The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1856-1888, 1874-01-10
OUR NEW YORK T T
New YORK. November oath, 1873.

houses had suspended. but no large concerns except
the New York Warehouse and Security Company;
following that and closely connected Herewith,
Francis Skiddy was compelled to suspend. Kenyon,
Cox & Co. were the next on the list, and il became
evident that serious trouble was impending. The
bears were buSily engaged in ~orowding down every
thing they could get held Of. bu; finally the market
became too Wild for them to manage, and every
body cried" Stand from under -
Thursday, September 18th, opened gloonily e-
element was at a fever heat. In the morning it was
reported that George opiyke had failed, aud a whole
line Of stocks went crashing down, The Stock Ex-
change presented a wild scene, and the shouting was
deafening. Several failures were announced during
the day; at each the panic grew worse, but about the
middle Of the afternoon the news Of the suspension Of
Jay Cooke * Co, in New York. Philadelphia and
Washington, blew such a whirlwind into the street
that nothing could stand before it, and every stock
on the list fell faster than the coolest could keep
track Of 1t is reported that Jay Gould invaded the
street then and sold short, almost unlimited stock.
Thursday evening closed upon a city full OF anxious
forebodings Of more trouble, which were only too
true. for Friday, the 10th, proved a more terrible
day than has visited the street since the memorable
Black Friday in September, lS69-and in many res
poets it was worse, Instead Of GOODNESS and renewed
confidence having come with the night, the day
opened with general smashing and panic-the scene
in the stock-rooms was beyond description. Every
few minutes, the sharp ring Of the Presidents gavel
brought silence and the crowd struggled forward TO
hear-only Of more suspensions, each one meaning
ruin to many all through society; and the confusion
became worse than ever. Valuable stocks were abso-
lutely thrown away, and good securities sacrificed.
At last came the failure Of Fisk and Hatch. The
news was supplying; men stood bereft Of speech
then glancing around saw only terror and despair.
1t was silent as the grave for a few seconds, then the
whole mass rushed from the building into the streets
uttering fearful yells, then poured back into the
rooms, then swayed back to the streets-like a tidal
wave-rising and falling with threatenings of de-
struction. 1t was o scene never to be forgotten. The
spectators in the galleries were affected and were
moved by some nameless terror. Ladies shed tears
and men trembled with uncomfortable agitation. It
may seem foolish to those not present and unaffected
by the sight and sound, but once experienced the
memory of the sensations will live forever. After
the failure OF Fisk and Hatch, business was virtually
suspended, for the absurd transactions following
were unworthy of such a name. Cautious buyers
might have made fortunes, and it is known that q
few reaped q golden harvest. Jay Gould made good
his " short " sales of the previous few days by heavy
purchases at almost nominal prices. Harlem fell
@ACHA ~ 20 3ANS@cy ~ AHAJ > 49,
Union dropped from GOT to 55t; Lake Shore, 81 to
10; Rock Island, LOG to 81; Panama. 1I5 to 81;
Pacific Mail, 40 to 81; Union Pacific, 25 to 16; and
thus throughout the list. Poor stocks became about
worthless, but the surprising feature was the i'm
mense fluctuations of good railroad bonds and stocks;
that Harlem should drop nearly forty cents was the
height Of insanity. Indeed the whole panic seemed
needless to outsiders, but it was inevitable.
Saturday, the 10th, was a gloomy day. The ex-
element was worse than before, and utterly ruined
many who had survived the previous days. At last
the managers of the Stock Exchange turned out the
mob-for such had become the crowd of brokers'
and closed the doors. Street operations, though for
hidden, became the rule till late in the day, when
people suddenly concluded to 60 home, and at five
o'clock almost a Sunday quiet reigned on Wall and
Broad streets. 1t was amusing to see the crowds
or country people who had been attracted by the
news Of q " Wall street panic - into the city. They
crowded every corner, the steps Of the Sub Treasury
and Custom House were thronged, and if two anx-
ious looking men stopped anywhere to converse, they
uvrO ue UNIV surrounded ~ u uI0St iutvnsviy inter
ested group, to judge from the open mouths and
listening attitudes. 1t is said that two Custom House
clerks laid a wager that a crowd could be collected by
nothing. At any rate, about half-past two in the
afternoon of Saturday, a man ran quickly down the
steps of the Custom House to the middle of the street,
and shading his eyes, gazed intently at Trinity Spire,
then ran back, whispered a word, and again, stand
ing in the street, looked. Two or three more went
out to see, then people on the sidewalks stopped and
looked; more ran out on the street; a cart stopped
and the driver looked up at Trinity; a crowd began
to collect; people asked, &" what is iti" Nobody
knew-so it was q mystery; windows opened and
heads were thrust out, q crowd collected; on the
cross streets everybody began to run towards Wall
street. and soon an immense jam was created, which
was broken and travel resumed only after great ex-
ertion on the part of the police. 1t was one of the
curious incidents of the day, and showed the condi-
ton of mind in which people were.
Sunday, the 21st, was a day Of feverish excitement.
All day long the Fifth Avenue Hotel was thronged
with spectators of all sorts, politicians and CONNER
cial men, and transactions were very extensive and
heavy. President Grant was in the city and held
consultations with leading capitalists. His action
deserves the highest credit. Not for a moment did
he lose presence of mind. Though expressing the
greatest sympathy for the unfortunates Who were in
trouble, and Offering TO do all the law allowed for the
general relief, yet he steadily refused assent to argu-
ment or entreaty regarding the $44,0OO,0OO reserve
in the Treasury. Ali that could be said in favor Of
loaning it to the bank was said, but the President
was determined in his refusal. President Grant won
by his action regarding the panic, the nearly COM
mendation Of the best men Of all parties and the
praise of the leading papers, and it is to be regretted
that subsequent events have been such as to with
draw from him the general appreciation, for it is
certain that the reserve has been encroached upon
and part of it thrown upon the country, contrary to
the intent of the Act Of Congress Withholding the
S44, 000, 900 reserve. An arrangement was made by
which the government bought largely Of its bonds;
tho rasnIt heino IN materially assist in restoring con-
fdence. The week following Sept. 2lst was unsettled
and troubled, but gradually business was resumed.
Time has elapsed so that the panic may now be
calmly reviewed and its Lesson learned. The imme-
date and primary cause was the vast schemes Of
.a:imau Lu;ll;nn nth rrh;ch The cnuntru asneciallu