The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1871-06-22
A PANIC in WALL STREET.
Ruinous Corner I'm Rock Island-A Shreyvd
Ops ratiOn that Did Not Succeed-Omi-
nOus List of Failures.

Ruinous Corner I'm Rock Island-A shreyvd
Ops ration that Did Not Succeed-Omi-
nous List of Failures.
Wall street had q financial earthquake yester-
day. Brokers and their worldly prospects were
upheaved in all directions and falling again.
hurt themselves badly. There was a panic in
Rock Island stock, panic which was complete
in all respects save the success of the chief ope
rator. This chief operator, or the lever which
moved the mass of Wall street speculation with
80 much energy, was Mr.. w. 3. Woodward
well-known broker. Mr.. 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. He resides in Brooklyn, and is quite
prominent man in the city of churches, paying
especial attention to Sunday-schools and reli-
gious meetings. in the conduct of which he ap-
pears to have taken great interest. To see Mr..
Woodward among his brother brokers, one
would not imagine him to be of the gay, ,insouci-
ant, Wall street category. He generally sits on
one chair, with his feet on another his hat
white one, on the back of his head, cigar in his
mouth, saying nothing, but as one of the young
spectators observed yesterday, "taking every
thing in" He moves in mysterious way,
rarely acting for himself, nearly always getting
other brokers to transact his business for him.
During the course of his Wall street life, par
day, he has suspended" several time, but in
variably rises again from the ashes of his appa-
rent ruin, to all intents as daring, unconcernod,
and well prepared as ever.
PUTTING UP THE PANIC.
Now be it known that among the speculative
portion of the brokers peculiar affection is
manifested towards Rock Island and Lake Shore
stock. Whenever there are any neat operations
to be done In railways, they are almost invari-
ably selected as the groundwork of the plot.
Mr.. Woodward, on the lookout for a stray
million or so, on Monday fixed upon Rock
Island as the base of his operations. He
probably said to himself There are only
10000 shares of the stock out; I'll get the
hNlo md nulx rat fhar
advanced to me to pay for them the day after,
I'll be all right. ] can make the boys pay me
just what l please" The idea was grand. 1t
was another and not far removed version of the
circles.
BUYING UP THE STOCK.
Rock Island on Monday ranged from 113 to
lis. On Monday evening about twenty brokers
received their orders from Mr.. Woodward to
buy up Rock Island stock for him. On Tues
day they commenced operations. They rushed
around the room like maniacs. Every one of
them had piece of telegraph paper crumpled
up in his left hand, and swang book aud PEN
ell wildly about in his right. The consequences
of the movement were soon apparent. By two
and three, aud five and ten the Indicator for
Rock Island rose amid the tumult until the quo
tation stoodll30%. Itwas aperfect 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 Fam
shave d McDougall, young man well liked on
the street, burst a bloOd-vessel, and is now
dying. But what did that matter amid the ex-
citement? The uproar went on, and when dark
ness fell over the street the first act in Mr..
Woedward's play was enacted TO the satisfaction
of the author, and the brokers whom he had
employed had purchased for him 220 600 shares
of Rock Island stock, or actually $4,000 more
shares than there were in existence. Mr.. Wood
ward then, it is said, sold ESQ., 900 in puts, and
went away satisfied.
the COLLAPSE.
Yesterday morning came the tug of war.
Woodward was not around. He was not in the
street, and the brokers whom he had employed
were frantic. Why wasn't he there? Because, il
is said, he struggled to obtain the money where
with to take the shares purchased for him, but
could not get the requisite funds. No one would
advance the money 10 him. How Jared 1t with
his brokers2 Those who had sold them the
stock came for the money, and did not get il.
The brokers said they bought for Wood ward and
be had not seen them in regard to paying them
for the stock. But then the Stock Exchange
and its rules stepped In and said to the
brokers' Gentlemen, you were all buying for
one man. You need not shift the blame on him,