New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-06-25
GREAT "CORNERo IN WALL STREET
Wild Scenes in the stock Board.
from the st. Louis Republican,

| From the st. Louis Republican,
New YORK, June 2l-Wall street had a
| financial earthquake to-day. The brokers
and their worldly prospects were upheaved
| in all directions, and falling again. hurt
| themselves badly. There was a panic in
Rock Island stock, aud panic which was
complete in all respects, save the success of
the chief operator. This chief operator was
Mr.. w. s. Woodward, a we'll known broker.
MIR. Woodward has been ON the street
| many years, and although he has no regular
office and forms no part of a firm, has been
noted as an extensive and daring speculator
among the speculative portion of the
brokers. A peculiar affection is manifested
toward Rock Island and Lake Shore stock
Whenever there are any new operations to
be in railways, they are almost inevitably
selected as the groundwork of the plot
Mr. Woodward, on the lookout for stray
million or so, on Monday fixed upon Rock
Island as the base of his operations. He
said to himself: There are only 10000
shares of the stock out I'll get the whole,
and more. If can only get the money
advanced to me to pay them the day after,
I'll be all right. | can make the boys pay
me just what please"
The idea was grand, it was another. and
not a far removed version of the black Fri
day, a corner so famous in financial circles
Rock Island on Monday ranged from lib to
lis. On Monday evening about twenty
brokers received their orders from Mr.
Woodward to buy Rock Island stock tor
him. On Tuesday they commenced opera
tions. They rushed around the room like
maniacs. Every one of them had piece
OF telegraph paper crumpled up in his left
hand and swung book and pencil wildly
about i'll his right. The consequences of
the movement were soon apparent. By two
and three and five and ten the indicator for
Rock Island rose amid the tumult until the
quotation stood l305s. 1t was perfect
pandemonium. If all the wild animals in
the country had been turned into the Stock
Exchange they could not have raised
more demOniacal uproar. Mr. William
Fanshawe, one of the firm of Fanshawe &
McDougalI, a young man well liked on the
street, burst blood vessel and is now dying
The uproar went on, and when darkness
fell over the street the first act in Mr..
Woodward's plan was enacted to the salts
faction of the author, and the brokers
whom he had employed had purchased
220,OO0 shares of Rock Island stock, or
actually $4,000 more shares than there were
in existence. Mr. Woodward, it is said,
sold $4,000 in puts" and went away salts
fed. This morning came the tug of war;
Mr.. Woodward was not around. He was
not in the street, and the brokers whom he
had employed were frantic. "Why wasn't
ne there because III Is Salu ne struggled
to obtain the money wherewith to take the
shares purchased for him, but could not
get the requisite funds. No one would ad-
vance the money to him. How Jared it
with his brokers! ..If+
Those who had sold them the stock came
for the money, and did not get it. The
brokers said they bought for Woodward,
and he had not seen them in regard to pay
ing them for the stock But then the Stock
Exchange and its rules stepped in and said
to the brokers: ''Gentlemen, you were buy
ing for one man; you need not shirk the
blame on him, for we don't recognize third
party. You alone are responsible to the
seller, and if you don't pay us we will sell
the stock under the rule" There was a
nice situation. The brokers did some tall
rushing around to scrape up money to paw
for the stock they had purchased on Wood
wards account but they could not get any.
But in the meantime the stock was falling
From 100 it went down to Ito |
and 80 at the middle of the day. Twenty
brokers collapsed and suspended.