The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1864-05-21
A DAY IN Wall sTREEr.

The New York World thus describes
day in Wall street among the almost insane
stock spectators 700 a1ossz dit. Fla .uz
Wall street was the scene of the utmost
commoti1n yesterday. Indeed. its equal has
scarcely been known 10 the history of the
street for the past three years. Houses OF
the most undoubted stability and wealth
were compelled 10 sacrifice largely in order
to meet their engagements, while many 9th
ers, some dozen in number it Is reported,
temporarily succumbed to the immense
pressure brought against them, and asked
an extension of sixty days in order to ball.
ance accounts and start anew. Men Who
entered upon the duties of the day yesterday
morning with hope and wall matured plans
for business, retired to their couches last
night mourning over their losses, and with
brains distracted by the nervous excitement
Of the day. Scarcely one among the i'm
mense thrOng of brokers in the street but
LIST more or less heavily, and none could
recount the transactions Of the day and feel
that he had made one step in advance to-
ward wealth. When the excitement was at
It's height. the throng in the street in front
of the regular boards was so great as to
completely bar the passage Of vehicles, and
the various banking institutions were over
whelmed with anxious customers each ca
ger to make Immediately available whatev-
er funds could be drawn or borrow WED. Yes
terday was time, when true friendship was
put to the severest test, and lie who had
money to lend had no difficulty in meeting
those who desired to borrow. AS the hour
drew nigh when business must close, the
excitement grew, if possible, more intense,
and men, whose faces were ordinarily Sc
date and whose temper was calm, ran through
the streets like schoolboys, and acted as i'll
suffering with mental ailment. This panic
was owing TO the sudden contraction of bu-
slness by the banks; the caving in of loans;
the lndlsposition manifested by the banks
to favor their customers; and the inability
of brokers' clients 10 perform their contracts,
thus compelling the brokers to throw upon
the market stock which they would other
wise have held. Government securities
were but slightly affected. The principal
fall was in railroad ard bank stocks, over
100000 shares of which. representing over
81 8 900, 900, were thrown upon the mar
ket, aud in many instances, sacrificed, in
order that their holders might realize from
their sales sufficient to make good inevitable |
losses otherwise. This immense mass Of
stock upon the market caused decline in |
even the most stable securities, and with |
the crash all went down, some 10 figure |
which has not heretofore been reached.
Greenbacks commanded a. premium of
two per cent. yesterday over certified checks, /
and the banks exercised extreme caution in I
transactlng business, even with these evil
dences OF deposit. Indeed in some instan-
ces their case was attended with the most |
vexatious results to the dealer, who depend
ed for his safety upon the expedition with
which his business could be transacted. I
About noon rumors Of failures Of we'll known
and prominent houses few thick and fast
about the street. The most exaggerated |
stories were related Of the amount for which
certain firms had failed, and the extent of
the disaster. Each announcement of this
character fell like knell of doom upon ma
ny heart, for there were hundreds in the
anxious throng who did not know how soon
their turn might come. Business friends
were at discount. Each one had quite
enough to do TO take care of himself and
keep his own head above water. The most
extravagant and usurious rates were offer
ed for money, and those who had it-and
they were mparatively few-greedily prof
''S0 ~ IuiO OPPOItuuity Jul eAdCteu the
most undoubted security, in some cases 10 |
double the amount of their loan.
The panic did not end with the setting of
yesterday sun. The street will be in quite
as great ferment tomorrow, and he who
visits that locality will End many anxious
faces and many evidences of sleepless, care
ful vigilance in devising schemes whereby
their business enterprises may be safely
guided through the dangers which surround
Them. How long the panic WilIlast, no one
can tell. Stocks which have fallen under
the pressure brought to bear upon them yes
terday, must rise to their former level, and
he :.ho Is able will profit oy it. But mean
while, those who, in the hope of getting
rich rapidly. have expended all their sub
stance. cannot hope to retrieve their losses
save by patience and careful industry.