Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1873-09-26

menced in New York last Friday. creating
financial crash very similar to the ''Black
Friday" Of last year, and damaging pref
ty much the save class Of business mtn.-
The first brick that went down was Jay
Cook & Co., WHO had advanced too much
money on Pacific Railroad bonds, and who
could not sell the bonds fast enough to OBJ
tain means sufficient to meet their other en-
gagements. A number of smaller houses
followed them in the fall, and then came
the great house of Fisk & Hatch, which
had also spread itself too thin on railroads
bonds, including the Chesapeake u Ohio
Railroad for which company it was the
banker. When the run created by Jay
Cook & Co. reached them they had to pay
out 81 700, 900 in currency and could OBJ
tain no more though their liabilities were
| ample for ten times the amount. A half
dozen brokers suspended Monday in Phila-
delphia, and on Tuesday the crash reached
Petersburg, Va, where the correspondents
say, five bank Presidents have been trying
to carry $500 shares Of Petersburg Rail-
road stock, and all o. their banks broke
The Dollar Savings Bank in Richmond
and the banking firm of Isaacs, Taylor &
Williams suspended. We give below a
history Of the furry as gathered from our
exchanges, adding that since tie failure Of
Henry Clews on Wednesday the New
York market has been mparatively quiet:
THE WILD SCENES on CHANGE.
When men went down to their business
yesterday morning, confident and happy,
they heard that Jay Cooke 4 Go. had sus
pended and that the Northern Pacific Rail-
road had tburst." Immediately runner ran
through the street, and men felt as if
the bottom of Wall street had literally
dropped out and they were all to 60 with it.
where he stood The bigg.st men and the
smallest cut round to the Stock Exchange,
aud whea. its ponderous d4ors opened and
| the first call was announced the brokers
were quakiag 10. their shoes, and the noise
and mnglng of tongues were entirely
worthy of the ancient To yer of Babel.
EVERYBODY WAS SHOUTING,
nobody was listening, and the President
had difficulty in rappiDg with his gayel to
get the excited creatures below him to lis
| ten to his voice. The suspension OF Jay
Cooke & Co. was then announced, and a
INDUSTRIOUS yell went up and seemed to liter
| ally shake the building in viii ,h all these
mad brokers were for the mement confined.
| When the call took place stocks of all kind,
| and descriptions ca.na tumbling down at a
| trightful rare. aud in moment many saw
| themselves ruined This only served to in
crease the hubbub to a demoniac revel.-
/ Many tore their hair and ran about as il
crazy pushing, battling, shouting, shfiek-
ing 10 others equally crazy The Stock
| Exchange had lost Its head, and the usual
panIemonium Of daily occurrence was as
mere music to the noises which were being
made Everybody was trying to sell, no.
body was willing to buy, and, with the ges
EQUATIONS If the principals. the breathless
running in and out OF clerks, the stick
tick" Of the telegraphs, the overwhelming
confusion of tongues and the shuttle and pat
ter of the feet on the floors stranger might
have well believed himself 10 madhouss.
In the Gold Exchange the scene was only a
repetition of that occurring in the Stock Ex.
change, and the excitement was up to fever
heat. But
| THE SCENE OUTSIDE
did not differ to any great extent from that
occurring in the board room. Knots Of
L i. A.