Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1871-06-29

How Woodward Burned his Fingers Fin. Of
Brokers citing Away Like snow IN Rs N
Storm-The Street Cleaned Dat, and Everybody
at Sea.
Wall street wa> Yesterday scene OF
panic such a. few of it. oldest frequcuiers
have ever witnessed. Thirteen large firms
were broken almost IN an instant. Millions
were involved. and the Stock Exchange
was transformed a. II were. into a mem
agerie Of wild beasts. Snarling. bowling.
wailing and cur~ing added their charms
10 the attractions Of the scene. and alto
gcthcr. the ia, i one which will be MEM
orable ia the annals of Safeguarding.
mn CAUSE or TrE PANIC
tates some two months back. when pool
was formed. under the management Of MI.
". =. Woodward. to control Rock Island
stock hy pulling the market. Mr. Wood
wari j. a prominent church member OF
brooklyn. and al one time built church
tor The citizens OF that city. Rock leland.
Al the time the scheme Ma laid. Wa sell
ine al lo4. Tho pool. manipulated BY
Woodward bought extensively. and sue
ceedvi 10 raising the price. until. Oh the
closing @: the Board Of Brokers. Tuesday
afternoon. the stock sold readily al l3o -.
Fare 4 ~alion,Iall. Dater 4 Timpsun.
Fau~haW n NcDoucal, J. ". G:llc-pY.
and several other sound and wealthy
brokers were made u>c OF by Mr. Wood
wand ia the purchase az the stock. and
through their cXeriion- the msrset wa
thoroughly and cilcctuaily moS ed upward.
The Eoch Island capital stock reached
l100a shares: hu, mp 10 rue-day night
2iOp9o 10000 more than actually existed
had been bought up in putt by the
pool IN Thu way thr high premium Wa
i.fra hot o. al
Tie treaehrrl Of their leader. vast for
itIne would have bc-u realized bt those ia
the lob. Woodward seems Ia have keVt
hi weakness well concealed. - no >u>pic-
ion wa- felt by III brokers up Ia Yesterday
morning. pu haf occasion the sale opctl-
~ al the high iigur.-- established the dav
before. lit -, atd Mr.. GilIc-Py bought
GOO shares for the pool. giNiu. q certified
gold check for The amount
u}thIoAnING THE CART.
Ru- almost immediately affer this trau-
sar'ipn 81 became apparent that something
Na- wrong large amount of the cash
stock was pressed uuon the market a.
quarter. and three and a half per cent. be-
low the price j. was hriu41n- The cause
Wa soon disclosed. NJ. Woodward. had
failed 10 producr the MONEY necessary 10
carr, the large amount of stock hc had
=
of She mliicr mere Try ing 10 Eci rid OF their
saw mus nrtaS or II i snorf dtHhrtit
dercl il worthless In their hands The
STOCK fingered tot a Will. "a, In hut final
Is before half pas ten had fallen To l32
Nj. Gilr~pv. whn seeln- To have been
much more ~inu"d against than SHINING.
mounted The tribune about this time aud
exclaimed.
''Genileinea INV barAcr, have gone back
GA mel am burst.
n rHE MALSTRoM
The scene which en~ued upon the de-
livery fthi- brief but emphatic declaration
almost deiie- the power Of description. Il
needed but this. the vrridcation of all their
fears. 70 make the iobber>. already sufli-
oieu,lv excited, perfectly wild with appre-
heu-iou When the Exchange opened the
building wa> Immediately ihrouged with
Wild. unwieldly crowd that swaycd here
and there ia The utmp>; disorder The air
wa> >utfocating. MANY threw Of their
coats and wandered about In their shirr
sleeves. All were discussing in the widest
language the extraordinary turn which the
market had taken. Knots Of three or four
were gathered together IN places. Others
were rushing frantically about. seeking 10
sell AZ any sacrifice thar which nobody
would buy until something definite could
be known of it, actual value.
DUMPING THE load.
The noise and confusion might formida-
bly rival that Of auy Bediam IN the world
Stock spectators are not AZ any time
particularly choice in the u-c of expires
>iou-. But now. when >wayrl bv all the
passions eugenderrd hy their reckless oc-
equations. the very demons Of language
seemed To have been let loose. There Was
cur>lng without stint. Dire vengeance wa
vowed against Woodward aud his tribe. =
and in the midst OF all arose the voice Of
some unlu ckv purchaser OF the DAY before
Offering hi Rock Island al most any price
80 he might get !: OF HI hands
Ia the midst Of the confusion came The
order from one Of WoplN ards broker
whom he had failed 70 secure a. promised
10 sell s0D shares under the rule" This
was followed hv Ike orders from three.
other victims. and the pressure OF the stock
thus thrown overheard brought the price
down before noon ~ 10. From that time
Till night * fiuctuaied from llo to ll3.
closing finally Al liz II.
HE PLAYER oF THE CANE
Mr. Woodward wisely kept from the
street during the dav. Various opinions
prevail to hi> conduct. The brokers
whom he has ruined one and all appear
very charitaoiy disposed toward him One
gentleman. who had suffered 10 the extent
OF 500 90. said to a SIN reporter ye-ier-
day afternoon:
WOODWARD ha, acted square enough in
this business He had hackers behind him
who failed 10 come 10 time \, long a. he
had money 10 carry the stock. he put il
ont.
Others curse him bitterly and charae-
terize the whole thing a a scheme TO EN-
rich himself az the expense of the friends
who trusted him.
lie ha- been getting in money in his
puts eyer since the pool started" ex-
claimed one. aud but for his treacherv in
'spilling the stock this morning. every
thing would have come out right.
tbs CHASE AFTER WOODWARD.
Finding thar Mr. Woo lward made the
OIL If Mirvia BIOS. & Co. In Exchange
place. hi, headquarters. the reporter
weaied ais way thirher. In the inner OH &c
SAT three gentlemen. placidly smoking
ci sars. the flavor Of which struck envy to
his soul. Upon asking for Mr.. Woodwa ard.
the answer was. "Woodwards gone home
he's sick"
What do they say of him in the street q
queried the III II n st of the fu nj gators.
= they are cursing him most heartily
That's the way they do everybody .
was the rejoader. Woodward has los
his own m ,aey and all his friends The
poor man deserves to be pitied.'
several names besides NJ. WOODWARD :
are mixed mp in the affair by those most
searlv interested Several prominent firms
that are apparently out of the scrape are
hinred AZ a. secret hackers Of Woodw ard
aud sharers in the spoils.
THE EFFECT OF THE CRASH.
The losses entailed on the bank rupi
firms will reach millions. while those OF
individuals who have been impru dent
eaoa n to diboie in the affair cam OF OF
course be estimi ted.
The catastroe be has had It's natural
effsrf upoa other branches OF the stock