New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1873-10-16
A oTICK REBOUND IN STOCKS.


THE LOWEST LEVEL SAFELY PAssED-COMMODoRE
VANDERBILT SAID TO BE PUSHING UP THE STOCK
IIsT-CONFIDENCE RECLAIMED AND BETTER RATES
COMMANDED. ~ ss,'sa-zss..-,
The feverishness which characterized operations
in Wall-st. on the previous day renewed yester
day morning at the opening Of the Stock Exchange.
Stocks which had closed very low opened still lower,
and amid great, although suppressed excitement,
reached their lowest figures since the beginning of
the crisis The news of the renewal Of the depres-
sion drew large crowds of expectant and
curious visitors to the Exchange. The gallery
creaked beneath its burden, and the aises devoted
TO spectators were filed with an anxious crowd
eager to catch glimpse of the opening quotations
At 10 a. m with the opening of the regular trans
actions came rush TO sell stocks of every descrip
ton. but particularly those known as the
Vanderbilt speeialties." Prices dropped \ be-
meath the pressure and wild excitement
ensued, the average decline being from l to per
cent throughout the general list. New-York
Central dropped from s. to 50. Harlem from 103 to
100 Erie from A.. to a.. Lake Shore from 60! to 57
Wabash from IS to So! NorthWestern from "a to 81,
Rock Island from 50 to ST. Ohio from % to 2!, Union
Pacific from 1G. 49, Western Union from 81 to 49,
Pacific Mail from % to %. Under this pressure
numerous failures expected, but only two were
announced, n. s. Perry a small dealer on Broad-st.,
and Gilman Son d Co, bankers, of No. a Exchange
place.
At about o'clock there was better feeling, with
slight return Of confidence Various reasons were
assigned for the change being that the decline
having been caused by lguidatiOns on the part of
stock brokers and Others prices had reached their
natural basis OF intrinsic value, and they must
react These views were borne out by the payment
Of the S96OO,OOO of the New-York Central dividend
at the Office Of the Company,s agents in Nassau-st
In addition it was asserted that Commodore
Vanderbilt, from necessity, had become an ac-
tive bull" operator in the market, and
az he would draw the dividends on about S40OO00O0
worth of New-York Central belonging to him,
this money would be used as a means Of strengthen
ing the stock market 1t was also asserted that be
had disposed Of 100000 worth of New-YoIk Cen
trail and Hudson securities at 70 to German bankers
and that he would use this sum a basis for bull
ing" the stock market and particularly Central Lake
Shore Western Union, and other Of his secuTi-
ties and that he would pay the $1,1800O0 loan to
the Union Trust Company.
While these statements and rumors produced
marked effect, they were of minor importance In
comparison to the dissolution Of the Grinnell in
junction by Judge Blatchford, which agtated the
street and was affirmed and denied repeatedly The
fact having been established that the injunction
had been dissolved there fears that the 100000
shares Of stocks held for the account of Grinnell
would be thrown upon the market and lead to re-
newal of the panic To the establishment Of all,
however, the vast blocks of NewYork Central, Lake
Shore. Western Union, ETC.. which it thought
would be thrown upon the market were kept out Of
sight IL was soon reported that the Vanderbilt
marty had made ARRANGEMENTS with the bankers
and brokers who held the stock TO carry it over for
the present at least, one argument being that If
they should not do this stocks would go
much lower and all who carried them would
be corespondingly injured. All this created reac-
ton which was taken advantage of by the bulls"
and soon prices which appeared TO be on the point
of going to zero recovered and went up with almost
greater rapdity than they had gone down. The
whole list appreciated from TO 81 per cent as com
pared with previous quotations. AT the close there
WAS reaction of to Il per cent from the highest
point The most marked improvement was in Lake
Shore Western Union, Harlem, Panama, Delaware,
Lackawanna and Western, New-York Central, Rock
Island. Wabash. and Pacific Mail. Lake Shore,
which fell off from 613 to 57l advanced to e. and
reacted 20 659. Western Union, which had declined
from 81 TO 49, rose to 54t and finally sold at 52s.
Harlem, from 100 reached 106. Panama rose from 81
TO Sc, and Delaware, Lackawanna and Western from
50 to ST. New-York Central sold at S730S6S; Rock
Island at S7IaS, T87!aS6! Wabash at 80. G3ss and
Pacific Mail at 3l1G30i
Money was very irregular and closer than on the
previous day. In some cases the brokers accommo-
dated one another at per cent but the bulk of
the business was at to per cent for small lots,
and some cases per cent was paid for round lots.
Some transactions were rumored at n per cent and
interest for 60 days. Gold was moderately active,
the price declining from 1904 to 1884, closing at 1885,