Evening star. [volume] (Washington, D.C.) 1854-1972, 1864-04-20
PANIC IN WALL STREET. n. Y.

Wall street, New York, was the scene OF the
utmost commotion on Monday. Indeed, its
equal, it is stated, has scarcely been known in
the history of the street for the past three years
The World says:
Houses OF the most undoubted stability and
wealth were compelled TO sacrifice largely in
order to meet their engagements, while many
others-some dozen in number, 1t is reported -
temporarily succumbed to the immense pres
sure brought against them, and asked an ex-
tension of sixty days, in order to balance ac-
counts and start anew. Men who entered upon
the duties of the day yesterday morning with
hearts light with hope and well matured plans
for business, retired to their couches last night
moaning over their losses, and with brains dis
tracted by the nervous excitement Of the day.
Scarcely one among the immense throng of
brokers in the street lost more or less heavily,
and none could recount the transactions of the
day and feel that he had made one step in ad-
vance toward wealth. When the excitement
was its height the throng In the street in front
of the regular boards was so great as to com.
pletely bar the passage of vehicles, and the va.
rious banking Institutions were overwhelmed
with anxious customers, each eager to make
Immediately available whatever funds could
be drawn or borrowed.
Yesterday was q time when true friendship
was put to the seyerest test, and he who had
money to lend had no difficulty in meeting these
who desired to borrow. As the hour drew near
when business must close, the excitement
grew, il possible, more intense, and men, whose
face was ordinarily sedaie and whose temper
was calm, ran through the streets like school
boys, and acted as If suffering with mental ALL
ment. tEs.a So 80 - #ls....a
This panic was owing to the sudden con-
traction OF business by the banks; the caving
in of loans; the indisposition manifested by the
banks to favor their customers, and the in.
ability of brokers' clients to perform their con.
tracts, thus compelling the brokers to throw
upon the market stock which they would 9th.
erwise have held. Government securities
were but slightly affected The principal fall
was in railroad and bank stocks, over 100000
shares of which, representing over $l5,0OO,0O0,
were thrown upon the market, and, in many
instances, sacrificed, in order that their hold
ers might realize from their sales sufficient to
make good inevitable losses otherwise. This
immense mass Of stock upon the market caused
a decline in even the most stable securities. and
with the crash all went down, some to figure
which has not heretofore been reached. As
instance, we cite Fort Wayne, which fell 13k
at the first q at the second board. and 16 out
side; Erie sold 4 at the first, and 81 at the
Central 23h; Cleveland and Pittsburg, IL;
Rock Island, Tx. These are the most promi-
nent stocks, and their decline shows what
must have been the effect upon other securi-
ties less favorably known. @tE
GreenbacKs commanded a premium of two
per cent. yesterday over certified checks, and
the banks exercised extreme caution in trans.
acting business even with these evidences OF
deposit.
The Herald says:
The firm of Morse & Co., STOCK brokers, gave
notice to the board that they were forced to
suspend, and requested an extension of sixty
days. They were what are termed bull ope-
rators, and their heaviest liabilities We're IN
Pittsburg and Fort w ayne railroad, which,
after the announcement of the failure, feli 10
11e-a decline of SO per cent. since last MONDAY
Another young house of the regular exchange
board gave way, and sc Veral acuss nleihgeIs
of the public board were unable TO respond 10
their contracts. saEEs
s. ~. -.