The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-02-25

EXCITING RrMORS AND DESPERATE Etsi ~
sEIL-qHE STORM MLAyEp.
There was an approach TO panic in Wall
street YESTERDAY afternoon. The process OF
Iiouidation which has been going on Tor
several weeks with considerable rapidit!,
and i'm less marked form, in fact, ever
Since President Garfield was shot IN July
Inst. became intensified with wild rush
"a sell. Reason was lost sight OF for
time. and men fastened TO throw overheard
wildcat shares and diyidend-paying pro-
perty indlscrimnately. The recorded sales
Tor The day aggregated nearly seven nun
drcd thousand shares, representing par
yoluc OF $4,000, 00o. In tao midst OF
Tho excitement which prevailed at the stock
Eychunge a great many brokers did not
nause 10 report the transactions they had
made. and il Is likely that il these could
he counted in the actual total sales OF the
doy would be found nearer to eight hum
drcd thousand shares. Strange to say, the
heavy decline in prices that resulted ana
no, lead to n single ease Of suspension OF
failure among the brokers or operators.
The sim OF the losses must he immense,
but they are probably widely distributed.
Orders 10 sell came in by telegraph from
MI narts Of the country, and a very large
nronortion OF the stocks sold were thrown
ON the market by brokers who had been
carving them on margins Tor customers
with stop orders" When the deciine
brought the quotation for given stock
down 20 the limit fixed by the customer,
the shares were promptly flung upon the
falling market with crushing effect.
STOCKS DECLINING.
The most mcteoric transactions were Ill
Richmond and Danville, which in few
moments broke down from 30 to 1904
decline OF $50 share. Only few hun
bred shares were needed TO produce this
effect. All the tranactions Of the day in it
amounted TO but 1900 shares. The stock
WAS recently placed on the list about par,
and was advanced on very slight transac-
lions by clique TO the dizzy height from
which il fell with such remarkable facility.
Another heavy decline occurred in Louis
vile and Nashville, which dropped from u
10 COZ, notwithstanding its previous de-
cline OF twenty points within a few
DAYS. .hdviceS from Louisville stated
| that hostile railroad legislation was i'm
pending in the Kentucky Legislature,
and that the railroad commissioners
| of that state were about TO make az
bitraIy rates for the roads abrogatinS the
compromise schedule made with The mana
ners last summer. Some OF Mr.. Gould'S
follower, circulated the story that he was
/ in trouble, with the object OF helping the
crash, but the shrcwder Wall-strcct people
I laughed at the rumor and asserted positive
! " that Mr.. Gould was son top Of the mar
ket." Wall street believes that during the
past three months, while Mr.. Gould has
been predicting a sharp advance in stocks
through the columns OF his organs and
verbally to his acquaintance, he has been
quietly "fccding" ont his own long stocks
as fast a. the market would bear them. II
is not thought that he succeeded in unload
ing everything, but he did manage to get
into position in which he was short Of a
heavy line of the Vanderbilt and other
shares.
In the last hour there were some buyers
on the theory that after such scare there
should necessarily be a rejection, but the
closing transactions cyinced Il renewed
disposition to sell when it was proved that
prices did not rebound so rapidly a. was
hoped. Final prices. however, showed al
advance on the lowest figures OF the day,
Richmond and Danvillc finishing at 13S
and Louisville and Nashville at rs. Opin-
ion at the Windsor Hotel last night was
about equally divided as to whether the
bottom has been reached or not.-NeU
York. Herald, 24h.