The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-20
FINANCIAL and COMMERCIAL.
The Situation In Wall Street
To-Day.
A REVIEW OF FACTS.
What Is Required to Restore
Confidence. ..
MONEY A TYRANT.
The Failure Of Fisk
81 Hatch.
BETTER TIMES AHEAD.
BETTER TIMES AHEAD
Government Bonds Lower and Railroad
Securities Inactive. ~
WALL STREET,

and lower to sell. Wheat was decidedly lower,
and corn was quiet and lc. or
THIS has been, emphaticaly, q day of events. In
q measure they were anticipated. Not even the
Oldest h00ttue OF the street could have foreseen
such series Of catastrophes as have been marked
on the record, or could have guessed that such an
array Of honorable names would have appeared
among the martyrs OF the peculiar speculation
that has dragged the best interests OF the street in
the dust. The day opened gloomily, for there were
present all the superstitous premonitions Of
another Black Friday.
h -4,a THE STOCK EXCHANGE
was thronged, and when, after the initial hour the
'contendtng elements came together the crash Of
yesterday was nothing in comparison with that
which took place to-day. For the first half hour
prices were forced down recklessly. The rumors
that prevailed were calculated to disturb the best
regulated judgments. The character Of the fuc-
tuations may be had by reference to few Of
THE LEADING STOCKS.
Western Union, for instance, opened at rs, i'm
mediately sold at ", fell of to 1917 rallied and re-
.ceded, went to COX TO- touched esX, jumped
then to 76K 10 then fell or to So g. increasing
to II 73A II 70. There are few pc RODS In the
history Of Western Union when its movements
have been more cratic Rock Island, favorite
stock, opened at 90, advanced to 81, and retired
to s.. Erie commenced at 6sX, sold up
to IS. down to 5216, and closed at
5Sk. Union Pacific sold at 2Oh a q
q % EN- then suddenly fell to Is a II 10,
closing, however. at 20h The extremes Of Pacific
Mail were 32X s7h, the close being at S5.. New
York Central opened at o. advanced to 90,
touched the lowest point at OIL and closed at 92A.
Lake Shore participated in the general weakness
ov going or from SsA to SO, but rallied to IS
towards the close. Northwestern common sold
down to 40k from an opening Of 4s,
anoA OF Ak tnnr had hioln
at COX and its lowest at 3sk, with close at As.
Ohio and Mississippi sold from Ss>4 down to 2e5
30; Delaware, Lackawanna and Western, at SO
80; O., G. and !. O., at 21H a19H q 20 q q; St.
Paul, at 81 80 q SO 80; Harlem, which only lew
days ago was 13s, opened at 12O and sold down to
o. fuller detail Of prices will be found else
whore. The above are quoted simply for the pur-
pose OF showing
THE EXTRAORDINARY INFLUENCES
that were at work upon the market. Panic retgned
supreme. The best of men lost their heads and
cold absolute values-real dollars-at loss that
will not be easily covered. Not for years has such
a feverish condition been equalled, and never has
there existed such purely incidental cause for
crash. True, some Of the railroads in process
OF construction are weak; others are ON
the eve OF completion and earning money;
still others are declaring dividends equal
III not superior to those OF government bonds; yet
everything that wears the name OF stock has
been sucked into this financial maelstrom, ire
spective Of use worth, simply because OF the de-
fault Of one or two growing institutions, which
may one day become the pride Of the country, At
q time like the present we prefer to take ,-v
.orrT THE BRIGHTER VIEW. tsrH r.
1t Is not inconsistent to condemn speculation,
yet commend progress, though incipicntly tdenti-
fed with speculation but 1t is one Of the unhappy
features Of American political economy that its
financial relations are SO interviewer, SO web-ike
In their construction, that when one nbre is torn
away the whole fabric IN ust suffer and fail. 1t is
from this cause that so many
GOOD HOUSES e-
have recently gone down In q cloud The intrinsic
weakness OF few has been the ruin OF the multi
tude. The outside world have looked on wonder
iingly. Those persons who possess money on de-
post have rushed to the banks to withdraw and
make 1t secure. Those who hold money for specu-
lation have taken advantage Of the hour to claim
one per cent or more for It's use. Those who held
stocks for rise have been panic-strcken and sold
at immense loss, though standing up to their
losses like men, while not few, taking advantage
OF the situation, and having sold short, are nat
urally ~ . aiiae %.
PRESSING THEIR ADVANTAGES, r''1
and commanding the immense profits that follow
covering "shorts" at the present figures 1t is a
has yet been reached. A financial fever that can
phil down In two or three days twenty five or
thirty firms In our community is not easily stayed
IN Its course. 1t has radistDg influence that
may penetrate to the outermost limits OF
; OUR MONETARY WORLD,
and we fear that IL will be many day before con-
zldence will be fully restored. The events OF the
Jour-the failures, the condition OF the several
irms involved, description OF the scenes on Wall
and Broad streets and In tho Stock and Gold Elk
changes-will be found portrayed elsewhere. 1t Is,
therefore unnecessary to recaptulate them here.
It need only be added that the general impression
is that II the creditors Of the various houses which
have gone down are generous, nearly all OF the
latter will resume their labors .nr
WITHOUT MATERIAL LOSS
Of their fair fame. In the case OF Fisk Hatch es'
pecially general sympathy is expressed because 1t
is known that they are simply the victims OF
whirlwind which no power could withstand. Tney
were drawn upon from California for milifou ana
half of dollars. They hold securities for more
than twice the amount on which time and again
loans have been eneced but the securities were not
such as frightened banks would receive IN time OF
panic with money lending att and n cent per
diem. The institutions represented by the firm
HEALTHY CONDITION,
and there ID really no good reason why the speedy
recovery OF the latter should not be the signal of
restoration Of confidence all around the circle.
Several other nrms are suffering from the same
causes, and the same remarks win apply with equal
force to them. What we want Is calm survey OF
the situation, less impulse and more prudence.
MONEY
was very unsettled, and early in the day IL was al
most impossible TO borrow. In consequence Of the
prevailing excitement Stocks were turned at q
difference Of 1 to per cent, and the late dealings
In money on the street were at / q IN per cent
per diem.
OF dry goods for the week ending to-day were