The democrat. [volume] (Weston, W. Va.) 1868-1874, 1873-10-06
Wall Street In a Panic.
The Excitement Over the saspsnslon OF
Jay Cooke a CO..

The Excitement over the Suspension Of
Jay Cooke a Co.
Not since Black Fhdayhas there been
so great MI excitement in Wall street,
rs on the announcement Of the suSpen-
sion Of Jay Cooke & Go. The Tines
says:
It was wild day In Wall street. The
announcements in the morning pre-
pared the public in o certain degree for
The trouble which was to ensue, and
many parties were enabled to go in the
market early in the morning and pro.
tect themselves from loss. While many
did this, and so saved themselves from
ruin, there were others, and by far the
majority, who thought that the trouble
was solely brought about by machina-
lions OF the bears, and that there would
only be small.SiEed panic, which
would result in o sudden rebound in
prices. Those who took this view Of
the situation held on to their invest.
ments as long as possible, and, 50 soon
as their margins gave out, were COM
PEELED to go under, or course, there
were many who, by superior strength,
were enabled to hold on TO their pur-
chases, and so escaped being sold out,
at least for the time,
The first intimation which came into
the Stock Exchange Of any change in
the programme was contained in brief
notice, which said authoritatively that
Jay Cooke & Co. had suspended pay
ment. To shy that the street became
excited would only give feeble view Of
the expressions OF feeling. The brokers
stood perfectly thunderstruck for mo.
ment, and then there was a general run
to notify the different houses in Wall
street OF the failure.
The brokers surgCd out OF the Ex-
change, tumbling pell.mell over each
other in the general confusion, and
reached their respective offices in race.
horse time. The members OF firms who
were surprised by this announcement
had no timo to deliberate. The bear
clique was already selling the market
down in the Exchange, and prices were
declining frightfully
OF course every one gave orders to
sell out holdings as quick rs possible,
in order to obtain the best prices, and
in this way when the brokers returned
to the Long Room fresh impulse was
given to the decline, which brought
about q fearful panic. There was no
one on hand with nerve aud money to
arrest it either, and SO the bear clique,
taking advantage Of the general demon.
alization, made confusion worse con.
founded.
The news OF the panic spread in every
direction downtown, and hundreds Of
people who had been carrying stock in
expectation Of n rise, rushed into the
offices Of their brokers and left orders
that their holdings should be immedi-
ately sold out. In this way prices fell
of so rapidly that even Vanderbilt
could not have stemmed the tide.
The stock exchange has been the arena
Of many desperate conflicts between
bulls and bears, and Il is hard to dis.
criminate rs to the violence OF the re.
Bpective melees, but it was said by old
frequentcrs Of Wall street that no panic
so frightful had enSaed since the failure
Of the Ohio Trust Company in 1857 as
that witnessed.
The sellers and purchasers in the Elk.
change seemed to have lost their reason
in many instances, and shouted out one
offer in one minute, and then, either
completely demoralizedor oversanguine,
put the price up or down ope or two per
cent. At one time there seemed to be
no bottom to the market, and II the
bears had pressed their advantage, it is
likely that stocks would have declined
much lower than was the case.
Everything went down, and although
at times desperate resistance was offer.
ed by the Vanderbilt brokers, no sub
stancial check was given to the decline,
and the bears had everything their own
why. Jay Gould's representatives in
the Stock Board pressed sales in the
most persistent manner, and so soon Us
there was any cessation in the excite
ment, or the slightest reaction in the
they were ready to sell large
blocks OF stocks and to put up the ne
cessnry margins.
Vanderbilt had immense Quantities Of
stocks; Gould had millions Of ready
cash. Greenbacks told, and tho Van
derbilt clique was pressed to the wall.
Men went about the street with blanch-
ed faces, and requested piteously Of
their brokers that their stocks should
not be sold out as more margin would
be obtained in the morning; but self
preservation seemed to be the frst law Of
nature with every one, so the accounts
OF the customers we're closed out, and
the losses became a fixed fact.
Some Of the men who wero ruined
swore, some Of them wept, some went
out Of the street without saying word;
others talked OF tue trouble in jovial
way, and went about trying to borrow
money from friends to get on the short
tack with.