The sun., 1873-09-19

THURSDAY, Sept ls.-p. M-Thc panic in
Wall street. though not equalng in wild eX-
element the famous September days Of 1864.
yet developed power uf mischief and disaster
such as las not beea chroniced since the
Chicago fire Atthe opening Of business there
were no special indl atons Of the coming
whirlwnd, and indeed stocks improved trine
soon after the commencement OF trade. Rulnor
was, h .we,er, busy in reporting tie
failure Of the PENNSYLVANIA Company. bat
the prompt denial Of Drexel, Morran q Co.,
its financial agents, restored quiet. 80 that when
the house II Jay Cooke Il Co. was said TO be In
dhicuty the whole speculative fraternity re-
garded the story as only another stock -jobbing
canard, and not until near ii \. ". were the re-
ports corroborlted. The bears, II appears were
somehow early apprised Of the actual condition
Of affairs, ard 10y well-directel assaults upon
Rock Island, Western Union, Wabash, and Pa
cidc Mail they -ucceedcd In drifting the market
into 1rst-cass panic, and did not cease their
operations until they had forced We-tern Union
downlut G. cent. to - Pacific Mail, 81 7tt. 1.
PaciHc, 81 TO alL wahash,,H to4 y. Y. Cent.
81 90, Lake shore. ~ to So; st. rauL4t
10 70; ohios, q. TO 81 N"Ck Island, 4. 10
~; and Northwestern, D. 2 cent. TO a. q.
There were frequent and rapid huctuati9ns and
the market, though closing VerV fcNeri~h aud
unsettled. set showed an improN emrnt, a. the
table annexed will move fully Illustrate.
Daring the afternoon the failure Of the First
, Aatiu:aL Bank Of Washington. added 10 reports
az financial en- harrassmcnts Of nearly all OF the
prominent Wall and broad street firms, gave
another impetus to the renewed bear attacks
upon the market and the e. ,itement again be-
came intense. The situation was freely discuss
ed after the close of the stock Exchange and a
larger number uf the leading bankers joined the
street circles than has been observed for rlany
sion LEST the national banks who kept their de-
posits with Jay Cooke Co. may be embarrassed
hy their suspension, and that the panic to-day
inauguratcd will therefore sweep over the coun-
hon fI,aa tIsff, IIsfr.
bubbles burst in lS5l; but this much may he
added, that many Of the country banks had
and the large demands upon this firm from
, these sources undoubtedly hastcncd their frl.
branch oI Jay Cooke, hcCuocA Co. are an
ruur'cd as solvent, ana thn the hrm there
r'urc-cnt a credit balance Of about Sl."lr 10
over any drafts or obligations outstanding.
In periods - great cXcicn,ut ilk, the pres
'ht. unly cool judgment and calm rounsrl. viii
teu'iyc failures; and ii ais j- inc dlty ot wall
street opcmt9r~ to limit th,r 10 'eN, instead of
permitting the market tn run so iaridly away
shadow "a renewal ~ the ,A,teWeut Tomorrow,
ANA uni,s. CoYmodorc Nand'r1iit come into
Sorrettp II tae Treasury lifs ihe shadow hy
,lu be only decpcued ia utcu-ts. and t.o
wreck, ~ Walt street VIII he tl.yA as the
leaves IN the vale ~ Valiant rosa.
The tota, uumt'r n share, dealt ia Vi- no.
Pacific Mall 5,.ji: TAKE shore G.6i: NrS
York Central uCUO; Rock Island ''7.l-N; lnion
Pacific, 2-,iiI. Eric. "a llOr; Wabash. 1869; ;OIi.-.
9i'pl: C.. &. and l. c.. t,sii Northwcs tern t.nt:
-. Iagl. i".u' Hannibal and 20. JOSEF q, -,tUJ,
HdTloW. LAO; Panama, LOO pr'aW are, l.., ,d-
wanna and Western, l,iJU; Northwestern pro
fired. Lao ~. Paul preferred, so; Quicksilver,
go; Atlantic and l'ac ,hc preferred, 90; Erie pre-
ierfcd, 400 at GJl4Gj, Consolidation Coal, ilU At
biNl.tg. Chicago and Alton, ~ at lul 100
Maryland Coal, @o at - quicksilver preferred,
Hu. ~ ,li--targp fXurrs-, IL: United States i.E-
prCss, no; Michigan Central lun az - ; Fort
Nlyuc, Zoo at "a; Hannibal and 1T. Joseph pie-
igrrgl, 400; and Adams Express, lUv.
iuc gold market Mtu, scarcely less exciting
than stocks, and there was an active scramble
ON the part Of the shorts to cover, there having
been aWei-circulatcd rumOr, which, however
We may here deny, that Jay Cooke Co. were
short six millions ~ gold aud that their brokers
were buNing in their contracts. The short IN
terost of this firm Ia this market was covered
earlier m the week, but the other bears run up
prices ON themselves, and among the PECULIAR
Gould was acCr dltcd with supply Ing the de
muud with hi. short sale. The opeuiug price
WA al =, but under the iulu'aoc~ above noted
the premium was advance L. H., though
there WAS subsequently a decline To III hc-
cause Of heavy bear transactions, vet when II
was asctrtAincd that the secretary ot the
Treasury declined TO sell his advertised $lio.
having been made below tine markrt al mo-.
lli|D there was Al advance to IL q, aud the
price closed al llH's,
In gold loans the rates paid for having balances
carried ranged from D tu2 ~ cent, and suhsr-
QueutY At Il, with nnal u'-uuauuus AZ ,, Z,
H,uK w,re t95ti,Cu' gold balances. il91lIl3 unI
currency hslenc,s Si 400. iuc -uh.rts.ury rc-
GccUru fihtbin t.ll,d uDl-, ,nuh lhU' t.i 90 rDu T
ttr.si uu the pubic dent - 'o, iAe following N,lr
N