Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1873-09-25
Black Thsr~day and Wild Friday.
SCENES IN THE STOCK AND GOLD ExcHAN

Black ThurAday and Wild FRIDAY.
SCENES IN The sIoCk AND GOLD ExcHAN
GES.
The suspension of jay Cooke { CO., and
the number OF failures which followed
more numerous than ever known before,
| produced the widest excitement in the
financial circles of New York. Ii is said
by old frequenters of Wall street that no
panic so frighiful had ensued since the fail
ure OF the Ohio Trust Company in 1857 As
lhaf Witnessed Thursday and Friday.
Mohey, rose rapidly in price, and from
seven, gold interest. became worth a hi Oh
a on"-halt per cent. per day, with legal
interest added.
THE BEGINNING.
When men went down to their business
in the morning II was whispered that
RATS on great firm had been refused nj
its counter. But the firm was 50 great 4
one. aud the reports fitted so well with the
manifest bear policy OF certain operators.
that little heed was given them The mar
kel was in favor ofthe bear" clique, and
lhe price of stocks generally fell. Pacific
Mail fell from ~ IA 10 81. Lake Shore
from 30 IA to 81 IA. Amid the rush and
fall. while immense blocks of stocks were
shuffied OF upon staggering market, the
announcement was made that Jay Cooke
Il Co, han suspended and that the North.
ern Pacific Railroad was burst" I'M
mediately a ruInor ran through the street,
and men felt is if the bottom OF Wall street
had literally dropped out and they were all
TO 20 with it. For the moment no one
could understand where he stood.
AFTER THE ANNOUNCEMENT.
Then monstrous yell went up and
seemed TO literally shake the building ia
which all these mad brokers were for the
moment confined. Messengers fed every
way with the story of ruin. and down came
the stocks ali along the line. Western Union
han been at SIS IL; in ten minutes il had
lost ten points. No halves. or quarters. or
eghths were recognized in the sudden
crash in that stock. A legion OF brokers
whose margins were swallowed up in AL
instant swarined into the exchange 10
save themselves by sudden sales, which
with every moment sent prices futher
! down. The struggle and crush, the desper-
ate lighting of buyers and sellers, the
triumph OF the short interest and the pan
ic OF the bulls, made the tossing. surgine
room a pandemonium which related the
darkest hours of Black Friday.
| Not content with the disastrous fact, the
bears heaped upon it false report after
| false report, involving the oldest houses in
! the street. The members OF the firms who
were surprized by the announcement b &C
no time TO deliberate. The bear clique
was already selling the market DOWN in
the Exchange, and the prices were deciin-
| ing frightfully.
Of course every one gave orders TO sell
/ out holdings as quick as possible in order
to obtain the best prices. and in this way
| when the brokers returned To the Long
| Room a fresh impetus was given to the de
cline, which brought about fearful panic
| There was no one on hand with nerve ant
money 10 arrest it either, and SO the beal
| clique. taking advantage of the demoraliz
alton. made confusion worse confounded
When Western Union gave way the
whole market went, and the Vanderbilt in
yestments. such as New York Central
Lake Shore and Harlem, could not resis
the general onslaught.
As soon as it became evident that thu
attack upon Western Union was successful
and tina. panic could not be ayerted, the
bears began to sell New-York Central
Lake Shore. and Rock Island in large
blocks, and seemingly with the utmost
recklessness. The bull clique in Western
Union, the members Of which are larg,
holders of these stocks, being weakened
Ds PdbiC ia tuctT IaNOTitc speculative
| speciality. could not resist the onslaught
aud prices tumbled down like a roof abou
the head of the occupant, until good div
idend-paying stocks were sold lower thai
has been known for years.
on THE STREETS.
From the first announcement Of the sus
pension until after the final closing of IN
Stock Exchange, the sidewalk at the co.
ner of Nasua and Wall streets beset by
throng which all day changed in its ele
ments, but not in number. Most wer
drawn by curiosity, and stared in dul
way at the windows of the banking nous
until the police babe them move on. In
panic brood were there-men who ar
seen in the street only in times like this
cool aud collected, looking to find thei
accounts in the beaten-down market AM
then to disappear until another crash i
| stocks.
IN WASHINGTON.
The scene at Washington on Thursda,
morning was quiet. There was hail in til
air somewhere. but nothing to indicate
storm about the marble building of ia
Cooke on Fifteenth street. At the hOu
of noon, while depositOrs were standin
about the paying telIer's counter with theI
cnecks properly Drawn, anO Al SSnOspner
of serenity about the establishment, a fat
ruddy faced gentleman. commonly Gale
McGowan. with the authority Of specia
policeman, ordered everybody out Of tn
banking house of Henry d. Cooke Il Co
If midsisy robbers had assaulted them ant
attempted to seize their checks and DRAFT
they would not have been more astOiish
ed.
Get out, gentlemen, get out-the order
are to close the doors" Unpaid check
were extended over the counter, but d
one appeared to receive them. Gentle
men, you must get out; my orders are {.
close the door, and you must leave" 4
half dozen business men who have deposit
ed with the hrm for years. reluctant.
turned their backs on the counter and q
they reached the marble steps and heard
the slam Of the doors, stared in each Othe
face. and said, s'Is it possiblef What tim,
Is it! The house of Jay Cooke Geo. hai
really failed. For hrm with their back
ing would never have suffered moment
financial embarrassment unless thew hay,
1 Qvhauafn6 fhAiP last ooareoA ~ rnl3~fV