The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1869-10-01

Exciting Bceuct IN wall Btreet.
Tho York Times, Of yesterday, has the fol-
lowing interesting account Of the scenes In
Wall street and vicinity on Wednesday.
The GENTS of ynterday In financial circles
may DO ummed.pp, before proceeding to
teri {, ens y fht "a siprioas
los c }tut nal 1uH Nhteh gesc Might.
|rh WI = ctelds 10 haf It's Eh PISS, 1t
ewax itruC bdt I va hsped ou bently
hops -tNat those clouds would be a pated'
as the day waxed older, and that befd long
the bright sunshine would DO equaled Almost
by the realization Of the bright expectations
OF that class Of the community whose very
life and business existence depended upon
the success Of the measures which had been
inaugurated on the day before.
Everybody on Thursday evening seemed
TO retire from tho scene In an easier frame
OF mind, with the knowledge that the gold
exchange committee of twenty would acI
cornplsh something during the silent vigils
Of the night which would bring order out Of
chaos, aud once more set the wheels Of busi-
ness In motion. Confidence was expressed
late on Tuesday III the ability Of the COM
mittee 10 accomplish this desirable result,
days labors and trials almost despairing,
looked forward with anxiety to the mofrow's
revelations In the fond hope that some course
I would be decided upon which would relieve
the painful suspense which thcu-Tuesday
nigiit-rcsted upon everything. Al N n.
Gold brokers had learned TO wait They
4 had waited, though their business suffered
I cruelty, since Friday night, and were pre-
pared 10 wait longer-days, II necessary
for the proper solution Of tho dificulty. But
stock brokers became impatient. Their
business vas almost stagnant, and what was
worse, money was so tight that they could
not hope TO carry the stocks necessary for
the business In which they were engaged.
Money they must have, even II they paid q
ruinous rate Of interest for II, and money
they could not get II the deadlock ID the
gold board continued; for those who had
moneyto loan would not loan Il upon stocks
which might fall i've, ten, or even twenty
per cent. before noon OF the next day. ~
Thus n was that every eye was turned 10
the operations Of the committee OF twenty Of
| the Gold Exchange. The nrst news In the
| morning was that the committee had sue
| ceeded, almost beyond their most sanguine
autieipations, In getting over two hundred
| of the two hundred and more statements Of
dealers. Among them were mentioned the
names Of some whom II was feared would
prove recalcltrsnt, and so much having been
gained, II was thought that the committed
would be enabled to complete their labors
speedily and satisfactorily. Members Of the
committee were flying about from broker to
broker, working like beavers, In order to
hurry up the dilatory and urge onward the
I reluctant. . .7'
4 The committee were In session In the open
board Of brokers with piles OF documents be-
fore them and able accountants 10 assist
them, and In response TO questions as to
their progress, would say: " Only give US a
little time, gentlemen, and we will settle the
business Of Friday; and what Is more, We
will arrange Il 10 your satisfaction" Tho
| duerists went AWAY satisfied, aud communal
Gated the good news TO their nelghbors. The
| committee Of twenty were glorlffed beyond
| measure for the herculean efforts they were
making, and everybody seemed to consider
that they would DO entitled to the highest
need Of praise, should they succeed In ac-
comPlishing the grand object they had un-
dertaken. -''o
| Brokers left the committee room and pro-
cceded TO their offices, feeling a great deal
better than when they had entered upon the
| feel as II all rested upon the committee OF
| twenty, aud their proceedings were watched
with the greatest care during the day. '.-
So the prospect was bright in the morn
ing. As noon approached nffairs grew
| gloomy. The Gold Exchange Bank was
| placed In the hands Of rcccivcr--Mr. Au-
gustus Z. Hall, Of the firm OF Brown, Hall
q yanderpoel. The proceedings orthe com
mittee OF twenty were interrupted BY n fall
ure TO procure statements from Smith, Gould
& Martin, but II was hoped that this diff
Guilty would be surnounted. Money was
still tight, and almost every moment grow
ing tighter. Stocks could not be held or
| carried except by parties abundantiy supplied
| with means. And at last came the mutter-
ings Of the impending storm. In the Stock
Exchange at the FIRST call, four houses were
reported failed, viz Fuller, Treat & Cox,
Julian Il Co., q. "A. Meigs & Son, and G. W
the rule, In the open board. This clinchet
matters-the crash followed. Everybody
seemingly, rushed to sell, and the markc
was flooded with securities. Down went TIT
Central. From 1904, at which price i
closed on Tuesday night, II went down L
' 140lS. As vent Central, 40 followed tn,
rest of thcstock on the list, and down cam,
everything, A panic, widespread, at Que,
seized uponths brokers. Tho crowd In an
Exchange audTlrpunI the street wnsi enor
nous. Brokers rushed hitheG 5ttt tiiitHef Il
state Of frantic excitement. 10 one knew
! 70 whom to look for aid, for each felt thai
his neighbor aud friend were In a similar
predicament with himself
The rumor was circulated that Commo.
dore Vanderbilt was on the ground-not In
reality circulating among the bulls and
bears, directing by movement and gesture
and voice the operations OF his agents, but
| rested quietly as a mau could be under such
circumstances, by some telegraphic instru
ment, directing his willing servants how
best to do his bidding. The rumor was no
unfounded. The Commodore was "on tn,
street"-in, technical parlance-and tn,
effect OF his presence was soon felt. Ill
telegraphed far aud widc--all over the Uni
ted States, It is sald-for all tho spare casl
that he could ralsc-and man OF his re
puted milliens could raise large amount
one would think, 10 very short time. Ill
suploaded" all his stocks that were not i'm
mediately or ordinarily available, and dc
, voted the proceeds to the sustenance Of Cen
tral. He and his friends argued thus: 81
wecan sustain Central, oil will be well; |
We let that fall, all will fall, and widespread
ruin will BIO the result" Accordingly, al
tho energies of the Commodore were deyoteI
to Central, and up 1t went-gradually, bu
upward. At last tho stock market SCENE,
: safe, but the rumors about lockwood & Co
were exceedingly painful. 1t was conf
IDENTIFY asserted that they had failed, an
that their failure was heavy one. Event
uany this rumor was confirmed, and dow
went stocks again.
, Some said that the failure OF Lockwood
IL Co. would ease up the market, as the
were, and had been, heavy borrowers. Blu
y whit Of thisi There were others who ha
: failed who were In the same category, and
D was felt that the absence OF these even fror
n the loan market would make but little dill
ference In the present crisis.
: The day wore on. The committee of tn
7 gold exchange reported from time to tim
the success which they had met In adjustin
statements, and at / o'clock announced tina
but four statements were to come In. Thes
were expected In soon, and the eommitte
returned to their labors.
Finally despair seemed to seize upon al
concerned, mingled with indignation at til
opposition that was manifested by the firm
OF Smith, Gould Il Martin in not presenting
their statements. The action of the com
mluee was stayed, firmly barred, and n
power could remove il.
On the heels Of this announcement cam
the. injunction issued at the Instance @
Smith, Gould Il Martin restraining IN