New-York tribune., 1879-11-22
A CRISIS IN WALL STREET.
HEAVIER FALLS IN STOCKS.

INTEREST IN THE ANNOUNCEMENT OF THE PROPOSED
SALE OF NEw-YoRK CENTRAL sIoCK-A CoNDI-
TON THAT DELAYS THE COMPLETION OF THE
sRRANGFMRNT-sPECUL IN PANIC FOR
TIME--sMA HOLDERS WIPED oUT But No
GREAT FAILURES.
Il is now understood that there is an obstacle
in the way of the completion af the arrange
ments for the sale of $40, 600, 900 OF New
York Central stock by Mr.. Vanderbilt.
The syndicate of buyers wishes to bind him
not TO sell any more of the stock for year.
Mr. Vanderbilt is reluctant to consent to
this condition, and deuies that he entertains
the proposition. The excitement in Wall
Street yesterday almost reached the proper
tions Of n panic. There was tremendous
fall in stocks and much alarm prevailed. but
only one small failure occurred. and there
was partial reaction in the afternoon
THE EXCITEMENT AT IT'S HEIGHT.
WALL sTEhEr MORE AGITATtD 1nAN ON ANY DAY
SINCE THE GREAT CRASH OF 1s73-RAPID FALI.
OF sT0CKs-ATTFMPTs TO STEM THE TIDE.
Wall street saw Yesterday the most exciting day
since the pane Of 1873. The rally in stocks which
marked the close OF business on Thursday proved
Elusive. Under the pressure of selling
orders received from all parts of the country,
prices opened yesterday at a sharp decline from the
final figures of Thursday. Even these prices gave
way at once under the terrible pressure and within
the first hour of business the decline was large
and rapid. Delaware and Hudson, winch opened at
73l2. a fall of over 3 per cent from the
final sale of Thursday, tumbled TO 90. Eric,
which for several weeks has been con-
spcuous in the advance, has led the decline. Ii
closed Thursday at 40ss and opening yesterday at
30 fell to 80. The preferred stock opened at de-
cline OF nearly 3 per cent from the final sale on
Thursday, and fell TO 60.
The rapid fall created the most intense excite
mcnt and caused appyehensions of the greatest dis
asters On the floor of tho Exchange no time was
left to reflection; all tumut and disorder. From
their offices poured in upon the brokers instant
orders to sell stocks which the margins had beep
exhausted. There time to await orders
fIom their country customers; 10 time TO wait
for the arrival of further margins. For their
own safety, the stocks had to be sold at once
for fear of loss to themselves in universal tum
bic. The market appeared to have broken loose
from all restraints no check was cicciul
TO stay its cOurse, even If any check was
applied. The fall was the greatest seen
for a long time on the Exchange. The sales
reported fall short of those on Thursday by few
thousand shares, but except by those have never,
probably, been exceeded. They amounted to over
1000 shares, of which nearly one-third were
those of Erie.
With few exceptions the opening were the high
est prices of the day. The market rallied
shortly after midday and the afternoon
was marked by rapid fluctuations, but in the
last half hour prices became gradually steadier
and stronger. Chicago and Northwestern fell from
SGi2 to 81, but closed fraction above the opening
price. Canada Southern fell from 72l2 to 81, and
closed at 6s. st. Paul. from its opening price a.
fell to 60. closing at 1913 Union Pacific which
closed Thursday at ST. opened yesterday at SO and
in few minutes fell TO 73. afterward recovering
the larger part of the decline and closing
at ST. ST. Louis, Iron Mountain and Southern fell
from ~ to 34, Missouri. Kansas aud Texas from rs
TO 90 Louisville and Nashville from 81 to SOll. and
Ohio and Mississippi from 20 to 23si.
Tho fall in the-coa stocks was very conspicuous
Beside tie great drop in Delaware and Hudson.
Reading declined from 90 TO go, New-Jcrsey Cen
fral from n to 20, and Delaware Lackawanna
and Western from so to 10. Wabash fell from
53l2 its opening price, to 46, and Lake Shore from
lO2 TO 90 A part Of this loss was recovered in the
final dealings.
Notwithstanding the immense shrinkage in values
the faces of the members of the Stock EX-
change glowed with satisfaction Few sad coun-
tenances were seen during the day. except
among the outside spectators who saw their mar
gins swept away in few moments. Only one ialI-
ure was reported on the Exchange.
About noon Edward Lvemorc, of No. 50 Broad
ST. sent note TO the chairman. saying he was un-
able 10 meet bis contracts. When this was read
there was a dead silence in the room which was Ill
marked contrast with the noise and hustle OF
the brokers when the ordinary announcements
aremade II was then thought that number OF
other failures would follow III rapid succession.
At Mr. Livermore's office bis nephew was III
charge. and said the suspension was only tempo
rary He declared the cause OF the failure to be
the fall in prices and the inability OF
customers to meet. the margins. lie was unable
70 c,ve any estimate of the assets and liabilities
lie said that Mr. Livermore was man OF means
outside of his business and would he able 10 meet al
obligations During the day Mr LlNerInole sent 10
tie xchange to be sold under the RUE ZVo shncs
of CbieaQ 90 and Northwestern, 200 OF Ilchigah Cen
trail and 100 of Western Union. There were also
hougLt for him under the rule 100 shares OF Lfie
aud 100 of st. Paul. number OF private trausac-
tlons were also made. -, .
After the close Of business II was sald Dy pIonl-
nent members of the Exchange that there couId ne
no better proof that the professional operators had
withdrawn from the market at high prices than the
fact fjat they vithstood manfny the great decline
The fall would have had a bad effect. II was SAID,
upon the confidence OF the outside pubic .
They have killed the goose that laia the golden
epg y said one broker ruefully; there VIII be no
fSriber rush of orders to buy from the county,
Others said however, that the effect would be
heneficial aud that some stocks would recover
0nickIy the lost ground. No apprehcnsons oi dis
ester to-day were expressed