The Republican journal. [volume] (Belfast, Me.) 1829-current, 1873-09-25

produced the widest excitement in the
financial circles of New York 1t is said
" old frequenter~ of Wall street that no
panic 81 tri@htiul had cnsued since the
failure of the Ohio Trust Company IN 1891
IS that witnessed Thursday and Friday
MONEY! rose rapidly in price. and from
seven. GOLD interest. became worth rs high
A. rnr-half per cent per day, with legal
interest added.
THE BEGINNING.
WHEN men went down to their business
Ia. thrmolning it WAS whispered that drafts
III 4 great firm had been refused IT ii,
counter But the firm was SO great a one,
ild the reports fitted 50 we'll with the
manifest bear policy of certain operators
mat little heed WAS given them. The mar
.rt was in favor OF the .'bear" clique. and
i, price OF stocks generally fell. Pacific
Hail lell from II - to 81 Lake shore
"'om ~ IA To s. IA. Amid the rush and
tIl Will. immense blocks ui' stock Wrr"
-.luItird uf1 ,lp.n a staggering mark /. the
...ll.,.nrrmlrnl Wa mad, thai JAY Cooke
\ ,, had suspended ;md thai iir y" In
.u l'.,,-lic railroad wa, .'hnr~l. lmlme-
.lurt runlpr ran through the street. anil
uru lrh a. if the bottom of " all street
u.,d literally dropped ont and they were
,JI In 20 " ith ii For the moment n" one
uuId understand where he stood
AFTER THE AN>otNCENFNr
IAeu a mon>lrou> Yell went up and
..vmcd L. Shake the building in which all
4c-r lnad brokers We're for the moment
.uiued Messengers lied every WAY with
VISA ~turN OF rain, and down came the
,uyl>~ ali along the line Western Union
.4d Been at s. - III ten minutes it had
Il len points No halves on quarters, or
-.Mh- were recognized in the sudden
.a-A I'M that stock \ legion of brokers
..4a~- margins were swallowed mp IN an
tt- warmed into the exchange to save
Themselves by sudden sales. which with
..eiN moment sent prices further down.
4 hr struggle and crush. the desperate
h4htmg OF buyers and sellers, the triumph
"a INC short interest and the panic of the
uull~ made the tossing, surging room a
Iaudcmonium which recalled the darkest
Gous Of Black Friday.
Not content With the disastrous fact, the
uc.0'- heaped upon it false report after
ltl~c rerort. involving the oldest houses
~ Tho street The members Of firms who
ver,. surprised by the announcement had
j.1 time to deliberate The bear Clique
Mas already selling the market down in
ht Exchange and prices We're declining
ti2hjfully.
81 course every one gave orders to sell
cd, holdings as quick AZ possible in order
I0 obtain the best prices. and in this way
when the brokers returned to the Long
Room d fresh impetus was given to the
decline, which brought about a fearful
panic There was no one on hand with
u-Ire and money TO arrest it either, and
ID the bear clique taking advantage of the
General decentralization. made confusion
worse contounded
When Western Union gave way the
whole market went, and the Vanderbilt III
vestments. such as New York Central,
Lake Shore and Harlem, could not resist
The general onslaught.
A soon as it became evident that the
attack upon Western Union was success
tll and that panic could not be averted,
Ae bears began to sell New York Central,
Lake Shore and Rock Island in large
blocks, and seemingly With the utmost
recklpssnesss. The bull clique IN Western
nion the members of which are large
holders Of these stocks, being weakened
by the panic in their favorite speculative
pecialty could not resist the onslaught,
uud prices tumbted down like roof about
the head of the occupant, until good divi-
iend- paving stocks were sold lower than
ha5 been known for years +
on THE STREETS
from the first announcement Of the
uspension until after the final closing of
The Stock Exchange, the sidewalk at the
-0rner Of Nassau and Wall streets was
Desct By d throng which all day changed
% lis clements but not in numbers Most
We're drawn by curiosity, and stared in
tull way at the windows of the banking
house until the police bade them move on
The ''panic brood" were there-llen who
HE seen in the street only in times like
thi~, cool and collected, looking to find
their account in the beaten down market
tnd then to disappear until another crash
ID locks
IN WASHINGTON
The scene at Washington on Thursday
morning was quiet There was hail in
the ar somewhere, but nothing to indicate
i storm about the marble building of Jav
oohe on Fifteenth street. AT the hour
VI noon while depositors We're standing
about the paying tellers counter with their
checks properly drawn, and an atmosphere
'f serenity about the establishment, u fat,
addy-faced gentleman, commonly called
MCGOWAN, with the authority of a special
Policeman, ordered everybody out OF the
a7nAmg house of Henry d. Cooke Il Co.
Y midday robbers had assaulted them and
attempted to seize their checks and drafts
they would not have been more aston
shed
Get out, gentlemen, get out-the or
ders are ~ close the door, Unpaid checks
were extended over the counter, but no
uNe appeared TO receive them. Ntsentle-
men, you must get out my orders are to
r,o~e the door, and you must leave" \
Lalt dozen business men, who have de-
pnslted with this firm for Years, reluctant
Il turned their backs OF the counter; and,
a- they reached the marble steps and
heard the slam Of the doors, stared in
each others face, and said, lis it possible .
What time is it The house Of JAY Cooke
x CO., has really failed For firm with
their backing would never have suffered |
moments financial embarrassment unless |
thAy have exhausted their last source of
trGrf"
WILD FRIDAY.
One week earlier than the Black Friday
ton years ago, the Wild Friday Of 1873
tRe and Went 1t came with the fall of
/ ISk and Hatch, as that had followed the
suspension Of Jay Cooke Il Co., and it left
Tie street with twenty firms broken, credit |
lettering, and men looking with dread for
lho morrow. Friday morning stocks were
opening at the closing prices of Thursday |
slight rally from the points reached |
after Jay Cookies fall Then the news Of |
lsI X llatch's suspension beat them down |
All day upon the demoralized market |
gloomy news was rained. Failures singly |
aud III patches Of half Il dozen at once;
lumofs Of failure without number: 10 |
new from Washington; the calling in Of
au loans by the banks, and the final
apotheosls OF the spirit of distrust made |
the street q wilderness to wolves. Adj |
mlces to railroads, taken with the dis
trust Of deposltors, ielled Fisk & Hatch.
~ they ielled Jay Cooke u Co., Thursday. |
Down went railroad securities Of all kinds. !
'mlil the Commodore fought up his line |
and calredup others in Il reviving market |
NeW York Central went Up after one
Q clock. Harlem sprang up with it. Up