The New York herald., 1879-11-22
FINANCIAL and COMMERCIAL.
Enormous Further Decline
in Stocks.
HAS BOTTOM BEEN REACHED? I?
Unprecedented Feeling of Confidence in
Face of the drop"
HAS BOTTOM BEEN REACHE
WALL STREET,


To such spectators Change have been ex-
corated by previous stock panics and by experience
become used to them the important dip in to-
days prices treated the very natural reaction
to very absurd advance. To the 'lambs. how
somebody has very appropriately chris
tened the innocents who have been led to specula-
tive slaughter-the tumble in to-days prices has
been ceath and destruction. They have simply
been drawn and quartered. and the financial
Bhambles full of their remains The crevice
in the bull market. which commenced to
widen yesterday, yawned to an alarming
extent to-day Both bulls and bears were agreed that
break In prices would be "good thing, but It
sometimes happens that gets too much OF
good thing, and the market got too much OF IL To-
day. The very reasonable, proper and anticipated
set back prices came. 1t was inevitaplet wouo
come but 1t pushed to preposterous extent
The heat Of the recent speculation could have
been as readily cooled down by drop or ten points
as it has been by the overdose of twenty. which in
many cases the market since Monday last has been
Obliged to swallow. In other words, there was
good deal more of a slump in to-days prices than
had been looked for About ten minutes of
the opening hour served to exhaust the strength
accum ulated at yesterdays close. and from that
time on to past meridian the racket was continuous
and incessant. The scramble to get out of Erie,
which carried the stock down from 80 to 32H. would
have been laughable had it not been so serious
matter to many holder who had been trapped into
buying at the high prices week ago. In Delaware
and Hudson 1t pretty much the same thing.
There was panicky dump in price from "A to 66
and never sign of support from Mr.. Vanderbilt to
whom, largely interested stockholder the street
naturally looked for In everything else on
the list there uncomfortable weakness. potent
enough sweep away margins not to create panic
Prices were down from to 10 per cent. and there
was general weeping. wailing and gnashing of teeth
throughout the bull herd. The prostration in prices
to-day was greatly attributable to orders to sell from
country customers which only arrived this morn
ing. Telegraphic wires extending westward being
''down" the rural speculative element not ad-
vised Of the break in the market until this morning.
and consequently were unable to communicate their
fears and their orders sell their brokers in this
city. When they able however. orders to sell
came with a rush. as the telegraphic tape between
ten and twelve O'Clock will testify Toward this lat
ter hour manifest change for the better set in.
The pressure to sell yielded to a desire to buy.
no failures of importance had occurred. money
which ON the disturbance Of loans had rated at Il to
per cent bonus fell to plain 7. and the bear
attack was apparently over for tho present. This
feeling quickly reflected in the market by an up
ward turn in prices and restoration Of the
guine feeling which had been so greatly depressed
in the morning. The improvement in prices prob
ably averaged per cent and with this gain and
greatly restored confidence the market closed.
Sales at the Board aggregated 6620OO shares.
against 6SS. 900 shares yesterday and 52O.437 on
Wednesday. Following is an epitome Of to-day's
transactions