New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-07-28

at least in the estimation OF the general public
high credit and has held large deposits though il is
reported that its deposit line has been diminishing
of late which, if true, may be regarded as fortu-
nate circumstance for depositors, as the firm can
hardly be in condition to pay in full, else with its
ample credit it would not have gone under. The
liabilities Of the house loosely stated at
So 0OO 900 to $4,000, 0O0 with assets considerably
under that sum; and We hear, and hope the state
ment may prove true that the losses will fall mostly
in places where they can well be borne Of course,
without any statement of liabilities or assets, or any
other important fact about the house beyond the
certainty that it has suspended and made assign
ment it would be idle to speculate upon the causes
of the failure, its probable effect upon bust
ness interests or the probability possibility
that the house may resume business in the future.
Briefly the stories in the street go to the effect that
the concern has been largely engaged in the cotton
trade in which it has sustained heavy losses that 1t
has seriously suffered by the failure of Messrs Collie
& Co. of London, and that it is SO badly crippled
that there is no reasonable probability that
it can possibly survive this disaster. The
liabilities Of the house are said to be
divided between this country and England in the
proportion of twoffhs here and three-ffths abroad
The hopeful seem to think that the effects OF
this failure upon the prices Of securities and upon
likely to be serious. and say: 1.-THE general trade
outlook is none the less satisfactory; the rapid
bringing forward of the crops has not been retarded
there is money enough, and more than enough to
satisfy all the requirements of trade and speculation
and there are no more reasons why prices of secur-
ties should rule lower than existed month ago."
And yet timd operators that they take instan-
taneOus fright not only at an actual disaster lkethls
but at the reported death of Commodore Vanderbilt
(which was thrown in to help the scare today, and
drop their holdings like molten lead and down they
60 not in fractions, but in whole integers until
shrewd capitalists step in to reap the reward SO 1t
was to-day The minute the announcement OF the
failure was made, the market was turned from
bull to abject bear, and in twinklng
prices were sent reeling downward at
tremendous pace, nor did they halt until they had
recorded decline of q to 9ss In trice the lead
ing shares were snapped up by eager buyers, and
before an hour had elapsed they established on
a basis of y to over 6 per cent above the lowest
quotations. The rest of the day the market natur-
ally was feverisl, but prices reflected decidedly
upward tendency, and as the belief strengthened
that the present disaster will not mate
rally affect local matters, feeling OF confidence
seemed to be rapidly growing. The business OF the
day has been large, amounting to the purchase and
sale of 2G7, 800 shares the largest operations
and widest fluctuations having Deen III Vest
ern Union Telegraph, of which $4,000 shares
were sold at 921s0S2Q823s and then it ran
RAPIDLY down to 70, from which it as
rapidly recovered to 1884, and thereafter tnctuated
fractionally between that price and 76l, closing at
1913 Other stocks were materially affected, as viii
be seen by our table containing the range of prices
but not to any such extent in the case of Western
Union The most prominent stocks after Western
Union were Lake Shore, of which GO,OO0 shares
were sold; Pacific Mail, 10000; Northwestern,
q 800; St. Paul 10000; and Ohio and Mississippi,
$500. The decline from yesterdays closing prices
has been from Il to per cent, as follows: Atlantic
and Pacific Preferred and Erie, each Il per cent
Delaware, Lackawanna and Western and Atlantic
and Pacific Telegraph each d; Wabash, %: ~.
Joseph "a; c. c. and l. c.. 7s; st. Paul Preferred,
lis; Ohio and Mississippi and Mariposa each
Ia; Central and Hudson and Rock Island,
each 13s; Harlem, Pacific Mail and st. Paul each
10; Northwestern Preferred and Union Pacific,
each 2ls; Lake Shore 2ll Northwestern Common
and Western Union Telegraph, each 27s; and
Panama per cent. The opening, highest, lowest,
and closing prices of active stocks will he found III
the following table: