The Hawaiian gazette., 1869-10-27

CAMPAIGNING IN WALL STREET.-In Jan
uary, 1864, the general market woke up from
its long lethargy and began to heave and throh
with a strange, feverish life, Illinois Central
Michigan Central, and Reading, led off the
movement and the colossal bulk of Erie began
to stir with slow elephantine strides. Sudden
ly the money rates grew closer and there was
for two days a sharp decline throughout the
whole list. But just at this moment news came
on from Washington that the steam presses
were at work turning out millions of fresh five
per cent Legal Tenders, and that these would
soon come on the market to enable the Govern
ment to float the new ten-forty loan. Almost
instantaneously, nearly every stock in the cat
alogue seemed to place itself under the control
Of some particular ring, and commenced NOV
ing two steps onward, then one backward, and
SO on up-up.
The dividend-paying class took the lead,
then came those of a doubtful character, and
the worthless fancies brought up the rear. By
the LIST of April, an average advance had been
developed of from thirty to sixty per cent. The
whole speculative element in the country seem
ed to have emptied itselfinto Wall street. Sun
burned rustics entered the city in the morning
with nothing but a paper collar, a comb, and
a small check on some bank, and left it by the
evening train with bundle of greenbacks the
size of Webster's unabridged. A well-known
clergyman left couple of thousand in the
hands of L. W. Jerome, and in a month drew
out $50, 900. Decrepitude and disease seemed
to have for the time lost their power.-the cor
ridor of the Stock Exchange looked like the
wards of hospital filled with limbs palsied
and swollen, eyes purblind, and consumptive
chests. In glittering coupes, fair danes, veil
ed and loaded with jewels, leaned back on the
cushions and waited for the prices of stocks.
But all fevers must have their course, and turn
the sharp corner which leads either to conYal-
escence or into the great darkness. Stocks
reached this corner of their fever on the 18th
of April. IF money had remained easy, or if
mems nerves were of steel instead of a very
subtle but exhaustible fluid, no one can predict
to what empyrean heights the market would
have scared. This was not to be. Charles /.
had his Cromwell and A. W. Morse had his
Secretary Chase. The causes which were to
work out ruin were silently gathering force.
The cord had been twisted and rove, the Cyc-
lopean block had been hewn and suspended
aloft, whose fall was to crush and pulverize in
an hour the fabric of thousand stately for
tunes, and high above it was an unseen hand
ready to cut the cord it was the hand of Pan
ic.
Signs and portents were not wanting of the
coming disaster. Lockwood a Co., and other
conservative houses refused any longer to buy
stocks except for cash, but offered to sell short
for their customers on ten per cent. margin.
Chase had come into the market, sold gold and
locked up the proceeds. Money began to
tighten. Strange stories were afoat how Morse
had gone down on his knees to n certain bank
official for the boon of a million, which had
been denied. He was reported to have been
seen that evening intoxicated in the Exchange
off m huv mr. soil fahu1oua of
Fort Wayne which he had lifted from so to
153. But with all these signs the holders of
stocks kept their position and chung deluded to
their treacherous favOrities. Out of thousands
a man was hardly found bold enough to go
short on stocks.
The 23d of April, 1864, fell on Monday. At
II A. NJ. a broker rose in the Old Board and
announced the failure of A. W. Morse 4 Co.
A stiffness like that which PROCEEDS an earth
quake followed the words, lasted an instant,
and then the tornado burst-Fort Wayne drop
ped like lead to SO, Old Southern to IS pillar
after pillar toppled, and the enchanted palace,
builded of golden hopes passed away like a
cloud pageant. The evening session of the
brokers was like a pandemonium. A dark
crowd, half crazed by losses and stupefed or
maddened by whiskey, made the night hideous
with their yells and curses awakening from
sudden sleep on the following morning they
looked upon Wall street in ruins, amid which
looked up like Pompey's Pillar under a de-
sert sky the figure of Harlem. 1t had reeled
and quivered under the storm, but stood brave
ly at the height of 1876. Beside this solitary
column, like Marius among the ruins of Garth
age, stood grim old hero who had hatreds to
satiate, wrongs to avenge, and great scheme
of railroad finance yet to build. Our Marius
was, of course, none other than the redoubta-
BILE Commodore.