The New York herald., 1871-10-13
TIE WALL STREET MARKsTS.
WALL STREET,
, (hot 1O7 ID M


WALL STREET, |
THURSDAY, Oct 12-7 z. M.
ON 'ChaDge to-day wheat was heavy and for some
grades lower. The cotton market was better and
strong.
THE CRISIS on THE STOCK EXCHANGE.
The arrangement OF the mOney market ana stock
values arising out Of the apprehcnsions excited,by
the disaster at Chicago, was further Illustrated to-
day in the wide and sudden fluctuations in prices
OH the Stock Exchange ana IN the feverish
and unsettled feeling OF the street. The
monetary interest had been rendered so sensitive
by the exciting events OF the past few days. that the
early serenity OF the stock market this morning,
derived from q reliance in the potent influence OF
the anticipated Treasury currency disbursements
today, was oil at once disturbed by a arumor that
RIOT AT THE CITY HALL
was likely to result from the gathering there Of
gangs Of workmen who mad come down from the up
per part Of the city to demand the payment Of their
wages This news, on reaching Wall street. threw
1t into q spasm OF fear, especially as the heated
imagination Of the throng OF speculative dealers
conured up the possibility Of popular tumult and
an attack by rioters on the banks. As 6rst conse
quence prices began falling, and after decline
OF about two per cent queter feeling ensned on
supplementary report that the workmen had been
addressed by the city authorities and had quietly
effort a, Improvement, and was gathering strength
when
RUMoRs OF HEAVY FAILURES
In the street circulated In the Stock Board IN
whispers, only to he repeated In louder tones In the
brokers' oflces. This started fresh alarm, and
hundreds Of brokers skurried into the Exchange to
execute orders for the sale OF stocks lle market
gave way second time, ana heavy decline ensued,
prices going down by the run amid scene Of extra.
was the break that the stock tele-
graph was unable 10 keep up with the
changes In price, and reeled them out
only after lapse OF time which to those interested
seemed an age. The crowd surged about the
gilded hall OF the Stock Exchange like
SEA OF MADMEN.
over hose heads rang the hoarse shouts Of figures
ans fractions whle the rail separating the throng
OF operators almost overleaped In the anxiety OF
the SPECTATORS communicate With their brokers.
The dozen pages on the floor OF the apartment
dartcI ike Mercures through the mass, conveying
messages ana orders; and host OF messcn-
gers crushed in at the side door, vOcIferat-
ing The names OF brokers FOR whom they
had communications Outside the street presented
a scene OF flying clerks racing from ofice 10 office
and eager men accos,ing each bearer Of news from
within the Exchange. At length
A CALM ENsUED,
when the rumors OF failures were not confirmed by
the announcement or names or by the process OF
'.sales under the rule" In explanation OF their
origin it was subsequently stated that a number or
heavy losers had effected quiet settlements of their
contracts, but without occasionng their insolvency.
A more cheerful feeling soon began to
pcrvadc the market, AMI prices steadily
recovered as II became known that the
money market was showing signs or rela xation.
The Sub.Treasury funds dlsbursed for the bonds
bought yesterday began finding their way into the
street, ana as in short time aftcrward the
GOOD NEWS
was told that Mr. Boutwell, so far sympathlzed with
the distress or the street 10 sell only one million
Of gold instead OF two millions ne had intended,
thereby taxing the resources 0l the banks much
the less, prices bounded up again, and the advance
threatened to be as RAPID had been the decline.
Tie crowd wore smiling faces and many heavy
losers were tempted into buying, with u hope Of
retrieving their misfortune IN
THE ANTICIPATED REACTION.
The money market meantime had relaxed even
TO greater extent than had been hoped for by the
most sanguine "buln and q general happy feeling
prevailed. But tins condition Of tnings was not
long-lived. The market gradually became heavy
and slowly fell OF Il a per cent again. and an IN
qulry Tor the cause revealed reports Of trouble
among the banks.
THE ALARM SPREAD.
One prominent operator on the "oearr side acting
in manner which drew down upon him the in-
mediate censure and indignation Of the conserva.
tive brokers of the Board, took position the SIDE
walk as the crowd were fling out OF the
closing Exchange and offered to sell the
shares OF leading bank on an op-
-tion Of sixty days at decline OF eight
per cent from the last market price. several OF his
sympathizcrs stood by and offered bets that the
bank rel, rfed 10 would fan within sixty days. The
names OF certain ich spectators were also alleged
TO have been coupled with these prophecies OF
failure.
FEELIi;G RAN so HIGH
on this subject that '.bulsn and .bears came near
being involved IN Personal alteration, and atten
ton was temporarily diverted from the market to
the prospect OF fsticuns. The difficulty was set
tled however, with the registration OF few bets for
anu against the failure OF the institution whose
soundness was impeached, and the crowd thinned
dewn into knot OF men who declared that tn,
"bear referred 10 had acted in o most inJudlcous
manner particularly as the terms upon which he
offered the stock betrayed that he not possessed
OF any, but was essaylng q purely speculative sale.
The excited group IN front OF the Stock Excnange
had Their fears aroused anew by this scene, espe.
cially as
TIE cRoAKER5
drew on their Imagination for other failures besides
that OF the Stuyvesant Bank. The fear became
panic. The crowd became frantic. In the dying
light OF day mems faces were seen pallid with con-
sternaton. In the pressure OF sales stocks
were hurled at buyers before they had fairly
enunciated their. bios. The dealings were
prolonged after nightfal, when memoranda OF
transactions had to be written down as best they
could be In the uncertain light OF the gas lamps. IL
was only when the exhausted energies OF the
brokers failed them OF further effort tnat they
dropped away and let the street TO Its repose.
THE EXTREME FLUCTUATIONS.
In the table below Will be found the prices which
were reached In the lowest stage OF the decline u
win be observed that the final prices Of the evening
quoted at the end OF the stock sales, show ra'iy
fr4ana lauaai naini--a LEO erGriR