The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-10-15
NEW YORK.
FinanciaI-WaIl street Siill Ex.
cited.

Nsx YORK, October l4-The gene.
raj distrust has been heightened by sew
eral failures and rumors OF others that
are likely to follow. Another cause OF
depression on the opening board was
an advance in the Bank Of England
rate OF discount from Eve to six per
cent Following this came rumors Of
mercantile failures. including one in the
grocery trade. Still later it was re-
ported that some large houses in the
Stock Exchange were embarrassed and
that naturally caused a very heavy de-
cline. In some cases to-day prices
we're below the lowest quotations Of the
recent severe panic. Money was strin-
gent all day. gold and governments
strong and more active and exchange
steady. The failure of VIM. Hayt d Go.
was announced at the Stock Exchange
this morning. Their suspension is said
to be caused by the illness Of the sen.
ior partner and the absence OF the juu-
ior partner. The firm expects TO re-
sume shortly. Their failure did not
affect stocks, because they have no
contracts 10 the Stock Exchange.
The street was in a whirl OF excite.
ment all afternoon, and the feeling was
akin to a panic. There seemed to be
no confidence in anything and distrust
was everywhere observable. Panic
prices are being reached with rapidity,
which shows that all the leading houses
are trembling over their stocks without
any regard for speculation
but for their own safety. Nobody, accord
ing to street reports, is solvent, and tbe
strongest men are rumored as having
gone back on contracts. There was
much excitement in the streets regard
ing Vanderbilt stocks. and it is be-
lieved that the Com modore would pay
several millions tor the privilege oi not
being in the present fall in stock, aud
all sorts OF rumors are current touching
his brokers and Mr.. Drew's which, it lie
thought, may take tangible shape to-
morrow.
There are various rumors regarding
both Drew and Vanderbilt. In con-
nection with the bankruptcy proceed
irgs against Drew, it is stated that
Boyd IL Vincent, of which firm Drew
is a heavy customer, have failed to
meet contracts. Two thousand shares
o. the Lake Shore were sold under tn,
rule at the Stock Exchauge Tor Boyd
IL Vincent this afternoon, which caused
rumors OF their suspension.
That Commodore Vanderbilt is under
great pressure is evinced by the down
ward course OF leading Vanderbilt
stocks. 1t has always been his policy
TO hold up the New York Central
against the tide, no matter what
con.eouence to other stocks, and
the decline in Central from $50 to 50!
To-day is taken as a sign OF tn, Com
modore's inability 70 bolster up. The
sudden deelioe 10 the whole lis', is
Western Union falling from 81! 10
40! and Lake Shore from G63 TO $50
cannot be but disastrous 10 msuy houses |
largely interested in these stocks. That
there s no confidence IN any stock on
the list is shown by the large amounts
which we're closed out under the rule |
this afternoon.
Wall street at the clase OF business
was completely demoralIzed, aud much |
speculation is indulged in as to the re-
suit OF the continued depression. The
following is q list Of the failures; VIM
Whiltenore e. Co.. 62 Broadway;
VIM. Hoge & Co. 40 Wall street;
WISE IL Cross, % Exchange Place, and |
C. H. Pierce, l9 Broad street, all bank
er or brokers. 1t was also
rumored tha. Boyd. Vincent &C.
and Osgood & Co., had suspended, bu.
these firms deny the report. The state
OF the market creates considerable ap- |
prehension that further failures may
ensue Several houses are known 10 |
be cramped.
In view Of the restrictions Of banks
10 the matter OF check certificates, and |
the difficulty experienced by brokers in |
doing business in the present compli |
Gated condition of affairs, an applIca-
tion has been presented to the Govern
ing Committee of the Stock Exchange,
proposing that members, in addition to |
the present scheme OF purchase and
sales, shall buy and sell for account,
these to be settled once mouth, except |
when such days fall on Sunday. The |
committee hold it under advisement
while awaiting the signature OF MEM
bers.
Outside of financial circles there was
also a gloomy feeling to-day. Tea and
sugar dealers felt the effects Of the
same more to-day than at any time
since the money pressure Get in. The
sugar house OF Burger. Hubert II Liv~
iDgston was obliged to suspend and ask
Tor an extension. The house is in per-
fectly solvent condition and can pay two
dollars for one, but is unable 10 meet its
obligations. 1t is feared that one or
more large houses in the sugar trade
may be compelled to suspend to-mor'
row, unless they can find relief. The
failure OF the house OF Gillespie, Tro"-
bridge d Co., tea jObbers, is also an
nou oced to-day. Their failure is owing |
to customers not being able to respond
The tea and sugar market is generally
depressed. No failures are reported |
among dry goods men. The trade,
however, is no! actual.
POiitIcai.
The negotiations between Tsmmany
and Apollo Hall regarding county nom
nations are still pending The Apollo
Hall men have decided to hold mass
meeting at Cooper Institute next Sat-
urday 10 support the Democratic State
ticket.
The Stokes Case.
A full jury was obtained to-day In
the Stokes case. and then an adjourn