The daily register. [volume] (Wheeling, W. Va.) 1863-1864, 1864-04-21
The Panic In wan Street.

GREAT TALL N STOCKS NcNDAYr-HHAvf'
FAILURES Oh, LEADING BULL oPEAA1ohs-'
SCENES IN TzbsfRErr DURING TIE DAY. 81
4 New Yoax, April -, $
Wall street Was = Ssceue Of the utmost
commotion on Mondsy. Indeed, its equa!
has scarcely been known in the history OF
the street for the past three years. Houses
of the most undoubted stability and wealth
were compelled to sacrifice largely in ORDER
to meet their engagements, while many
others-some dozen innumber, 1t ID reported
temporarily succumbed 10 the lmmense
pressure brought against them, and ASKED
an extension Of sixty daysin order to bal
snce accounts and start anew. Men VINO
entered upon the duties Of the day on Mon
day morning with hearts light with hope
and we'll INSURED plans for business retired
to their touches that night mourning over
their losses, and with brains distracted by
the nervous excitement of the day. Scarce;
" one among the immense throng OF Dro-
kers in the street but lost more or less
heavily. and none could recount the trans.
actions of the day and feel that ne hsd
made one step in advance toward wealth.
When the excitement was at its height, the
thronp in the street in front Of, the regular
boards was so great as to completely bar the
massage of vehicles, and the various bank
inc institutions were overwhelmed with
anxious customers, each eager to make i'm.
mediately available whatever funda could
be drawn or borrowed. Monday was time
when true friendship was put to the seve-
rest test, and he who had money to lend
had no difficulty in meeting those who de
sired to borrow. As the hour drew near
when business must close, the excitement
grew, if possible, more intense, and men,
whose face was ordinarily sedate and whose
temper was calm, ran through the streets
like school-boys and acted as if suffering
with mental ailment.
This panic was owing to the sudden con.
traction of business by the banks; the cav.
ing in of loans the indisposition manifested
by the banks to favor their customers ; and
the inability of brokers' clients to erform
their contracts, thus compelling the brok.
ers to throw upon the market stock which
they would otherwise have held. Govern
ment securities were but slightly affected.
The principal fall was in railroad and bank
stocks, over 100000 shares of which, re-
presenting over $l5,OOO,O00 were thrown
upon the market, and in many instances,
sacrificed in order that their holders might
realize from their sales sufficient to make
good inevitable losses otherwise. This i'm
mense mass of stock upon the market caus'
ed decline in even the most stable securi'
ties, and with the crash all went down, some
to figure which has not heretofore been
reached. As instances, we cite Fort Wayne
which fell l34 at the lst IL at the I'd board,
and l6 outside; Erie sold 81 at the LIST, and
81 at the Cd board; HUDSON River %; 1lli''
nois Central 234; Cleveland Pittsburgh
IL; Rock Island III. This decline shows
what must have been the effect on other
securities less favorably known.
Greenbacks commanded a premium Of
two per cent. over certified checks, and the
banks exercised extreme caution in trans
acting business even with these evidences
of deposit. Indeed, In some instances their
care was attended with the most vex-
atious results to the dealer, who depended
for his safety upon the expedition with
which his business could be transacted.
About noon rumcrs offailures of well-known
and prominent houses flew 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 a knell of doom upon
many heart for there were hundreds in
the anxious throng who did not know how
soon their turn might come. Business
friehds were at discount. Each one bad
quite enough to do to take care of himself
and keep his own head above water. The
most extravagant and usurious rates were
offered for money, and those who had it and
they were comparatively few.-greedily
profted by this opportunity, but enacted
the most undoubted security, in some cases
to double the amount of their loan.
The panic did not end with the setting OF
tho sur. The street will be in quite as
great ierment Tomorrow, and who visits
that locality will find many anxious faces
and many evidences of sleepless, careful Wig
lance in devising schemes whereby their
business enterprises may be safely guided
through the dangers which surround them.
How long the panic will last no onecan tell.
Stocks which have fallen under the pressure
! brought to bear upon them Yesterday must