New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-14
FINANCIAL DEPRESSION.
DECLINE IN STOCKS.

| Tur rxprCrRD REACTION AGAIN observation-disclosures
| or srcRErARY RICHARDSON'S REsiGNATIoN-A
SINGLE FAILURE
Denression was the feature of business in
Wast Yesterday From the opening OF the stock market
70 the close there appeared TO be steady tendency
downward This excited considerable uneasness for 1t
had been generally hoped that the OF the market
had been changed for the better and that prices having
reached their lowest point, would react and en-
| able some OF the sufferers who carrying
stocks at high prices 10 unload at something
like saving figures. These hopes however. appeared to
be untmey and apprehensions were felt that tho de-
cline continued serious results would Tho failure
OF a small house P II. stevens) announced Vari-
theories expressed in regard to tho cause OF
the decline. bnt few seemed satisfied with them 1t was
believed that. Judge Blatchford having modified the
Grnne injunction far it related to Blake Bros.
bankers. who had loaned money TO Grinnell Il Co on
Lake Shore, large quantity OF tho stock
had been thrown the market and the
price declining consequence had brought down the
OF the list 1t further asserted that the Grin
nell Injunction which temporarily kept out OF the street
so large quantity Of Western Union and Lake Shore,
might be dissolved at any moment, and the result
would be the throwing OF stock upon the mardet
The bankruptcy proceedings instituted against Daniel
Drew in the OF the failure OF Kenyon Cox Co.. were
also egarded with apprehension which contributed to
the depression. Again wero in circulation TO
the that Secretary Richardson had either resigned
or been requested do So his being the Hon.
Columbus Delano These rumors were based upon the
reports Of interview between an agent OF the Asso
ciated Press and President Grant, Washington,
the latter expressed at variance with those OF the
Secretary. These rumors, however, were unfounded.
Subjected TO 30 many Influences OF disturbing charac-
ter prices 1uctuated as follows:
Lake Shore declined from cot TO g. rallied TO 49, and
closed 65i Western Union advanced from 81 to 62
fell of 5si recovered to 6s. and closed at 3d. New
York Central advanced from 9s TO o. and stopped at s1
the lowest price OF the day. Harlem declined from 12
to 100 st. Paul Common, Sli 10 29s Northwest Com
mon, al to tOt Wabash AZ to 422 and Pacific Mail,
SSt Si The remainder of the list declined about from
per cent general market closing at the lowest
quotations made.
Money ruled high as SIG per cent and interest but
the greater part OF the business transacted at from
II6 TO Greenbacks still coming tins way although
not as fast as could be desired and the premium rules
from TO per cent The rate Of discount ranges De-
tween II per cent. Gold active and sirong
despite the reported shipments from abroad-the price
opening at lOst, advancing to 1888, and closing at
lOss. Among the cheerful signs of the
day the resumption Of business by the National
Trust Company The officers Of the estaD-
lishment reported fair business and were cheerful
over the prospect. The committee Of five appointed on
behalf OF the trustees of the Union Trust Company were
to have held their first meeting yesterday but did not
members beng out OF town. The Committee consists Of
Augustus Scbell, Chairman; Freeman Clark s. E. Fair
child j. b. Johnston, and J. NJ. Mclean. Mr. Mclean
said that the Committee intend TO make an investiga
ton Of the affairs Of the Company, which are now re-
garded good condition. and to take steps for the
resumption Of business soon as expedient This
movement was at all in opposition to the receiver,
Mr. Wesley who is himself trustee and all Of whose
actions have received the approval of the Board
The Clearinghouse Committee appointed on the appli'
cation Of President Ellis of the Bank Of the Common
wealth to investigate the condition of that institution
with a view to refuting the statements OF Receiver
Bailey reported yesterday TO the Clearinghouse fuiIy
sustaining the charges OF Mr. Bailey The President OF
the Missouri Kansas, and Texas Railway has notified TO
the Stock Exchange that the company has increased its
stock g. 100000 for newly acquredroad The company
now controls 7s5 miles Of road. The total amount OF
stock is increased TO s24OOOOO the amount OF bonds
being sl7,9O),OOo