The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1866-11-26
Last Thursday I'm wall stroet.-Iamo
Ducks and Great Excitement.

| - From ne HerdId's Money I1rticLe.
There has been a grand crash in Wall
street to-day, although it has not re-.
suited In many failures. The rush to
sell was continuous during the morn-
ing hours, and heavy sacrifices were
made by both brokers and operators.
The former found the banks unwilling
to lend them on the usual margins and
| were In consequence compelled to throw
overheard their own or their customers
stock, while the latter either chose or
were forced to sell out to protect them
selves or their brokers. The banks in
one or two instances summarily sold
considerable amounts OF stock, the
margins upon which were not kent
good, and a remorseles spirit was
shown by some of their number-in.
exacting the pound of flesh, after the
manner of ShylOck. The bears were
meanwhile hammering the market
with sort of revengefnl fury, which
knew no bounds. The whole structure
of the railway share market seemed to
crumble into ruins under their almost
magical touch, and the devourinU ele-
nlent eat its way equally into modest
and pretentious margin, and spread
consternation among the bulls of
all classes. The bears were mean
while tubilant, and they acted upon
the proVerb of "make hay while
the sun shines," by covering their
''shorts." Some of the brokers, who
were. unable to sell their CUSTOMERS
stocks safely without due notice, went
short" OF them as a precautionary
measure, and others sold them out re-
lentlessly after notification. There was
general shaking at the knees and
trembling at the Joints among the bull.
operators and brokers. Failures were
rumored which facts contradicted, and
the further decline ofgold was used to
throughout easy at seven per cent..,on
wide margins although the banks ex-
erctsed a close discrimination against
weak houses. The market surSed up
ward and downward rather wildly DUR
Ing the afternoon, and all arguments
against the unreasonableness of the
panic were lost upon the excited multi
tude. Their disposition was alternate
~ 70 sell and TO buy, and in the inter-
walls stocks had huctuated widely. The
banks received currency from the in
terror generally, and the West particu-
larlys this morning, yet they ex-
hihited great reluctance to lend
during the day to all but favored
borrowers, a adispositio on their part, or
rather that of their managers, which
was interpreted as favorable to the
Nbear" interest on the Stock Exchange.
Even the bears, late in the day, by COW
ertng their Afshorts" largely, manifest
S 81 al u u2Iety-Lo save tne goose thRt
lays the golden egg, and not few. of
the prominent brokers on the "bear''
side expressed the opinion, before the
close of business, that bottom had been
touched. At the same time it was re-
ported that the Secretary of the Treas
nry had sent a dispatch TO Mr.. Van
Dyck, the Sub-Treasursr here, saying
that twenty-five millions of the author
lied reserve of fifty millions of plain
legal tenders were at his disposal for
the redemption OF Clearing House GER
ttttcates whenever presented, but this
was not officially confirmed. There is
no doubt that the Government IS Ilesir-
Gus of keeping the money market easy,
and that 1t Is now making exceptional