New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-15
HEAVY DECLINE IN STOCKS.

HEAVY DECLINE in STOCKS.
fix FAILURES NEUTRALITY-SUSPICIOUS. IN GoLD-THE
AIR THICK WITH RUMoRs.
The depression of the previous day developed into
decentralization upon the opening of the Stock Ex-
change yesterday morning. Prices declined in
manner suggestive of renewal of the recent crisis,
and confidence seemed to have vanished New-lork
Central declined from So to s2l; Harlem from l0'.
TO 100; Erie from &C to Al; Lake Shore from
to. to 59s Wabash from 42s to S3l North
Western from 40 to S19; Preferred. 62 TO
90; Rock Island, So to sOl; st. Paul
2e; Ohio. 9e to pa Union Pacific 49, to 16; Western
Union from 81! to 49,; and Pacific Mail from 81 70
29.. This decline created the utmost alarm, which
was not allayed by numerous reports of failures.
Prominent among those who were reported to have
failed were a number of Vanderbilt" brokers. In
quiry however, failed 10 confirm therep0rt. Up to
o'clock the failures officially announced TO the
Exchange were those Of W. NJ. WhttemOIe
IL Co. of No. IS Broadway C. II. Pierce a
Co. of Broad-st, and Wise & Cross of No.
% Exchange place These failures were not regarded
as of special importance, but they were accompanied
by reports of extensive banking and mercantile sus
pensions. These proved to be VIM. Hoge n Co.,
bankers of No 40 Wall-st.; Gillespie, Trowbridge q
Co. tea importers of No. 1Ol Water-st, and Burger,
Hurlburt & Livingston, sugar dealers of No 81 Wall
IT. II was reported, also that Osgood & Co. of No.
a. and Boyd Vincent & Co. Of No 80 Broad St, had
failed, but this was not true.
THE VANDERBILT STOCKS.
Although there was no great excitement the de-
preston exceeded that of any day since the reopen
ing of the Exchange. The decline which has
continued with slight reaction since the resump-
ton of business has caised great dependency
-,
already tottering under burden which had
ceeded their strength. With the beginning of bust
ness in the Stock Exchange there was disposition
to sell stocks both for "short" account, and to re-
alze upon actual holdings. The steady downward
drift of the stock market had demOralized conserva
tive holders and the rush to unload was the natural
consequence of loss of confidence.
With the death of Horace +. Clark a new era of
speculation seemed TO have been thrust upon Com
modore Vanderbilt. 1t was well known that, with
perhaps the exception of Western Union, Horace F.
Clark was long, of Lake Shore. New York Cen
trial, Union Pacific, Northwest, and nearly
all the other active stocks. Upon bis
death, Commodore Vanderbilt, who was al
ready long Of vast quantities Of Western Union,
a. the recent election for officers of that Company
will testify was obliged to assume the management
Of the Lake Shore and other enterprises
Central from active and able rivals.
The result was that he became overloaded, and
when the crisis came he was unable TO protect HIM
self to say nothing of his friends. His
appeal to the President and inability to refund the
loan of 81 10000 TO tine Union Trust Company in
order TO save il from failing and the course of the
stock market since the reopening of the Exchange,
all indicated this. Throughout every period since
be became the controller of the New-York Central
be had upheld the stock and made il practically
his standard on the Stock Exchange. This continued
evidence of weakness disheartened the men who
were his adherents and followers and when Central
began 10 recede, they withdrew from their
allegiance in order TO save them
selves Central, Lake Shore. Harlem and indeed
the stocks on the whole list were pressed TO sale,
and sacrificed. The failure Of George Bird Grinnell
d CO. was the first startling break in what was
known as the Vanderbilt houses. Rumors of all
sorte were circulated in relation to other brokers
known to be identified with his fortunes.
Various theories were expressed to the cause of
the feeling which appeared to characterize the opera
tons on the Exchange 1t was generally believed,
however that the primary was the inability Of
Commodore Vanderbilt to sustain the prices of his
particular stocks In addition, il was reported that
ne was SO pressed for money that he would not be
able 10 pay the NewYOrk Central dividend which is
due to-day. This latter statement was groundless
az inquiry Of those who in position to know
whereof they spoke elected the information that the
dividend money was in bank and would be paid out
today II was further asserted that several bankers
were calling in loans and converting their currency
into exchange and gold in obedience 10 cable orders
from Europe. The general impression, however, ap-
peared to he that the decline was attributable to the
break in New-York Central, that stock having been
generally regarded as the main stay of the market,
aud the best illustration Of the strength and ability
OF the Vanderbilt party. When that broke as a
matter Of course il carried down all the other Van
derbilt stocks, and indeed the rest Of the list.
Operations on the Gold Exchange were animated
and even excited The price opened at lOSs, de-
clined TO 1899, but on of heavy orders nom
Europe to purchase exchange and gold there was a
sharp advance 70 1905 with subsequent reaction
TO lOet, Foreign exchange frner in the MORN
Ing and the bankers advanced their rates to 0 and
los but there was no business over 1864 and 1915,
while at the close prime bills could be bought at
1865 and 1913. Money was quoted light at from l-l6
TOT. Greenbaeks were bid, and offered at T.
In the United States Circuit Court Yesterday.
Judge Blatchford presiding upon the application of
L. L. Kellogg of counsel for the Bank Of the Com
rnonwealth, the argument on the motion 10 yacate
the order Of the Controller Of the Currency appoint
ing Isaac H. Bailey receiver OF that bank was ad-
iourDed till next Tuesday.