Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-10-15
ANOTHER PANIC.
Yesterday The Worst Day Wall Street
Has Seen In Ten Years.
Another Tumble in Stocks Vanderbilt
and DreW-Lake Shore end
Western Union.
Coed Chance for Those Who Have
Money to Make Large Gains.
dt0 J8


NEW YORK, October I4.--Wall stree
has seen the bluest time to-day it ha
ever known 80 far as the stock exehang,
is concerned, and prices have been al
lowed to fall below the lowest point
touched in any of the panics for III,
past ten years. The decline is attributed
to various causes. Some hold that thG
depression is due to the order of Judge
| Blatchf0rd ye terday Ia relation to tht
bankruptcy of George Bird Grinnell
| Co., and said that until the injunction
was removed no one could tell how soor
| the market might be flooded with stock
and Gs long as it continues brokers viii
be unable to borrow money. Others ex.
| planned the heavy tumble to the fact
| that large amount of stocks carried
on margins have been sold in conse.
quenee, holders being unable tc
| put up any more collaterals. II
is said Vanderbilt has been 8
seller and Jay Gould has sold out the
/ stocks which he bought in and could not
/ deliver, and has been buying up gold
| Orders have been sent in to-day from
almost every quarter directing the sale
of stocks, and outsiders appear panic.
| stricken. There were various rumors
regarding both Daniel Drew and Com
modore Vanderbilt. The fact that
the bankruptcy proceedings against
| Kenyon, Cox & Co. are directed against
Mr.. Drew is significant, and Mr.. Drew's
transactions are supposed to be at the
bottom of the difficulty with Boyd &
Vincent. As it has always been Com
modore Nanderbilt's policy to hold up
New York Central against the tide,
no matter what the consequence to
other stocks, the decline in Central from
8S3 to S2} to-day Is taken as 9 sign of the
CommOdOTe's inability to bolster up the
sudden decline in the whole list, in
which the Western Union, falling from
574 to 49l, and Lake Shore from 663 TO
S9s, keep pace, cannot but be disastrous TO
many houses largely interested in these
stocks. It is a street whisper that the
fall in Lake Shore is partly engineered
by the Vanderbilt party. with the inten-
ton of getting control of the road, Just
as Harlem was gobbled some years ago,
as the road is considered necessary t.
the interests of the New York Central
Another division of the Vanderbilt
party liquidated to-day Ou account Of
the withdrawal of facilities from the
banks and private money-lenders.
The house of Burgess, Hurlt urt & Liv-
Ingston, suspended. 1t is said to he
in a solvent condition, and able to pay
two dollars fol enc, but can neither bor-
row nor make collections. Their Iiabili-
ties are reported at $500, 600. while their
assets are placed at 81, 100, 900.
The failure of Gillespie, Trowbridge
& Co. is owing to their customers not
being able to respond. Mr.. William
Whitemore said that this was strictly a
commission house, and their difficulty
was caused by carrying stocks for their
customers in the west and in this city,
and that they were men who are per-
fectly good, but who cannot meet their
engagements at the moment on account
Of the money scarcity. They will re-
sume business inside of ten DAYS.
William Hoge & Co.'s manager says
that the Junior partner Is now in
Europe, and that the senior partner wss
taken III on last Saturday
while on his way home; consequently
10 business could be transacted, and sus-
pension became necessary until Mr..
HOge, senior, RECEIVERS. The air is
busy with rumors of evil and disaster,
and names are again banded about a.
idly as ever at any time during the last
three weeks. The street is certainly in
a panieky shape, though it is to be hoped
the morrow will bring with it more res-
son, for the looks outside of Wall street
is none the less the cheering theme.
This mornings Express says under a /
pressure to raise money first-class divi-
dend paying stocks have been thrown
overheard for almost anything they will
bring, and the result is something very
much like another panic, and now is the
time for people who have money to in
vest, to let loose their hoard. They will
never have better opportunity to make
money than in picking up cheap prices
and valuable properties thus sacrificed