Year: 1872

ov.r sna narket ehe several more active features
advancing their sagAsh Per cect ct eme in quiet
vay that exoissa the usual pleasurabae Seeling
among the sbulhss and protrscted the
~ AooxY or rn1 ''BnAns"


At last rspetttiea Of expressive whistles drew
everybody to the stock taps to watch the balloon
ascent of Pacinc Nail which, amer dreary nuctuar
tion between ssx and 81, suddenly started forward
at rapid gait clearing 90 In . few minutes
springing next to % and thence bounding BY jumps
OF quarter or half per cent at time to o. THIS
was its climax for the day. reaction carrying It
back to 9l amid great excitement. The whole thing
seemed to happen in q moment and be over In o
twinkling. 1t was near the time OF adjournment
The governors couldn't be got together to prolong
the session, and the excited mass OF brokers were
thrust out upon the street In the very midst oftheir


RxOrrBMRNr AND CONFUSION.
the falling torrents of rain preventing any side
walk discussion of the causes OF the semi-panic
that had suddenly seized the entire list and just
at the moment Pacific Mail was turning the corner
of9O AS the latter moved up the other six per cent
to 90 the general market ratified down In o very
lively manner, prices going or one to two per cent
In almost as few minutes. In explanation OF the
startling developments OF this brief but eventful
nsaucatS quart dheuYe 1t said that some large


BANKING HOUSE HAD FAILED.
but no one ventured to mention names. The posi-
tive absence of anything like definite statement
OF the parties rumOred TO be in trouble aroused
general suspicion that the raid had been "a SCOOP
1t Is true that three different houses, two doing
business on Broadway and one on Broad street,
were vari0usy suggested as being each tho one
alleged to have suspended but nothing In their ap
pearance up to the close OF business Indicated such
misfortune. Short as was the time allowed for
canvass OF 5


THE SITUATION,


several different theories were conured up to ac.
count for


THE MYSTERY,


which everybody carried home to ponder over all
night. On one side 1t was said that the foreign
bankers had refused co renew their loans Of bills
OF exchange to the Vanderbilt clique; but this ex-
planation possesses little merit in view OF the de-
cline in exchange to-day, even if the loans OF this
kind are OF important extent, most OF them having
been paid Off within the past month when ex-
change was low, while the others were renewed or
are capable Of renewal A calmer opinion was
that the holders Of stocks had become appre-
hensve that the


SHARP RISE IN PACIFIC MAIL
would lead to trouble and Decentralization, as did
the Rock Island rise eighteen months ago. and
wonderful unanimity OF feeling this point led to
heavy sales and 'breaK" in prices within SO brief
q pCliou. WITH tHc HBHt VI CO-uOTTOW bHdu CicuT
up the matter 1t will be found doubtless that this
last Is nearest the true of the days sensa-
tion. AS to Pacific Mail. 1t is pretty evident that
the efforts TO reconcile and bring together the two
leading but recently dissenting members of the
most famous clique in Wall street had been unaval-
ing, and that


THE QUARREL


had been only intensified by the obstinate refusal
OF each to change his position as regards the mar
ket. With this new disagreement the war broke
out afresh, and the rise In Pacific Mall is only an
exponent OF the activity OF the struggle. The
'buls" under Stockwe1l Il Gould forced the fight
ing, and compelled the latter's quondam partner
and friend to cover his "shortsn or take the
chances of corner" that might put its price to
l25 within the next twentyfour hours, to his ire
trievable ruin. Foreseeing the course Of the gen.
eral market he had largely 'hedged," by purchases
outside of Pacific Mail, and hence in closing his
contracts in Pacific Mail he was heavy seller Of
other lines Of stocks, and doubtless Of good deal
OF gold


HIGHEST AND LOWEST PRICES.


The following table shows the highest and Iowpat