The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-19
Other Failures Reported.--Runs
On Banks.
INCIDENTS AT THE BOARD.
Money Ia Per Cent Per
Dav.
Condition of Other Securities The Gen.
eral Feeling.
WALL STREET, |
THURSDAY. Sept. 1916 p. NJ. !

WALL STREET, !
THURSDAY. Sept. 1S-8P NJ.
FINANCIAL DISASTERS.
Not since the Chicago fire has the dramatic cur
tain OF Wall street risen upon scene or such
intense interest as that which was presented TO-
day by the hundreds OF excited actors who, both
as ''buls' and "bears" performed their respective
parts upon the boards of the Stock Exchange. In
October, 1871, there was natural cause lor
general detection of values. Real property had
been wiped ont In 1872 the Boston fire produced
similar, although lesser result In both IN
stances money, sensitive the needle to the mag
net. responding alphabetically to the condition
OF affairs became the
PHOTOGRAPH OF A TEMPORARY PANIC.
To-day, however, the influences that are beginning
to tell their direful story Of purely CONNER
cial character There has been no fire, no wreck
of outside fortunes, no great obliteraton OF indus
trial and creative enterprises-nO nothing, indeed,
that should produce such wild humors as have
been seen on Wall street during the last six hours.
And vet tidal wave has swept over and enguled
one OF its greatest houses-a firm that has finan-
cially represented the government OF the United
States at home and abroad-a member of its much
Wanted ''Syndicate'-a company whose head was
the embodiment of
CHRISTIAN GENEROSITY,
and grace but whose trail, 1t Is said is written all
over with ruin. The details are told elsewhere,
anu from the manner in which they agree with
other statements that have recently been given to
the public IN connection with other firms, 1t would
seem as If the same obituary notice would apply
to all:-"Ded Of too much new railroad.n 1t is
asserted that the London branch Of the house of
Jay Cooke & Co. remains intact. The American
branches in Washington and Philadelphia are for
the present closed The ramifcations of this i'm
Ot Qilyra will hal lv os,n
within the next week, but immediate influences
present their potency in the shape of reported
"runs" on banks and trust companies here and
elsewhere dstrust of
THE CREDIT OF CORPORATIONS,
and not o little difficulty in obtaining money on Sc
curites that have heretofore been regarded as emf
nently acceptable. The probability OF this event
was known last night, and there were one or two
who entering the market to-day and selling stocks
"sh0rt," made fortunes; but the full force of the
'break" was not realized by the members of the
Stock Exchange at large until between eleven and
twelve O'Clock. 1t was then that ensued scene
which fortunately occurs only at intervals. Prices
receded three, five, ten per cent. Nobody could
guess when bottom would be touched. The bulls
stood their losses manfully and
SOLD OUT WITHOUT wHIMPER.
Bears, on the other hand, became bulls, only to
be troubled an hour afterwards by fluctuations as
mysterious as they seemed dangerous. Reports
began to circulate that other houses had gone
down. kilograms rolled in stating that the First
National Bank at Washington had suspended that
E. W. Clark & Co., Of Philadelphia, were on the
fatal list IA house, by the way, without partnership
interest In New York;, and at last came the an
nouncement that Richard Schell, and the firm OF
Robinson Suydam, OF New York, were among
the sufferers. 1t was likewise announced and up
to late hour believed that
THE SECRETARY OF THE TREASURY
would come to the relief OF the street by deposit
ing several millions Of dollars with the New York
banks. This was not done however, and the Sub
Treasurer stated that he was not aware of any
such intention on the part OF Mr.. Richardson. The
wish was only father to the thought Should the
condition become more critical, 1t Is not unlikely
that the pressure brought to bear upon the govern
ment will be such as to compel 1t to take active
measures for relief; and yet it is difficult to
understand how the banks, many OF which
are already loaded down with "fancyr
securities, dare add 70 their weight Of response.
biity by extending their loans. 1t is surmised
that there will be generous calling in OF loans to-
morrow, and squartng OF accounts, while the ex-
element generated by the reports that have
already gone lar and near, may induce deposi.
tors to make
upon the various institutions in which their credits
are held. We are frank to confess, however, that
while 1t is wise to be prudent there no necesslty
OF a right; while there is reason to be somewhat
alarmed by the suspension OF SO important an insti-
tuition as that round which clusters so much OF
excitement it of itself is no keynote to the
actual situation. The failure of q firm which
dabbles in any unfinished railway that rests only
a speculative roadbed is an incident that might
allv hou haan fad If hao
before; 1t will occur again. The influence OF such
an event on the STOCK market will always be mani.
fest, and II to-day
SHARES GENERALLY HAVE GONE DOWN
among the lowest figures in their history, 1t is only
q response to causes which are temporary and &C
cidental but which in themselves possess elastic
ana reactionary power. Firms may have
gone with them. These are individual, not
general misfortunes, and calm dis
passionate view OF the situation will
demonstrate that until the public see private cred
its more generally affected the great world out
side OF Wall street in turmoil, crops failing, the
producer unable to pay the country me reliant, the
country merchant unable to pay the jobber,
the jobber unable to pay the importer
exports falling of, and ruin generally,
impending, it is first class folly to magnify the
breaking Of half score OF local spectators into
panic. There is always need Of conservatism In
this country and never more so than at this mo-
ment To the outside public, therefore, we say, let
Wall street take care OF ITSELF and let try to
gard the present storm as only one of q series o,
clearing up showers that will make our country ali
the grander in the coming sunshine Full details
of the several failures Of the day will be found else
where.
THE SALES OF STOCKS
to-day reached the large amount OF 100000 shares
and upwards, the leading features being West
ern Union, Pacific Mail, Lake Shore, Wabash,
Rock Island, Northwest common, Erie, New
York Central and St. Paul. Western Union