The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-19
YORK HERALD FRIDAY SEPTEMBER 9 1s7s-rRIPLE SHEET

70 tell you that they always distrusted Norther IN
racinc didn't believe IN It; thought It was q
these people you would generally ind
that, IN one way and another, they were
ths 10 !ae road Going down the stree,
seemed as II the whole OF Wall street had turned
out to discuss events on the sidewalk. Opposite
the STOCK Exchange the feeling was intense and
no other topic was discussed but this universal
one OF Jay Cookies failure. All other interests
were forgotten in this absorbing one. Brokers
dld not conceal that they knew not how long they
could last.
'It all depends" said one prominent broker to q
If don't I'll bust, that's all"
And he went away laughing.
place the feeling was still more intense and
THE MONEY MARKET
was feverish and excited. From an early hour
crowds such as have not been seen for
years gathered here and began their bid
ding. AT first some transactions were
made ut seven per cent gold, but speedily
the rate jumped up to q thirty second, at which
rate money did not remain more than ten minutes
before another Jump took place to sixteenth, and
rapidly from this moment the rate went on lncreas-
ing, until the price for money reached three Fights
and hair the highest price asked since last
spring, and even az this rate there were plenty OF
takers. Lenders were scarce, however, and none
but the best stocks as security satisfied Them The
speculative stocks IN many cases would not be
taken.
As the day wore on there was a sort Of reaction
on Change, aud many OF the stocksl indeed al OF
them-recovered slightly. and thus restored little
confidence. Still. people were not satisfied and did
not believe In the durability OF the recovery There
was q rumor around, which wanted CONFIRMATION,
that that saturnlne little man,
JAY GOULD HAD STEPPED IN
and bought largely in Western Union, thus saving
this unfortunate stock from fur her decline.
There IL little doubt that Mr. Gould was ''short" OF
most OF these stocks, and the panic was boon to
him. Whatever Providenceit IS watches over this
little gentleman 1t Is certain that his strokes o!
good luck always come in when least expected ana
are to the great detrment OF other people. ''lts
an III wind that blows nobody any good" and US
always other persons Ill winds that do Mr.. Gould
the most good.
During the entire day the same general sen:i.
ment OF uneasinesS continued, and was added to by
the confirmation OF the failures OF Mr. Richard
Schel and Robinson Suydam, as by the false
reports OF the failures OF Scott Strong Co.. George
Opdyke, the Union Trust Company and many
Others, whom 1t Is unnecessary here TO mention.
AS the day wore on, therefore, the great panic
received httle II any, abatement, ana the leenng
was that there was more to come than had yet
TRANSFERRED. Many, no doubt, saved themselves
for day by paying ruinous rate for money who
to-day may be unable to repeat the operation.
There Is widespread idea OF the general tnSeCu-
rity Of things, and no man trusts another
IN JAY COOKIES OFFICE.
A HERALD reporter was early in the ONCE OF the
banking house OF Jay Cooke Co., and the scene
was anything but an encouraging One particularly
to the unfortunate people who had money invested
IN the institution, and some or whom stood dis
c0nsolately around in the office and, like Micaw-
Der, '!waiting for something to turn up" From
the appearance OF the clerks and higher employees
nothing would turn up, and that the house had
suffered a reverse from which recovery was Tor
the time being, at all events, impossible.
While waiting for somebody belonging to the
greatly interested by an emblazOned sign which
stood over the desk OF one OF the managers OF the
firm. 1t seemed at the time bitter in its irony
and ran this:-