The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1872-03-27

Has Jay Gould Made q COlOe"
sal Fortune!
Excitement in Wall Street During the Day
and at the Hotels by Night.
VIII the Struggle for Erie Between Two
Foreign Cliques Cause a Slaughter
Among the Domestic InnOcentsi

Among the Domestic InnOcentsi
ANY person standing yesterday iuthe misty rain
al the confluence OF the two streets, Broad and Wall,
at about ten O'Clock OF the morning, could fail
to have noticed the pale and excited counenances
OF at least two or three hundred men, who were
copyrighted in and around the large pile OF marble
building known as the New York stock Exchange.
These men seemed to be more greatly excited
than a group OF actors In Bowery melodrama. 1t
Is true that they did not roh at the mouth as they
are not In the habit Of using the requisite soap for
that purpose, but in every other circumstance OF
detail they were acting like unclaimed iunatics.
'Erie" was III every mans mouth and on every
mans tongue. "Erie'' rang the everlasting changes
OF chance ana wild speculation. 70 be a broker In
good standing 1t seems necessary TO have the lungs
Of cast iron, the cheek OF Satan himself and the
mind OF q Cagloslro "Erie' has played the wan
ton with thousands OF them; has ruined and beg
CARED hundreds OF homes and families, and they
will Still pay court to this hcke courtesan VINO only
smiles for moment, then to langush into indifer-
ence and finally destroy them.
In the stock board itself Bedlam reigned supreme.
1t was picture that only bore could faithfully
draw In les intenslty-theso haggard laces, these
blOodshot eyes and the rushing, pushing, crushing
and turmoil OF the great bull ring. Every one
was yelling "E.e-r-y' at the top Of his
voice, buying 1t or selling 1t, this world
renowned stock. Lombard street vibrated
like an earthquake, and Wall street. across track
less sea Of three thousand miles, answered back
electriclike II Is probable that the loose money In
Lombard street is a hundred times greater tnan the
floating capital of Wall street. and 1t Is an old say.
ing that any man with any scheme however vision
ary Will find money to loan In London, providing
that he can show moderately safe security for his
pet project.
And so the Tact Is proven in the evidences Of the
last days In Wall street. Orders for Erie stock
have poured in like the sands OF the from under
the ocean, and never has the Atlantic cable been
worked 1t has been for the last three days In the
interest OF Erie not even during the great be-
| tween France ana Germany. Since the opening OF
the Erie transfer books under the new manage
mem, Mr.. Rolston, the President Of the farmers
Loan and Trust Company, assured HERALD writer
that he has been Kept busy up to late hour every
night registering the stock certificates which have
been transferred at the Erie building In Eighth
avenue, to the number OF over one hundred thou.
sand shares.
The madness in the Erie market which is fomented
In London by foreign buyers, and at Frankfort has
reached stage corresponding to the ninth day
In typhus fever when, derium having passed,
the crisis arrives, and the lever having broken
the patient stands qulverng on the portal OF two
worlds.
Wall street yesterday and on Monday was filed
with the ghosts OF the ill-omened Black Friday and
the resuscitated corpses Of the saugnJer OF 1867.
Men whom 1t was deemed had vanished forever
from this feyerlsh ana troubled arena arose
again at this last trumpet OF wild specu-
latiOn. Small buyers and sellers, and
sellers they were little sharpened
and heated in the furnace OF past defeat,
with an ill-restraned impatience of desire to
plunge madly into the maestrom, moved
with vague caution TO begin with and as
the news waned during the day their hands
itcned and their lips trembled with the
madness that came upon them. The Erie stock,
which closed at 90 in the board on Monday night
mounted TO 81, and nuctuated and fell
and rose again, until all seemed chaos
returned again for these tormented souls.
One man, 1t was rumored, had made three
millions by a sharp tricks another had lost
half million, a Dootblack had made $4,000, and
as these, and even wilder ones doated about
In the heated atmosphere OF Wall street. ~
The influx OF country buyers was wonderful.
These gentlemen who hailed from Skaneateles,
sconarie and Chepung, . were flushed with
ssnsvcrs IL and followers Of The Celebrated Daniel
Drew. they bought wildly, and ran aooat In their
nf S,. Patrick. The older and more snrewd pur-
chasers held aloof In many Instances az the ead-on
only to become as lnlaualea III lhe eno rs she new
es y, avn was pandemoniuln OF gesticulation and
medley OF jabDerlng idocy to the spectator 10 look
cnange. Hundreds Of hands were raised an AM,
hundreds OF VOICES screamed out Erie
incessantly and the scene called Iorcibly TO
mind me scenes OF $50 years ago, when
the Earl OF Oxfords scheme for redeeming pupllc
credit caused the formation OF the famous south sea
huhble which spread ruin and desolation oroadcast
over England. The petty poets OF that day sang III
| their doQQere verses OF the riOtous assemolaeeS
| when were an everyday occurrence In 'cnanse
| Alley .s.,..r,s fell
There ali the bold adye 1ssr rs ss%'
| Change Alley IS the dreaa." n."7.
| Then stars and garters DID appear .s~.,s
| Among the meaner rabbi
| To buy and SELL to see aud hear
The Jews and Geni e.. .1 ra,oC'
| Tho greatest ladies thiih ,, ca"e'
| And piled In charios daiy, o,o, e
| NJ narrned their jewels Tor sum
| VI ~ venture in the Alley.
y,,,,,,c morality was destroyed by this Infamous
speculation Tne prouu,es. u m,n S AMONG the
m -, aI nerd and squaobe and Ouy ana sen
Of the mob Parliament became spoca hie ocsS
anu LEGISLATION to CRAFTY the prevalent mania as
IN this case did the Albany Legislature anu us ciass
dcaon muddles. South sea STOCK rose aroi ho1 ~ =,
AGO rose TO 400 settled at $780, 1t was then quoted ~
scneme OF the directors IL rose TO 1000. me Prince
tran,c. and dukes and earls, princesses marchlon-
esses and countesses pandered To tner own
profit until England became consequently rotten
10 the core ny the niamJ. Inc STOCK Nv, aii 4,
matey fell to $780, AID public meetings were neld III
every town. and the cry oil vengeance went up from
the tnroats OF the losers until the very Same Pariia-
! ment which had encouraged the scneme was
forced to enact criminal punishment against the
| leading schemers, anu confscatons 10 the amount
Of So, 00o,0g0 In properly were the result
And now Is II with THIS Erie madness2 III revul
sion comes IL will he u terrible one, such as has
not been known perhaps 10 this country before II
the annals OF speculation. Londoa an Lombard
. itvn