The New York herald., 1876-07-14
FINANCIAL AND COMMERCIAL.
Reported Panic in the San Francisco Market
Our Own Stock Market Dull, but Firm
GOLD III l-2 A Ill 3-S A Ill 5-S.
The Failures Of the First Six Months Of 1876
Money on Call and 1-2 Fer Cent-GOv-
ernment and Railway BOnds Firm.

ernment and Railway Bonds Firm.
WALL STREET,
Thursday. July 1876 7. N.
A report from San Francisco circulated on
Change about two o'clock TO day that panic prevails
In that city and several operators have gone
down In the storm. Later dispatches may throw nd
ditional light upon the subject We infor med by
gentleman who has recently returned from the Paci1c
that financial crisis has not been deemed i'm
probable Tor two three months, and that number
Of spectators have been heavily bearing the market
In the expectation OF q crash Among these We hear
mentioned the name Of Mr. Keene who Is described
the Jay Gould Of San Francisco, and who has been
conspicuous large seller OF the most speculative
stocks the alleged grounds thar many of tho mines
receding from the maximum Of production and
have reached depths in the earth which not only
tard the work Of production, but augment tho labor
snd expense TO degree that must prevent the declar
alton Of the immense dividends which have heretofore
besn paid On the other hand, it is said that Messrs
Mackey and o Briep. recognizing Mr.. Keene their
niost dangerous antagonist because OF his wealth and
resources, expressed the determination weeks ago
spend If necessary five millions OF dollars to break him
down and destroy his power in the market these
statements are true The panic, such is may be the
legitimate consequence OF a tight between financial
giants and perhaps prove but temporary and local in
s influences As will be further the San
Francisco show evidence os unusual
citcment at the morning board
The effect upon market has not been felt
is likely be elt The Incident occurs at time
when the chiefs OF speculation loaded with stocks
up to their eyes, when their dangerous bear an
agoniss absent from the city, and there prac,i-
raily nobody interfere with the seven their
way" panic in the grain markets OF Cincinnati Cr
Chicago would prove much more ugly customer
THE FAILURES FOR THE FIRST 1915
In this connection publish from the semi annual
circular Of Messrs Dun Barlow Co., Of the Mercan.
tile Agency, issued to-day, the following figures show
Ing the number Of failures throughout the United
and Canada fer the first two quarters OF the present
year. together with the OF liabilities compar-
ing tho same with the corresponding figures in 1916
FIRST Quarter
1882. $4s, 600 900
No AMOUNT
is7s..........-..... 1ssi............sss,o 600 OCo
Sir Months
1875. 1868 $40 600 900
1876. 460O.......... l07, 900 600
This shows starting increase, both the number
Of failures and amount OF liabilities for the months
just concluded but attention Is drawn to the acs that
this increase mainly occurred In the first quarter of
the year. Although the figures for the three months
Just closed somewhat larger than those the cor.
responding quarter ol 1873 there Is marked decline
the figures Tor the second quarter Of tho current
year. In other words the number OF failures IN the
asrthree months are less In number by 1000 than in
the preceding three mopths Of this year, while liza
bitles q declIse OF $2l COO both items show
ing an Improvement iorty per cent This vari.
alton is greater Than ever before In the period
and happily ia this instance the variation is in the
right direction. The liabilities for the quarters
already published follows -1S75-First quarter
y43 CO., oo0 second quarter $33 0c0 00 third quarter
Al NM lln fnnrf llnf
quarter, S8i O0O 600; second quarter $4,000 OOO BY
adding these together the liabilities quarter
will average over $5l 900 600 per quarter that the
liabilities of the quarter just closed ($43 a. O00) are
Is 00O 900 less than the average.
Notw outstanding the large increase for the ak |
months which the above figures imply the marked |
decline in failures for the past quarter
couragement to the belief, now very generally enter
a,ned that have the effects tho pres
depression, far casualties OF this character
concerned II is true that business continues in a
very depressed condition. that the results Of trade
with EXCEPTIONS have been exceedingly unsatis.
factory that values continue to decline and that
certainty and anxiety exist in all quarters Yet In
The all this there Is comfort the reflection
hat the which produced this condition OF |
:hngs have been almost completely reversed In the
place Of reckless over trading have lessened
sales guided by caution, and also prudence In pur-
chasing Instead Of enormous over-producton OF all |
descriptions Of anufactures there Is tue strong.
est tendency TO limit the product and thus lessen the
possibility Of still further decline in prices Vastly
increased expenditure on public works has been sue
ceedsd by the almost complete cessation OF construc
ton Economy IN business and personal expenses has |
the place. extent OF extravagancc
and reckless iberality and this very tendency while
the OF restricted business IS ono Of the best
signs OF an early return OF prosperity SO that In all
departments there evidently a change, and such
change It was necessary for the throe years Of de-
preston 10 produce without which II was hopeless
10 expect revival OF business on a sound basis
STOCK xARKxr
Stocks generally closed strong, although the usual
parade did not take place until just before three
O'Clock. The leaders then moved up 10 the front
made the customary salute 10 the battalion commander
and we're dismissed In due FORM Compared with yes
ssrday's prices the changes have boen unimporsaut
except in the OF Western Union, which shows an
advance OF X per cent
The following figures Indicate the principal nuctua-
tons:-western Union opened at 70x, receded 20 70k
to TX anil closed AT 71@. Lake Shore opened
and closed At Sax. with sales meanwhile at 55'l.
Michigan Central ended so after at 49,s 49s.
Pacific Mail was quiet at 25x a25s. Erie likewise re-
NAMED In the backs ground and sold at IA IA. l4x
81 Paul changed from 4o,s to 4o, while the preferred
moved from nk II 70 71H a7lk. Northwest
brought A2x A2x. and the preferred Gs,1 a es1 a
s6k
In the coal Delaware and Lack awanna was the
most active, ranging from lol los and closing at
l02 Jersey Central opened and closed at 72x bid
with sales in the interim Of nfty share 7s and
other transactions. seller sixty days. at H. Delaware
and Hudson Canal, the semi-annual dividend on which
has been reduced from 70 per cont, was steady At
l07. The rest Of the market requires NO comment
THE SAILS TO-DAY
The transactions the Stock Exchange to-day sgare
gated ~ 600 shares Erie 700; Lake Shore H. 500;
Northwestern, LOO; Northwsstern preferred l2oo;