The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-06-24
q}itI'ntona lispattl1.
81, 1871.
THE CIRCULATION OF THE DISPATCH
Is LARGER THAN TIE COMBINED CIR
CrLATiON or ALL THE OTHER DAILY
NEWSPAPERS OF THE CITY.
The - Rock island" Pnntc tn New
YORK Details or tho Sn1n, I, 4vn.

The New York newspapers ye sterday
were filed with particulars OF the last
"great crash in Wall street," the specula-
| tion or corner In Rock Island shares.
| celebrated "Black Friday" in which
| McsSrS. Fisk and Gould figured with such
unpleas'ng prominence. One Of the most
gigantic speculations which has been enter
ed into for some time burst like n sky-rocket,
aud was the more disastrous In it's results
that its breakup was looked for in an en-
| tirely opposite direction. One feature Of
| the crash is the limitation of the disaster to
| the cIiqucS and their tools. Tho game was
| all theirs, and so are It's losses. Seldom, in
| deed, have the contiding public been SO
little involved in Waii-strcet smaSh-up.
| Usually they are the victims-thc sheep
Shorn by the spectators shears. But the
professional thilablc-rig.crs OF the stock
| market have in this instance been caught i'll
their own wilcs. TIE following is il sketch
of the anteccdent history OF the srccua-
tion and the details OF the explosion, from
| the Tribune:
About the 1st OF Anril combination was
formed to force up the price Of Rock Island
stock and get CORNER" on the bears.
The principal men in the clique were VIM.
). Woodward and john F. Tracey, the pre-
sidcnt Of the railroad. Starting from the
price OF III, they gradually brought up
Rock Island stock, till yesterday morning
it sold at 40. The capital stock of the
company amounts to S17, 900, 900, in ITO, 600
shares ofSlO0 each. On Tuesday afternoon
Mr.. Woodward had all his arrangements
completed for making an enormous sum of
money. He and his clique had actually
bought 213,000 sharcs-103,GO0 more than
have ever been issued. Had all gono right
the dealers who have sold "short" would
have been ut their mercy, and would have
been compelled to submit to any terms they
chose to offer. But there Is "many a slip
tween the cup and the Ep," as Mr.. Wood
ward found to his cost. All day Tuesday
he had taken every share that was offered,
and toward the afternoon he became little
suspicious of the sellers. He was under
engagement to put up large amour. of
margin tho following yesterday morning.
The clique were to furnish him with 81,
600, 900 TO pay this margin. On Tuesday
evening, in company with his brokers,
Scott & Strong, of Broad street, ho visited
some OF the leaders Of the clique, when he
found, to his horror and amazement, that
the 81 100000 would not be forthcoming in
the morning. There was no help for it
the bubble must burst.
So little was this result anticipated that
at the opening OF the Exchange Wednesday
morning Rock Island stock was quoted az
1907. As soon Us the trouble was known
Il scene Of indeScr!bable confusion ensued.
Inevitable ruin stared dozens Of men in the
face, many others had to contemplate heavy
losses and to get out of the mess as best
they could. The shouting, yelling, and
rushing about was more characteristic OF
lunatics than Of staid business men. One
man alone seemed cool and collected-Mr.
Wheelock, the vice president Of the Stock
Exchange. Pressed as he was on all sides
men shouting and calling to him, messen.
gers bringing him notes and telegramS every
lniniltc-hc never for an instant lost his
nerve. His self control and behavior
throughout the trying scene were the gen.
cral theme Of commentator. Soon after
the board was called, several members Off.
cially Informed the vlce-president that they
must fail, and desired that their stock might
be sold out under the rule. About 50, ,OOO,.
600 of stock WAS sold out in this way, low
erIny the market price from 1904 TO ITO in
less than two hours.
Nine Of the dealers, exclusive Of Mr..
Woodward. were publicly announced aS
tailed. and even he, it is claimed. has viz
tualiy fucd, for one of the firms already
declared failed informed the vice-prcsident
that they were unable to fulfill their engage
mentS in consequence Of this default. The
failures already officially made public in.
clude Robert Waller, Henry A. Dennison,
james Austin, Dttcr Il TimpsoD, ]. W.
Gillespie, Earle & SalstUnStalI, W. A. Bow
ron, W. l.. Tunis & Co., and \. q. Wood.
| More failures are anticipated to-day. Scott
Il Strong, Mr.. Woodward's brokers, are,
fortunately, not affected by the catastro-
phc. Much sympathy is expressed for Mr..
| Woodward, who, it is asserted, was thrown
over by one or more Of his associates, who
were 10 have advanced him the 81 ,0O0, 900
Yesterday morning. 1t is even boldly as
serted that they had privately sold short"
large amounts of the very stock which he
supposed he was buying Oh their joint ac-
| count.