The New York herald., 1875-08-28
FINANCIAL AND COMMERCIAL.
A FURRY in Wall Street.-The
California Panic.
CLOSING OF BANKS AND BUSINESS.
Decline in Stocks Advance in Cold -FInctnat-
ing Figures Bonds Steady.
WALL STREET, |
FRIDAY, August 27--6 P. n. I

FRIDAY August 27--6 =. M
II doubtless fortunate that tho announcement OF
The financial troubles in San Francisco was published
md generally known before the opening of the stock
and gold exchanges to-day Time was thus afforded for
scrutiny and apparently required but little to satisfy
the majority of operators that whatever is occurring
In California will Immediately produce material
effect among of the East Incidentally these events
add to the feeling of dstrust that has existed for long
time They demonstrate the rotten condition OF the
credit Of the country They illustrate the mad
Of capitalists, whether working on a gold or Il
paper hasis, who seeking sudden and great
results, have expanded beyond their
and are unable to meet the contingency that has fol-
lowed. In BRIEF they typfy class of spectators all
over the country who have done and are doing busi
ness reckcssy, using other peoples money without
honor, guessing probabilities without Judgment
always cxacng tribute false prctcnces and at tho
last settling with their dupes that should have
tent the principals bankrupt court or TO prison
The practical effect of the panic in San Francisco this
market Is Insignificant, except in so far as It induces
unusual caution among moneyed men and for the mo-
ment puts damper upon investments The large
failure OF sugar house in Baltimore, reported yeser
day, is regarded with much concern and Its nllu
likely to be seriously felt commercially
than those which attach to
CALIFORNIA COMPLICATIONS
FALL of the Bank of California but the misfortune gen
orally believed be due extravaganza The institu
ton lent its aid to everything that speculative
Its President 1t is said permitted to spend $4,000
year in the entertainment of guests he rode to and
rom his place of business in special train; he owned
stable of twenty-five horses and drove four in hand
de was good liver rapid speculator and dabbler
IN everything that promised to pay from new hotel
10 silver NINE He owner of big bonanzas
advanced their price; induced servant girls and thou
sands of others among the working classes to follow his
lead and take their cash from the savings
banks for the purpose of augmentng their little
For time prices did go up, and in almost
fabulous way, but suddenly there a reaction.
The stocks of the Consolidated Virginia the 0phir the
Caledonia, the Savage and other mines began to decline
The credit of the bank suffered. and at last came the
breakdown 1t is the old story Too much strainl So
far New York market is concerned the losses
alleged to be small, the bills of the bank and its in
dosements having been stunned during the past sixty
days. The London correspondents of the bank were
the Oriental Bank, which has capital OF f1 600 900
and reserve of f5Oo, 900.
despatch from Washington states that heavy
transfers of gold California being made by the
Treasury to-day in support of the banks of that
tion. Upon official notification being received at the
department that the agents of the banks have de-
posted gold with the Assistant Treasurer ut New York
teegraphic instructions are sent to the Assistant
Treasurer at San Francisco placing credits the
spective banks making such deposits in New York
Over 81, ,0O0, 900 is transferred already.
MARKET
the opening marked by unusual excitement, and
Turing the first half hour large amount of stock
thrown overheard by frightened holders, who evidently
elt that a blow had been given to the slowly
ievving confidence of the country, from which i'm
mediate reaction would follow. II will be by the
igures, however that these parties too quick in
her movements and that prices, under strong
tanning power which was quickly established, gathered
Iomewhat of their old strength aud continued to
improve until the close If there should be fail
1t is of impossible say what will occur;
but while wrte-ater the close of the market
there signs OF recovery and expressions of the old
faith in the future of the country Compared with
closing prices yesterday the decline ranged from 70 to
per cent the extreme having been noted in Western
Union which dropped from s31s to s16 Suisse
Iuently with some huctuaton it rallied to SO and
closed in the neghborhood of s2% SO. Pacific Mail
opened 371s against 3ssi at the close of yester
day, sold up 372 then down 81, but jumped
la per cent and ended at 3sJ6. Lake Shore ranged
between go a 6O7i, and closed at 601z Northwest
closed at Az, preferred 55h, and ST. Paul at 373S
being a reaction of q y per cent from the highest
point Union Pacific closed at 722l st. Paul pre-
erred at 634, and Erie at l6, the highest prices made
Missouri Pacific declined to AZ, Hannibal and ST. Jo-
scph to % and New Jersey Central to
llOA. Panama closed at 1870, against 14O yesterday
New York Central steady at 1O41S 1043s. Rock
Island sold at 1919 1919 1923 1878. Atlantic
and Pacific Telegraph sold at 1873 2o, Marposa 10
and IL. The bulk of business was done in Western
Union Pacific Mail, Lake Shore, Northwestern and ST.
Paul
sALRs TODAY
The transactions the Stock Exchange to-day ag-
grcgated ISL Oil shares, follows New York Central
and Hudson River, 416; Ere, $3.50; Lake Shore,
sl,4OO; Cleveland and Pittsburg, 100; Northwestern,
10 4OO do preferred 900; Rock Island 400; Pacific
Mail, &c. 66oo st. Paul. $500; preferred s. 7oo ohios
5000; Western Union, SO, 2OO Wabash 300; Union Pa
cihc, 800; Panama, $50
OPENING, HIGHEST AND LOWEST PRICES
The following table shows the opening, highest and