The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-09-20
THE PANIC I'M TIE PULPIT.
De Witt Talmage on the Disaster
and Its Lessons.
Nesting Of Cookies Creditors
To-Day.

Few such days az yesterday have ever been wit
messed in Wall street This famous rendezvous Of
spectators and money brokers has been the thea
tire OF many exciting scenes within tho past twelve
years. but never, not even on the dismally
familiar Black Friday OF o few years back, did
the atmosphere Of this financial centre seem so
charged with The elements of panic and disaster
The very weather Of the day, dark and rainy as 1t
was, seemed to sympathize with the gloomy out
look OF the financial situeton. Spite Of rain and
mud and gloom, however, Wall and Broad and Mas
sau streets were thronged with people In almost
every condition Of life. The news OF the day pre-
vious had gone all over-such news, too, as comes
home to every man who has any stake in the country.
Rumor, With inflated wings, went abroad breath
ing the startling whisper Of 'panc" in the banks,
and this was caught up and exaggerated beyond
measure till every man with penny anywhere
Invested ielt instinctivey alarmed, however his
reason might be convinced OF the strength and
stability Of the countrys wealth and resources
New York laid down to uneasy slumbers last
evening. sum Of twenty-five failures in the
course of four hours was
FEARFUL RECORD TO CONTEMPLATE,
and made the minds OF many men whose equa-
nmity Is costly disturbed troubled at the pros
pect. The cool heads OF the street paused to
fathom the length breadth and depth Of the disas
ter, and took heart at thinking that after all there
was less cause nor alarm than the visible tokens OF
panic Indicated They reasoned that this crash, far
from being unexpected was plainly apparent and
inevitable to anybody who had taken the trouble to
observe the course Of certain prominent banking
firms during the past few years. When banks go
outside OF their Legitimate field OF operations and
undertake great publtE enterprises with the funds
OF their conndins dSpostors they become
no better than the reckless and unscru-
pulous men who, from time to time,
In places OF public trust, use the
funds committed to their charge for purposes
OF hazardous speculation. When all has blown
overland the hope Is that few innocent people
may suner-ths evil OF yesterday will be found to
have been productive Of good. Banks will hesitate
to engage IN advancing large sums OF money to
paper railroads beginning nowhere and ending
nowhere, as the phrase goes. Examples OF the
recent past are pregnant with the teaching
that ruin waits upon the policy OF banks stepping
outside their legitimate vocation to take exclusive
hold of undertakings that have only the prospect
ofproblematicaI success.
THE EXCITEMENT OF THE DAY
was not confined to the street. 1t spread over the
length and breadth OF the city but, fortunately,
this people seem schooled to financial en-
barrassments, there was no SUCH panicky
feeling created 60 II tfAs crash had no precedent
among US in the past. As cells, they say, grow
used TO the skinning process and endure 1t with
serenity, 30 1t would appear, the people OF the
United states can afford to bear patiently with the
vagaries OF Wall street banks and spectators In
the columns that follow this introduction OF the
day-the not inappropriatsly named Black Friday
NO. Twill be found oopious accounts Of all
That has happened SO far. The scenes in the
brokers' oii1ces were OF the most exciting charac.
ter IL was regular field day for this class Of
people, ana they made the most OF 1t. The run on
the Fourth National Bank was one Of the stirring
incidents OF the day. and was watched by numbers
Of people with intense interest. The firm OF Yer.
milyea Co. give a statement in con.
tradlctton Of the rumor OF their failure
A singular application was made by tne
correspondents OF suspended firms to the Post.
master General requesting the return OF their let
ters. The reply sent back was that no authority
exits for complying with such demand. mum.
Der OF interviews will 10 found with the principals
of the suspended nrms and It viii be observed
yades the minds o. those men who
OF the hour. they hope 70 resume early. They
are quite unanimous in asserting that their busi.
not FOR themselves but Tor their clients.
The scene in the Stock Exchange was one OF
those wild, frenz,ed exhibitions that periodically
wonder and bewfderment OF the stranger.
THE CROWDS IN WALL STREET:
90 the corner Of Hanover there one mass Of men
on either side OF the th0rOughhrc. Transversey
rom the Post Once along Nassau street. down
broad TO Exchange place, was another dense crowd
moving slowly hither and thither. weaving In and
out IKE shuttles In O loom were the busy brokers
ana brokers' CLERKS lying win the best speed they
could make from point TO point, lodging groups
here and there and insdnuat,ng themselves through
the moving multitude with considerable dexter
lty. The people on the sidewalks Tor the most
part wore bewiIdered expression, as II they
scented something mysteriously portentous In the
air. knew not what II meant, but satisfied them