The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-02-27

Il
much mischief tends TO convince the coun.
try that they are dangerous, and II they un.
dertake 10 Illustrate the deliberate will Of
Congress they may share the fate OF "the
Monster" which fell under the sturdy
blows OF old General jackson.
stocks Going Down Like Magic. and
stopped Only by the Exchanges
Gong.
Especial dispatch 10 the Philadelphia Times.I
NEW YORK, February 25.--It was day
az great excitement in Wall street. When
the Stock Exchange opened this morning
The current OF speculation started In level
channel. IL moved strongly and SeadiIy
for moment only. then rushed wildly over
precipitous rapids until about noon, when
an order Of Secretary Sherman, directing
the purchase 81 S10,000,000 bonds over
the counter Of the Sub-Treasury, was re-
celved. This order served 10 dam the cur
rent for a moment, then breaking over
all distractions the tide tumbled madly
downward IKEA cataract. Every second Il
gathered momentum, and seemed likely 10
make a Niagara-Iike plunge, when IL was
stopped by the magic sound Of the gong at
O'Clock, closing all transactions. Wall
street seemed 10 have recovered little
courage during the night, and the brokers
and their thousands OF GU toners approached
the market in the morning with more conf
dcnce than they had left 1t on Thursday
afternoon but FRI sh courage aud summoned
confidence avaiIed nothing against the down.
wald tendency. Both were swept away
in the first ten minutes after the Stock
Exchange opened. Eight or nine hun
dred men crowded the inadequate
space Of the BoaTd.room, where for
six hours they shouted, screamed, yelled.
halloOed and beloved, while they clawed,
pushed. pulled, and iammed one another in
their efforts 10 sell stocks. The height OF
The Exchange was contracted one half by
huge ScaiOld erected to protect The brokers
wmle repairs upon the building are being
made. 1t made the room close and confined
the dCafening racket OF the brokers. The
work before them was hard enough, and
was made difficult of accomplishment by
the condition OF the building. BetWec the
Stock Exchange and the brokers' Offices
hundreds Il messengers flew all day long.
The scenes in these offices were a. inspiring
a. that in the Exchange was exciting.
The spectators who hung over the tickers
did not indulge in loud talk, rs on ordi-
nary DAYS, but spoke seldom and in SUBJ
ducd tones. Most OF them were reading in
the ccaSolcss tick Of the stock machines OF
vanishing fortunes, and thee fortunes their
own. Those who were so lucky aS 10 be
upon the bear side OF The market were also
inclined 10 silence. for the rapid iluc,ua.
lions beiokcned possible evil, and they ap-
prCciatcd the fac; that while they were pro-
nting by the collapse OF prices thousands OF
others were losing their all. In the Stock
Exchange the distinctions OF bull and
bear were for the greater part lost
sight Of. The majority of the bro
kers were acting for some one else,
not for themselves. Their care for
themselves was that none OF their Gus
TONERS should endanger their own safety.
To thi, end the call for Margins went
through and out Of the brokers' Offices all
day. There are many brokers in the stock
Exchange who have suffered the agonies Of
Black Friday--the panic Of lS73-and re-
member the more recent collapse OF Nov6m-
Der 90, 1879. Many Of them were sadly
nippcd by those sudden reyulsiOns, owing
TO the inability or refusal of their clients to
come TO the front. The younger members
have learned wisdom from their elder breth-
rem, so that the rule is ample margins or no
stocks.
There was a great gathering OF brokers in
the Windsor Hotel this evening, and nearly
every broker was ready TO predict 4 strong
market at the opening tomorrow. Sales
began 20 be made at a lively rate, and they
were kept up spritedly until 10 O'Clock,
when the brokers took their parting drinks
from the flashed aud oyertaXed bar-keepers
and began to drop ont in twos and threes 10
20 home. Bona .fde sales of from 100 TO
1000 shares were made at the following
figures. which show considerable margin
Of increase over the prices at the closing
hour in the Exchange: Lake Shore. 1924
Union Pacific, 10; ST. Paul, 1903; Western
Union, lOj; Erie, 4ji Erie preferred, $50
and New York Central, l43.