The sun., 1873-10-16
WALL STREET IN A FEVER.
GROUNDL APPREHENSTON or
ANOTHER DIS.fSIER,
The Payment of the Dividends on the Nau-
drrbilt Stocks-Two 'niuiportnut Failures
Announced, but no Panic Created.

drrbiIt stocks-Two 'nirportnut Failures
Announced, but no Panic Created.
Wall street, awaking from bad fright
went steadily to work to repair damages
Yesterday. Tho origin of the sudden re-
lapse was as nearly baseless as the first
attack. New York Central dividend day
was at hand. and very many believed
that the dividend money would not be forth
coming. The $500 shares involved In Grinncn
& Co.'S failures a mere bagatelle in ordinary
times-wcre magnlncd in Importance until cau-
tious spccuators thought that they could make
or break the market. The fall in prices followed
and showed one fact very conclusiyelv, namely,
that the settlements that have been effected
during the convalescence were real, and stocks
fell without doing the serious damage that was
expect d. The load had been distributed
during the two weeks Il steady business that
there was little occasion to sacrifice securities
ON account of the decline. Mere ntiie tran-Hc-
tions were proceeding without inierrupti"n ~
the hnauclal furry. The hanks were In no
wor condition than at the end Of la-t week,
and stock dealers went 10 work yesterday az
one man to restore confidence.
THE COMMODORE SOUND.
In the str'ct hears did not ti-appear from
sight wholly, but persisted In drawing dl9cuur-
eglng Inference from circum@lan"cs inttin-.c cal,
IN hopcful. The lpne-promised Central dividend
was being ca9hcd "a, ralidN "a. .po--inlc. but hoy
insisted HAT vanderbilt and his friends had
cancelled the dividend upon stocks they hell.
800 that only a small piri ~ the dividend would
be demanded. There was considerable gossip
on the street concerning the financial c1u-
ui-i'n of the old railway King him ,li
Nevertheless he disappointed them au iy
paving his diNidcnds as fit-t ~ thcv vrrc d e.
WHndtd. From early In the morning until the
Sherman n tu.wcrc thruugcd hy holders OF scrip.
The loug line extended In many folds around
the walls and the rear reached far into the
s;rect Th" pay clerks made every effort go
uli-h we l1hcu'1 lu1'ct'tN' ..t aI mo
close oi business were sun short. At tnat time
S2,usIuH had been paid out. The totll dividend
j. nnout sAHEHtn, oi wnlch the tommuinre
hold. scrip for sl.2p0N II was rumorcd first
that the Commodore had not drawn his divi-
dcnd. aud tie Inference drawn Wac that ne had
cancelled 1t Tor want OF funds Then IL wa- said
that Inc had drawn II. when the wiscacres argued
ttot ho was too h ri pressed even 10 pas a
: .&n,VlQ draft. Tho fact was that he did not
take ur l.s dividend, and tie large amo M paid
out is evidence that there was no cancellation.
The rrpakrr4 were made happy hy the tumble
ENchlrte. Tho whole Ust went IN from Ave
To- c.ruticr cent. The only huu.c that collapsed
iu consequence was that II pilot. Perry CO.,
g. broad street. 1t looked for lllf an hour as
thlush an even moro ungovcrnal lc Iau.c than
lad yet been seen was to rule. When tuc bro
kcr- f'unI that no moro houses were lI"ol, -
collapse, ANA money for stocks seemed plentiful.
coHaIcncc w!s ro-totcd and from thdt ume
puc,, bounded up.
THE rGHN OF Pilot, PERRY co.
was not very cnn-idcrable, and although thcy
aueed tilc dis;ur lance ia these shares. their
cuisines. s principally rurU nascs on commi--
tl''il f hihht l%. ne immediate cause on tNer
disaster, tut' -tid Wa the failure "i cu-t4Wcrf
{" furnish margins on Western Cn,oh and a.
ha-h.
The rumor that Jay Gould had been relieved
from the presidency ot the New jersey 81 % bern
road proved W,lI founded. lie was removed at
/ u.c,ins of the directors held last week. Mr..
y. VI. Serrat, formerly 1n enpl wee ol Erie, was
chosen to succeed him. Nr. ~crrIt Wa suier-
iutendeut ~ the New Jersey southern. Mr..
1n'Nd i- not oven ~ the direction now.
Tine only notable feature of tho mid de - the
business tdy W g the rapid rise u stocks and the
Increasing confidence. When members ~ the
l.tutnre needed money they were generally dc-
comm luut"I hN other members, 50 ll-iucs-
bowied alony after the old feature. Stil very
great ct u:c could hc noted iu the size uf money
trirsl.tiH iHas. BROKERS who. In the old times,
borrowed anywhere from SlnnO to sLe1tri,
/ asked for $1,000 and oftcutook si,Un. nrlmui.-
used TO oinc and wine without regard TO eApense
tlhe moderate Lunches at cheap places.
ANOTHER FAILURE.
just bef1 IRE the close of business tho failure Of
. GIlaiAu, Spn & Cn., bankers, ii Exchange place,
wa made punIlc. II was too late 90 have any
dcpres-ins effect nr"n rrice;s., ',3e firm did a
-uundrut-. Al the %, ginning of the panic thtir
/ dcI -.t.rs removed their funds very rapidlS
| hI4f 600. irfu Was able % stand the urlft until
| NH.iyrd ty. when they 'clded 10 sp-ucnd. Nr.
g.. uIfn. ti.' Nor partner, ha- Iu-t private
fortune. and tIe CON. ryativc husiur~, done % y
] tlf trm wl- very rrluuueraiiNr. 40 De- lr4N Vpd
That th, su-ntu-iun Will NOT suit 90 I-- tu de-
Iu-it0is. The Lrul psci .red state en- ls fol-
Tine suspension is caused by the continued
/ drain Of deposits, tuc unu-ial iurut ot ruIlrc-
7 tlous due the firm. aud tho depreciation oi -,-
/ uu more chcch nm further notice, though the
/ firm is considered entirely solvent. Drafts
/ drawn against rcmittunCc- rec HlVed to-das and
hereafter VIII be paid 10y the hfm as trustees.