The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-03-30
WALL STREET NOTES,

AN OLD TIME EXCITEMENT IN STOCKS AND
GoLD-A SMALL FAILURE-DEATH OF AN OLD
BANEER-FLURRY IN THE MONEY MARKET.
one OF the most memorable OF days since tne
panic OF 1878 be recorded in the stock market
yesterday. The fluctuations In stocks were wld'
Tut. happily, the tendency was upward In the
early morning. Union Pacific reached the unpre'
cedent, Il price Of 6si4, amid the widest excite-
ment, but as 1t advanced the otner fancy STOCKS
were coming down; and when IL suddenly dropped
TO 65 there was a stampede In all shares, attended
with great excitement. TO add to the danger OF
the situation
FAILURE WAS ANNOUNCED
on the Stock Exchange. The house In trouble
proved to be that of Messrs. b. G. Smith Co.,
VINO had sent a notice TO the board that they
were unable to meet their contracts Their llabll.
ities are said to be small, and the cause OF their
failure
The street had shock yesterday In the an
nouncement OF the sudden death OF Mr.. Lazarus
Hallgarlen, which occurred late sunday evening,
at his residence in this city, alter brief illness
Mr.. Hagarten mas been for years the head OF the
prominent banking house OF HaTarten Co.. late
hagarten d Herzfeld and for Integrity aud imam.
cal ability was justly regarded very highly among
his associates, aud mis- decease leaves VOID that
VIII be deeply telr.
Mr.. VIM. orion President OF the Western Union
Telegraph Company, sailed Tor Europe on Satur.
day. Ii Is understood that Mr.. orion has gone
NANNY on business OF the International Ocean
Telegraph Company and IT'S relations with con-
meeting cables tue Gulf TO contract for new
cabl, to De laid between Key West and Punta
Rosa, Fla, WINCH when lald will duplicate the
entire telegraph system Of the International Com
pany.
meeting OF
PANAMA AND PACIFIC MAIL DIRECTORS
was held yestei day for the purpose OF adjusting
the tariffs OF freight ana for other business ap.
pertaining to the new arrangement between the
overland railroads and Pacific Mall. 1t was lound
Impossible to arrive ut harmonious CONCLUSIONS
and II was bell we'd there were serious difficulties
In the way Of adjustment Tne HERALD
representative interviewed one or the prom.
lnent officers OF the Pacific Mail Com
pany, and was given to understand that
notwlths landing the rOse.coored reports that
"war to the knIeu on the part OF the steamship
company In order to secure their rights IN the
combination. There have been three reports put
forth TO the financial standing OF this company.
One last year by MeSsIs Sage, Scott, StebDinS and
others one by Mr.. L. Z. Nlebuhr, the then treas.
urer or the company and one Dy the managing
director. Stockholders look anXi0uSly Tor he
fourth report OF Pacific Mail in order to discover
what condition their property is IN or whether
they have been shamefully bought and sold BY
heartess stockholders
The resignation OF United States treasurer F. ..
Spinner was the subject OF some comment IN imam.
the causes OF his action.
FURRY IN THE MONEY MARKET
added to tine disturbing elements IN Wall street
yesterday. Money at one time was one SIX teenth
per cent per diem bid. but later dropped to sll
and seven per cent per annum.