The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1873-10-24
NEWS OF THE WEEK.
Tho East.

York on TUESDAY, the l4th INST, ana wal
street was in state of excitement which very
closely resembled another panic. On the Stock
Exchange matters were painfully blue, and
quotations fell even below the panic prices OF
the past ten years. New York Central dropped
from Ssk to S2t, which was taken az an indi-
cation of Yanderbilts inability to hold up any
longer whereupon the whole Vanderbilt list
went headlong. Western Union fell from 57l
to As; Lake Shore from 66i to 500, and North
western and Union Pacific followed suit yari-
Gus reasons are assigned for the collapse,
among them Judge Blatchford's moditi-
cation of his injunction, which released
large amounts Of Lake Shore, Western Union,
and other stocks which had been held by
Blake Brothers as collateral the bankrupt
cy proceedings against Kenyon Cox Co., in
volving Daniel Drew, one Of the partners ;
the advance in the Bank of England rate OF
discount to per cent, and the large sale OF
stocks carried by the banks on margins, the
holders Of which could not put up any more
collaterals. In addition to these causes
there was also panicky feeling among out
sders, who sent in orders to sell large
amounts, and this in turn helped to precipi-
day were Burgen, Hulburt & Livingston, SUI
gar house Gillespie, Trowbridge ~ Co.. tea
dealers William NJ. Whittemore, Wise d
Cross, and c.. II. Pierce, stock bro
kers. The effect upon the money market was
to advance gold from 1883 to 109s.
The Cashier of the New York State Treasury
has been arrested for embezzlement, the
amount Of which is stated at 1900, 900.
Five men entered the First National Bank of
Athens, Pa, few nights ago, gagged the
Cashier, and robbed the safe of $50, 900.
The price of gold in Wall street dropped to
1879 on the 10th inst, the lowest point since
the war.
Predictions were freely INDUCED in by the
press, few days ago, that the second break
ing out of the stock panic in Wall street was
the precursor of the downfall of the venera-
BILE cormorant, Cornelius Vanderbilt. There
was great tumble in Vanderbilt stocks, and
for the moment matters did wear discourage
ing look for the Commodore but so far from
being on his last legs as was predicted and
fondly hoped by many, he appears to-day
stronger, financially, than ever before. There
has been rise in Vanderbilt stocks and New
York dispatches announce that the Commo-
dore is preparing for q heavy "bull " cam
paign, and there is fear and trembling among
the timid " bears"
The sad death Of Mortimer Leggett, young
student of Cornell University and son of the
United States Commissioner of Patents, occa-
sions the most profound excitement at Ithaca,
n. Y, where the tragedy has just been brought
to light 1t appears that young Leggett was
II II.
the hands of number of his fellow-students
who had undertaken the task of initiating him
into the mysteries of college secret society.
The usual practice of blindfolding the candi-
date and cutting him with whip-lash and
otherwise ill-treating him, appears to have
been carried out to the letter in this instance
and to have resulted in the most tragic con-
sequences.
Pittsburgh is agitated by a crime of unusual
atrocity. An aged widow lady, who lived
alone, was found murdered in her bed. her
head beaten almost into pulp. Robbery was
the incentive, as her trunks were rihed of
their contents.
Philadelphia reports great stringency in the
money market Of that city. Notes with first
class collateral security sell at 15@1S,per cent,
Endorsed paper of high grade at about the
same rates, with sales of less favorably known
names at "a per cent.
Financial matters are improving in New
York. The foreign export trade at one time
time seriously threatened by the panic, is in
healthy condition, and large shipments are
made by every outgoing steamer without
material alteration in rates.
One man was instantly killed, and four
others fatally injured, by the explosion of a
blast furnace in Bangor, Maine, on Saturday.
A good many Of the Rhode Island cotton
mills are running on short time.
Six canal boats were wrecked near Peeks-
kill, N. Y, by the late gale. Loss about
$500
Tho west.
The Illinois Grand Lodge Of Odd-Fellows
was in session at Springfield last week. The
report of the Grand Master shows that thirty
new lodges have been instituted aud five revived
during the past year. Total membership in
the State, 20, 600. Receipts during the year.
SIS ISL SO; balance in the treasury. S9.6721O.
Lieut.. Schuyler, with a small force recently
pursued band of Indians from the Camp
Verde Reservation, in Arizona, overlook them,
and in the fight that ensued, killed fourteen
warriors.
The seventh annual reunion Of the officers
and soldiers of the Army of the Tennessee,
held at Toledo on the 9th inst, was attended
by many distinguished persons, including
President Grant, Gems. Sherman, Sheridan.
and other eminent officers. Gen. Sherman
presided, and addresses were delivered by
Gems. Sheridan, Pope Belknap, and others.
An Omaha dispatch brings intelligence of
another Of those terrible prairie fires, which
rage with such violence at this season of the
year. On the 14th inst. one of these fires
swept over twenty-five miles of country in
Saline and jefferson counties, Nebraska,
destroying many farm-houses and large guam
titles Of grain. The saddest part of the re-
port is the intelligence that ten school
children were overtakcn by the furious flames.
Three of them persisted on the spot, and
three others cannot survive. The other four,
although fearfully injured, will recover.
8 Alarge delegate convention was held in Den
yer, Col. last week, to mature plan for irri-
eating the Western Territories. A committee
was appointed to memorabilia Congress to ex-