The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-19
LIVELY TIMES AHEAD.
Indignation Throughout the City
and Country.
VIEWS OF VANDERBILT, THE VETERAN.
Why Panics Occur-Attempt to Carry Too
Heavy Financial LOads-Flimsy Rail-
road Schemes the Bane
of American Credit.

storm burst yesterday over our financial centre
which threatened to convulse and distort all exist.
ing values. In Wall street every comparison starts
from the great gold panic known as Black Friday,
and yesterday, for the first time in four years, peo
pie were willing to own tnat they were witnessing
something which approached very closely that dire
day in the annals OF financial men. The consterna-
ton was almost as great, the fear was quite as
general. Men who, the day before. supposed they
could control their millions OF dollars rushed
about, their cheeks blanched with excitement and
doubt I'll IT, as things Stood they could command,
on the moment, many thousand cents. And
what was all this abOut-tne failure OF one house
and the bankruptcy OF a railroad9 When men went
Gown to their business yesterday morning, conf
dent and happy, they heard That Jay Cooke & Co.
had suspended and that the Northern Pacific Rail
road was ''burst., Immediately rumor
ran through the street, and men felt
as II the bottom OF Wall street had lit
orally dropped out and they were all to 60
with it. For the moment one could understand
where he stood The biggest men and the smallest
cut round to the Stock Exchange and when its
ponderous doors opened and the first call was an
nounced the brokers were quakng in their Shoes
and the noise and minging OF tongues were en-
trely worthy of the ancient Tower OF Babel.
=, EVERYBODY WAS SHOUTING,
NOBODY n. tening and the President had difficulty
In rappinp W1th his gavel to get the excited crea-
lures below hiIf TO listen to his voice. The
pension OF Jay Cooks co. was then an
nounced, and monstrous lell went up and seemed
to literally shake the building IN which all these
mad brokers were Tor the moniclt confined
When the call took place stocks Of an kinds
and descriptions came tumbling down at
frightul rate, and in moment many
saw themselves ruined This only served to in
crease the hubbub to q demoniac revel. Many
tore their hair and about as If crazy. pushing,
battling, shouting, shrieking to others equally
crazy The Stock Exchange had lost its head. and
the usual pandemonium OF daily occurrence was
as mere music to the noises which were being
made Everybody was trying to sell, nobody was
willing to buy, and, with the gesticulations
OF the principals the GREATNESS running in and
out Of the clerks the tck-tck" OF the telegraphs,
the overwhelming confusion OF tongues and the
shuttle and patter OF the feet on the stone floors,
a stranger might have well believed himself in
madhouse. In the Gold Exchange the scene was
only repetition of that occurring in the Stock Ex
change, and the excitement was up to fever heat
But
THE SCENE OUTSIDE
did not differ 20 any great extent from that occur
ring in the board ROOM Knots OF people were
collected on the street corners and opposite every
house Of any renown, excitedly discussing the
appalling news. Around the business quarters OF
Jay Cooke Co.. on the corner of Nassau and Wall
streets, there was dense mass of people, while
Immediately around the building was drawn a
Gordon OF policemen, looking gloomy but earnest,
as II they expected some trouble ahead. Men were
rushing, anxious and hurried, every moment I'D
the steps leading to the banking moor, all with
little slips OF paper in their hands and q few mo-
menfs afterwards they would reappear downcast
thair
their countenances 1t was hard Tor these men to
think that one OF the largest banking houses in the
country--a frm OF national reputation-had
really failed; but the presentation OF their
sittle slips OF paper at the desks was quite
enough-the suspension was patent and undeni-
able to any who chose to make the test But the
crowd remained around the corners, many gazing
curIously into the windows OF the marble building
as If wanting to see these men that could so con-
vulse
Two old men stood near by, one OF them SEEM
fngly Frustrated with despair.
al have nothing left, John. 1t was al IN tncre,"
said one, pointing to the sign, where
'.BANKINa HOUSE OF JAY COOKE AND CO."
stood out IN gilt letters
'Iwonder whether my bank Is SAFE" said the
other. ~ guess my money won't stay there any
longer" And away he went TO draw what ne mad
out while the other stood around eagerly listening
to ali that was said, hoping against hope.
ONE man was explaining 10 another now , tne
Barings OF London would rejoice over thls
failure and A countryman was telling friend OF
his that down in his town every second man owned
Northern Pacific; but be mad always been ''skeered
OF them railroad specs" so he wouldnt minu ~ 81
much Il IL were not Tor his neighbors; and al
Schuyler Coliax's fault, damn him." he added;
At this time in the forenoon, about eleven
O'Clock the general impression prev vailed that
NORTHERN PACIFIC HAD "GoFB ur''
with jay Cooke 90. There were plenty Of people