The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-06-17
A Heavy Failure in Wall Street
Stocks Declining.
PANIC PRICES AGAIN TOUCHED.
The Money Market Fasy-securisies
Generally Steady.
G OIL ID f IR ME n
WAL. STREET.

WALL. STREET,
TCESnAY. June l6-6 +. A.
Tae cheIevent In wallstreet and its surround
anas to-day was the announcement OF the suspen-
sion OF the banking firm OF the Messrs. Turner
Brothers. 1t produced a demoralizlng effect
These gentlemen have been recognized as repre-
sentaxlses OF sone OF the large railway interests
although at the same time they are said 10 have
carried great deal OF real estate, and their pro-
nounced inability TO stand against the existing
pressure seems to have been accepted as an ndi-
cation of'an underlying weakness in the market
which sooner or later must bring down other
houses that have not been more suspected than
this. 1ne frm Is represented as having made
large advances to the indianapolis, Bloomington
and Western Railway Company, new road.
which, like others, having succumbed to present
staxOation, hes involved its supporters in ruin.
Such particulars as belong to the public Will be
found elsewhere 1t Is said that from 81, o0O, 900 to
8, 5Oo,Ooois involved in the failure; but, in the
absence OF the reports withheld by the firm it
may be injustice to indulge in the recountal OF
gdetails given to the street.
THE STOCK MARKET.
History is again repeating itself. The market
appears to be undergoing the experience that fol-
lowed 1858. The panic is still attended by its
shadow. Prices dull and stocks possess no
elasticity. On the contrary, some OF them have
dropped to a lower point than quoted at any
period during the past year. The market was not
raided apparently IN the slightest degree, but
yielded to natural influences, among which was
the sale OF long stock thrown overheard by old
holders, and purchased by the 'snorts" and those
who skirmIsh on
THE oUTPosrs.
Wabash for instance, sold at 3224 in the panic.
To-day 1t sold at 295s. Erie in the panic was 35A,
now 1t is 29l4. Ohio and Mississippi was then ia;
1t is now 221S. Delaware and Lackawanna Is 8
per cent above the highest prices Of 1878, but
Pacific Mail is 36SS per cent below 1t is said that
some OF the German bankers were heavy sellers OF
stocks to-day, and from this source there is in
tlmation OF even lower figures. The range of the
market was follows, and 1t will be seen that 1t
is not encouraging New York Central declined,
compared with last nights prices, from 97s4 TO
97A; e., c. and |. c., from IS to 171a: Erie from
29z TO 2sh. Harlem was steady. Lake Shore lost
III per cent; Northwest Common, l 81 per cent;
Ohio and Mississippi, z per cent; Pacific Mail l
per cent. Rock Island showed a loss OF 4 per
cent; st. Paul. IL per cent; Wabash, 27s per cent
Union Pacific, la per cent; Western Union, Is.
THE TRANSACTIONS
to-day amounted to $4,000 shares, which were dis
trbuted follows Western Union, 90, ITO Union
Pacific II 900; Wabash, %, $50 Pacific MAIL 700;
ONO and Mississippi, $500; New York Central.
3l2o; ST. Paul, common, $3.50; do, preferred, 1907
Lake Shore, 81, 200 Erie, 3400; Rock Island, 4,3lO
Northwestern 100; G., c. and |. c., 400; Delaware
ana Lackawanna, 400.
THE GOLD MARKET.
Gold opened at 110I ana closed at 1114, the
strength being partially due to the Improvement
IN foreign exchange. The attitude Of affairs at
Washington and the complication in France are
also incidents that enter into the OF the ad
vance There was likewise large existing short
interest which required but slight impetus to
induce a covering process The rates paid FOR bor-
rowing were to per cent and fat.
The operations Of the Gold Exchange Bank
to-day were ds iolows:-
Gold balances. s1Is1 349
Currency balances Observation-Disclosures. i,53oo24
CLEARING HOUSE STATEMENT.
Currency exchanges. SOL 2cS le3
Gold exchanges. Observation-Disclosures 4,s32677
6old balances OBSERVATION-DISCLOSURES. 1881
THE MONEY MARKET.
Money was easy at a per cent on call. Foreign /
exchange was advanced to 4.s9 for prime bankers
sixty days sterling and 4.s11a for demand. These
rates the highest since the present system of /
quoting exchange was adopted. on the street I
prime bankers sixty days sterling sold at ASIA /
and demand at4.so1s. The shipments of specie to
Europe to-day amounted to 100000 and for
Havana $4,000, making o total OF $l50.0o0 gold /
coin. The specie engagements for Europe 10
morrow amount to 100000.
RAILROAD BONDS
were IN the main firm, although exceptional sales I
were made at lower prices. We quote late bids as
1olows:-
Alb susa ID bds.....lCO Mich SO h n i ~ c.l03
Bur e. X a NJ ls rs So Clev ! oil f..........l04
Ches d Ohio 6's list 5214 Clev 4 I oil bds.. Va
th Alton sink iund 100 Cley, old DDS .I0ln
CHI Alton list ....iU7 Det, Mon 4 To 100
chi Alton income Va Buff * state l. 7's.... ~
.oliet hi LIST IN. ....l07 Kalamazoo Wd lst IS
1T l., Jack Chi lst m. 50 Lake hore LIST con, %
CHI, Bur c. LIST. llUi4 Marietta Gin 100
Chi, Rock Island Pac. 0js4 Mich Cen IS a2. s5s1
Cen lst 1864 Mich Cen LIST IN. SIS 81 100
Central. convert. -1l1z An .ldUJs
Am Dock Imp bonds. 100 New York Cen 6's, ST.. 93
: Cen SCI. I