The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-04-12

EXCITEMENT IN WALL STREET YESTERDAY
GENERAL DECLINE or FROM TWO TO
TWELVE PER CENT.
Wall street was in very truth bear garden ysstsr.
day, with all tho animals loose and In clover. No
sooner had The Stock Exchange opened It's doors than
prices were noticed 20 he tumbIlng downward With
singular rapidly. Az first the tall confined TO
few Stocks but in little while the trouble spread and
became general The trouble commenced with North.
western common and preferred, the first named stock
opening At 81 and rapidly declining 10 1879 and the
preferred from ~ going down 70 49, Rock Island was
next in order, showing a decline from 954 TO o2H
AS some Of the other stocks also began
carly 10 show q weakness the query. "what's
the matter with the markets" became gen.
cra Some who PROPOSED 70 have Information on this
point answercd that the banks were calling In their
loans made securities which Tor some time past
have been subjected to steady downward and
have not evidenced sufficient strength 10 resist the
effects OF their decline. whatever II may be- These
securities have boon going down from low 10 lower,
report said, until the lgurcs ut which they now
quoted come very close upon amounts which
they are pledged at some OF tho banks. The banks
are, therefore, only exercising just discretion In
calling In their loans. or course this throws good
doal OF stock GU the market. and you must look for
bigger sbreakn even than you have had yet. So
went the talk, and, whatever the cause, tho
break came For a while the liveicst sort OF
scrmmagc prev allied: indeed IL continued, with oc-
,, 49, ,...,. :, 80, ~. 800. a. r.,
cas'ona' '''o 'h'orva's quc'' 'no en''e uay. -
any one whose dollars not slipping through his
fingers bv the red or with oycry TICK Of
III, .,...., ...,....., No,, s,ra... arosor,aa =,
Tue '0'eSf"Pn 'us"u"sus ~" sHsoT p''s'sN -
amusing sight Men and boys, young ana OLD, dasned
in and out OF the Exchange with haste that be-
tokened how precloAs the moments wero
KENNEDY 1 CO. SUSPEND PAYMENTS.
Before tho excitement had fairly commenced the
following notice sent IN 70 the exchange ny Messrs:
H. Kennedy y Co., Of NO. IL Broad street, was rcau
aloud ana created consideraoie excHemeht:-
NEW YoRK. April IL, 1877.
PRESIDENT or New YORK STOCK EXCHANGES .
In OF the failure OF our customers to furnish
marEins We "re cohpei'ou " s"spena
The house, II was said, had passed safely through
all the previous panics, and on the announcement OF
Co had gone under others must follow But rumor IS
gwen 10 this sort VI predcton winch doe. NOT always
follow, and yesterday II did not, nor did any other
house follow ~ the wake OF the suspended hrin rho
first inquiry WAS naturally directed 70 asccrlainng VINO
the customers oil Kennedy 70. were Win snort
margins, ana report mentioned Tue naincs o. ME- 1onn
y Tracy ana william L. ocott-ME Lracy's orotner.in
law--ol the ROCK Island railroad. Ihe name OF MT.
David Dows ~as also mentioned An interview with
Mr. Kennedy oy q HERALD reporter resulted ~ INC
statement Ny the suspended Droker that MT. Sonn
+. Tracy was oenlhd Win MS marquis, anu
that Mr. Scott, his oro!her.lnaw. mad entire
charge Of his affairs, Mr tracy oelng now
~ and that Mr. scott dd nothing 70 avert me trouble.
Mr.. Tracy however, ME- Kennedy sald, IS man OF
readily can do, we shall give dollar Tor dollar and re-
sumo IN few days MI. Scott was next seen, ana nc
suid ne ola not CONSIDER nc hau any power 70 ac LOT
Mr tracy IN the emergency. IN some Things act