions Of do!lars Of tho 3d.
called " reserve to moot tho shortage for tho
curront mouth about 81, 600. 900 Of this hypo-
! thoticat fund has already been paid out The
| ri 1iyate business Of the country shows similar
| decline. Chicago is, without doubt tho most
prosperous city In tho Union to-day. Yet tho
o1carings of tho Chicago banks arc only about
| ono-third what thoy were Immediately before Jay
Cookies failure and only about ono-half what they
were at tho Rame time last year. These arc in
dicationa, not morely Of q shrinkago in values,
| hut Of d proportonate decline in tho amount Of
business which tho country il doing, g,-which iB
only another phrase for tho same thing. Alr.
Vanderbilt, in entering Wall street at this time
to bull luis railroad and telegraph stock, is prac-
tically botting that, while all the other business
Of tho country has beon. reduced one-half, tho
railroad and telegraph business has not been
impaired.
It has been estimated in New York that tue
; total shrinkage in the values OF the Vanderbilt
stocka within five hours last Tuesday amount
cd to s10o00,00o. Tho estimated Rhriukags
in the saulo securtioa since tho panit
. set in is e5o,o0o0oo, distributed among
r New York Central, Lako Shore. and West
, orp Union, ut tho rato OF S180oo,ooo eacl
o for tho first t@o, and sl4,0o0,ooo for tho last
1 Mr.. vauderbilt's peraonal interest IN thes'
stocks can bo readily rockoned BY those fa'nilia
with thom; and, on this basls it is stated thu
yandexbilt's losses, ut tho ruling prices OF Tues
= day, roaehod s20, ,0oo, ,o0o. About two weeks ago
J transitory buoYancy Waa produced By the an
, no,1ncement that tho German bankers had al
~ yanced Mr.. Vanderbilt s10,Qo0.00o; but til
~ stocks soon won't buck below tho figure fror
which this r1mor rescued them. Tho sam
~ ntatomont WAS used for the splurge Of Thursda:
~ II Ia probable that thero WAS SON
foundation for the second report, m
~ that a1r. Vanderbilt is actually pourln
~ money into tho street. The moro Of
- bo puts in, tho worao OF ho will bo. Ho is
~ proud and obstinate old man. and his ambitle
40 md greed aro both onlistod In tho stocks whit
"S 10 has hold up so long. 1twoull be characterat
"' OF the man. encouraged by unparalleled at
" cesses in the past, to venture liH whole fortul
"s to save his reputation and got buck the mon
- 10 4as already lost. But neither Vanderbilt
- name nor AiR fortune is sulIciont to Offset t.
W actual falling of III tho business Of tho cou
u" try. If business gonorally falls off in the pl
~ portion indicated by tho Govornmont roven
'o roceipts and tho banls cloarinss, railroads Ct
III tainy cannot earn tho aatne dividends Us hero
fore.
We have published within O fow days IN ofl'c
~. statemont OF the condition Of the Western Uni
~ Telegraph Company, which has enabled
country to form Homo itlea Of tue actual yaluo
that stooll Mr. Vandorbllte prosol,t control
,ier this stock was secured at an ayorago invostm
OF Of about 75 cents Contrary to the advice of
has old and experienced officers OF tho Compa
200 Vanderbilt carried tho price above 90. It
al gono down to about 60 since tho panlo and,
.lso apate ot temporary recovery. 1t will mont Ill
opt 70 buck to tAat figure. Tho earnings OF
has Company for Its last fiscal year woro 9afof, !,
ork only g. Q35, ,Gl2 OF which was PASSED to tno y
lo come account" and not ono dollar OF Which
Is divided among tho stookholdoss. Doos
ouB, showing warrant all aggregate capital and
ge's aobteilposB Of $4,000, ooo-tho price at vi
title Vanderbilt Tas holding IL When tAe panic
nte. iu2 Western Union IL worth eyory d.
to of what 1t cost and would pay tho usual Intel
they or a handsome premium over its oost. u
"a = will not ppy anybody to hold 1t at 90 or owe
liblo IS. Telegraph building ia oheap' 4dhos ca
in. set up at tho rate OF sl00 to 5000 mile,
yeu long ~ It la.knowa tlat Western Union. w!s