The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1873-09-20
WALL STREET EXCITED.
MORE IMPORTANT FAILURES
The Slaughter in Values
A Card Prom Jay Cooke & Co.

we uay III We'll euee'' N"J
citement, OF numberless smsl! panics
of hurrying to and fro, a day OF sacr''
fees and stoppage, is to tell but the
simple truth. The record OF failures
and wild fluctuations OF stocks alone
tell the story OF the hour. The aspect
of the street from noon until alter j
o'clock was something unusual. The
sidewalks 10 Nassau, Wall and Broad
streets, for about six bloEks, notwith
staoding the rain which prevailed, were
pretty well crowded with detached
crowds OF people, aud the greatest ex-
citement prevailed. Brokers were on
hand early in the morning, waiting for
the developments OF the day,
and many bore the appearance OF hav-
ing passed a sleepless night. They
imm ediately set to work to get the best
psssible prices for whatever they had
to cell. After the opening figures prices
fluctuated by one per cent, instead OF
one, eighth per cent. Soon after the
opening of the Stock Exchange, an
nounccment was made that White.
De Freits & Rathbone had suspended i;
then came the announcement Of Eu-
gene Jackson's suspension, lately Of the
firm OF Palhemus IL jackson, and then
came Fisk & Hatch. The noise in the
Exchange was now stitied, for with
blanched faces, one looked at
the other az il to ask
when this thing would end. Gold
moved up by 8 o'clock, after having
sold at liz and in less than fifteen min.
utes sold at 1l3, and the course was
still upward. Transactions under the
rule were the order of the day, and
then came tie slaughter o! values.
Prices ran down so rapidly that they
could only be traced with difficulty.
Then came other failures: Beers "
Edwards, Thomas Reed L Co., w. II
Warren & Co., Greenlesf, Norris d Co.
Bailly Il Co. and A. NJ. hidder Il Co
1ndee the business of the Exchange
was constantly interrupted by the gavel
OF the preceding officer, calling to order
to announce the failures. The rule OF
the brokers requiring the certiiication
of all checks, led to great confusion at
the banks, and long lines OF clerks, ex-
tending to the side walks, gave the i'm e
preston OF run on en- institution. In
this way damaging reports were clrcu-
lated. All stocks were sold for cash,
with very few exceptions. No oEe
pretended to make any rate for money.
Securities were examined with the
utmost care, and loans were made only
on very wild margin. This day has
proved even worse than Black
Friday, for then houses stood firm that
now have gone under. In many re-
spects the scenes OF to-day resemble
those OF the worst days o! 1857. The
crowd in the galleries OF the Stock Ex-
change was so great that at about noon
orders were given to exclude visitors,
and in consequence the street in front
OF the Exchange became blocked with
people. At eleven o'clock the scene IN
the Gold Exchange defied description
Ofthe cluster Of failures. Fisk Il
Hatch is the only firm Of magnitude
Their embarrassment has been caused,
i; is said, by having their money locked
up in Chesapeake and Ohio Railroad d
bonds, and are thus unable to respond
to the demands of the depositors in the
existing and so.called unreasoning pam
ic. Confidence is expressed that every
dollar owedby the firm will be paid. The
following shows the decline in the
leading stocks; the stocks opening a,
ll:3O: Central, from 96 to 81; Harlem
l 90 to | l6; Erie, 81 to 52i; Lake
Shore, S73 to SO; Wabash, 46 to 80
Rock Island, 81! to 50; Milwaukee,
and St. Paul, So to SO; Ohio and Mis-
sisslppi, 32t to 27l; Union Pacific, %
toll, G. c. & l. G.. %! to l91; West
ern Union, IS to 6S!; Pacific Mail,
3S4 to 33l;
Day & Morse AID Hay Il Warner
have suspended.
Samuel Wilkesor, Secretary OF the
Northern Pacific Railroad Company,
speakiny OF the suspension OF Jay
Cooke Il Co, its firspcal agents, said
he had no doubt OF the future OF the
road. 1t would be constructed. There
were those supporting it who would not
allow the work to he abandoned. The
Board o. Directors alone represented
millions. The company had not dol
lar OF unpaid paper up TO the present
time. Not note OF theirs was ever
seen in Wall street; not q bond was
hypotb ecated by the company. conse-
ouentIy the company had no liabiItle:
hanging over it that might descend
without warning.
The interest on the companys bonds
was not due until the first OF January
next, and it would then undoubtedly be
met. That portion OF the road already
bull, was earning more than was an-
,icipated from it. That portion OF il
running to the Red river country had
already developed a fine carrying trade
and he believed the road wonld bt
hindered more by the hostile Sioux
than by financial revulsion. Neither
force, however, could prevent the sue
cessful completion OF the road. Two o
the members OF the firm were Directors
OF the Northern Pacific Railroad Com
psny, and the result will be that ths
work OF construction will be somewhat
retarded. 1t is more than probable
that Congress will be asked to gran
an extension OF two years to the Com
pauy. beyond that already grarted, tc
enable it to complete its road. NJ
such enterprise was ever before At
tempted by private capitalists as that
of constructing railroad twenty-five
hundred miles in length across an un-
settled contitent. Congress shoulc
have come to their aid by extending
/ a. of Tho IN the nm,