Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1873-10-15
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[Speciai Dispatch to the Baltimore American.
New YORK Oct H. This has been dccl
dcdy the glooucst day Oh III" Stuck Exchange
siucc it has been rcop"ned. The day opened
uutavorably, and matters continued losgrow
worse until the pressure to sell stocks without
regard to their substantial value, culmiDatcu
about Two o'clork in Il genuine panic. In addl-
,ion to the failures annouuccd there were wild
rumors of many others, including stories that
| Drpw and Vanderbilt had bcru driven to tho
wall which caused universal distIuSt. Fur IN
hour or more nothing seemed to have any
nrice. Brokers were half dcllrlouS, and the
prediction was general that everything was GO
Ing to smash. No one supposed that, III the
present condition Of the suspended BAT Ks aud
| the commercial stagnatlou, such an excitement
could be possible. The oldest operators IN the
street say that they have never Witnessed
scene like that Of this afternoon, all clrcumstan-
GOV considered. When many sensible and ordl
narily men really believe that great cap-
talists like Drew and Vanderbilt are brokep the
state of exchange can be iluaglued. Ii Was re-
norted and credited for some while that the
New York Central would not meet It's dividends
TO. morrow, though Duucan, Sherman 20. have
since positivcly aflmcd that 1t will be torthcom-
inc There is DO doubt that Vanderbilt
has been hard pressed, aud many persons
feel confident that he sold large amount
Of stocks to-day to reallze money upon The
condition of Wall street can he understood
when it is known that Vanderbilt, who, in ordl.
nary times, can easily raise fifty millions or
more, cannot now prevent the tumble OF secur-
ties in which his entire toruue Is bound up
That Vanderbilt is under great pressure Is
eyiuccd by the downward curse OF the leading
Vanderbilt stocks. 1t has always been the
Commodore policy to hold New York Central
against the tide, 20 matter what the conSe-
nnence to other stocks might be-, and the de-
cline in Central to-day from SSI to 81! is taken
az a SIGN of his inability to bolster it up. when
money is most needed. A sudden dccliue in
the whole list is reported, Western Union fall
ing from 57} to 49! aud Lake Shore from 664
TO 5og. 1t is runlorcd that the fall III Lake
Shore is partly engineered BY the Vanderbilt
party with the intention u getting hold Of the
road, lust as the Harlem was obtained some
wears ago, as the road is considered necessary
10 the interests Of the New York Central But
that there is no confidence IN any stock on the
list is shown by the large amount closed out
under the rule this afternoon. Money, be-
tween two aud three o'clock. was not to
be had in very large sums at any price
though it was understood that couslder-
able loans on first class securities were made
at , to per cent. day. Some u the banks
have been talking Of resumlrg currency pay
meDts ueXt week, but they have ceased 10 talk
of such course since the Bread street dcvcl
opment< OF to-day. Tie general opinion OF
fnauciers is that resumption will be deferred
until November lst, and perhaps, much longer.
There sceuIs to be little doubt that s'mc OF the
banks are 80 week they can't 60 on with out
aid from stronger institutions, and the probl-
billy is they will be Compelled to 60 into bank
ruutcy. Lcgal-tenders continue very low. 1t
is learned that, though the banks are receiving
a considerable amount of currency from the
| country, they are getting DO city deposits OF
any CONSEQUENCE. Everybody who has green
backs keep them in place Of depostiug them 10
bauk, aud it is estimated that there are now
6ftv to sixty millions boarded in the city. Low
as prices now are in the Stock Exchange, it Is
feared they will go still lower, and among the
gamblers the glooncst prophecies are made
respecting the future. The air sluce moon has
been thick with rumors of evil and disaster,
and names of we'll established houses are bandl-
ed about as rccklessly as at any tune Tor the
last three weeks. Nobody, according to the
wild street reports, is solvent, aud the strongest
men are rumored to have gone back on their
contracts. This is to be taken, Of course, with
!
ly pauickcd, aud will probly continue to be to-
morrow.
Gloom has been felt not only among the
stock operators and tinanccrS. but among the
legitimate commercial traders. Tea aud sugar
dealers have felt the effects oil! the panic to day
more than any other day. Burger Hubert
Livingston, who suspended this afternoon, are
said to be perfectly solveot and able 10 pay two
dollars for one, but not to meet their immediate
obligations. 1t is feared that more OF the large
sugar houses will be compelled to suspend to-
morrow unless they iud relief. The failure OF
Gillespie Trowbridge 4 Co., tea jobberS Is
owing to their customers ncapaclty to respond
to calls for money The tea and sugar market
is greatly depressed. There are no new
failures among the dry goods men though
trade is not active Rrmlttancas from customers
come in very slowly, and many OF the lame
ducks make use of dull times to secure cxtcn
Sions of credit. 1t is asserted that the condition
of affairs to-day was brought about ~ the ad-
vance in the Bank of England rate Of interest.
The banks arc extending DO assistance TO the
brokers' while foreign bankers are calling IN
loans made on stocks, and are refusing to make
any more loans Thus brokers generally have
to resort to sales to procure money 10 large
sums and it was these forced sales which has
dragged down the market. The brokers were
heavy buyers Of exchange and gold, which ru-
| NOR says was in obedience To some orders irOm
the other side Of the Atlantic The natural re
suit of all this is sharp advance IN gold, with
| feverish aud more active market.
VALUABLE WIr-kipg James the first had
bis private chaplain, clergyman named Mount
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