Lancaster daily intelligencer. [volume] (Lancaster, Pa.) 1864-1928, 1881-02-26
ALMOST A PANIC.
WALL STREET IN A FEVER OF EXCITE
MENT.

WALL STREET IN y, 4 s:I FEVER OF EXCITE
The T:ghtness Of The Money Market Causss |
Incidents Near thestock
New York Herald.
1t has been long time since the Wall
street markets have been in SO dangerous
and excited condition as they were yester-
day. In the early hours there was every
indication of a panic, and although this
disaster was barely averted the condition
of affairs was such as had not been seen
since the ominous days preceding Black
Friday-the darkess periol in the history
of Wall street. In the morning the stock
market opened in a weak and feverish con-
dition. There were anxious and frightened
faces by the score at the stock exchange and
nobody pretended to know what next to
expect. Every broker was loaded with
orders to sell and the scene on the floor Of
the exchange was one Of indescribable
confusion. The stringency of money COM
PEELED spectators to unload and wiped out
the margins of hundreds of operators.
AS block after block was thrown on the
market stocks fell lower and lower, while
crowds thronSed about tie recording in
strument in brokers' ofices,a at Delmonico's
and other resorts, holding the tape with
trembling hands, each tick OF the indicator
sounding knell to tue hopes and the for
tunes of dozens of investors, as every
stock on the list kept OH its downward
move. Stocks declined from 6 to ii per
cent within an hours time, while money
advanced to II per cent. commission per
day in addition to the legal per cent.
interest, the highest rate since Black Fri
day. Brokers ran from bank to bank ard
from one money lender to another, vainly
seek to borrow. Despair was written in
many faces, and the usual laughing crowds
around tho lunch counters at DelmOhicOS
We're not in their accustomed mood. For
eign exchange became utterly demOralized
SO that bills representing exports of dOmes-
tic products could not be sold. The excite
ment eliminated at about half past eleven
when the outlook was threatening in the
extreme. No failures had up to that time
been reported, but a general smash seemed
to be expected, and brokers and brokers'
boys rushed frantically about the streets
from office to office.
At half hour before noon the follow
| ing dispatch was received at the sub treas
ury and quickly promulgated by General
! lIilihousc -
WASHINGTON, D. C., Feb. 25, 1881.
T1hc Assista" Treasurer United States. Ne~
York:
You are authorized to purchase for the
sinking fund not exceeding ten million
dollars (s1O, 900, ,0OU five and six per cent
uncalied bonds OF 1881 at par and ac-
crucd interest to date of payment.
JOHN SHERMAN,
Secretary.
4 reaction took place Immediately, and,
although emily So, ,6S7, 300 worth of bonds
were offered in response to this order, and
the effect of the sccretarys cndeavor to
relieve the stsingency Of money was not
it served as a decided benefit. Brokers
anxiously asked at the sub treasury from
time to time how the bonds were coming
in, so as to ascertain how much relief
they We're to have by the placing in circu-
Iation Of the money paid for them by the
government. One Of the immediate effects
Of the action of the secretary of the treas
dry was TO reduce the unprecedented and
and cxorbitant premium on money, and
several private banking firms made loans
at six per cent. early in the afternoon.
The stock market had meantime slightly
improved in tone, very naturally following
the course of money. In the afternoon
brokers once more became anxious for the
future. and in many Offices men with
haSgard faces were seen in anxious con-
suttatioi,, while gloomy predictions were
heard regarding the outlook for to-day.
The sales at the stock exchange were very
heavy. 1t is probable that about eight
hundred Thousand shares Of stock were
sold. The indicators were not able to
keep up with the transactions.
In Philadelphia.
Press.
The scene which began ut 1 As O'Clock
in the afternoon and lasted until 3:0j, was
one Of wild confusion. The brokers
crowded together in the centre Of the
room and surged from one part of it to an
other. Every man shouted at the top OF
his voice and gesticulated as if for his life.
Down, down the prices went until there
was no price for anything. Stocks sold in
one part of the room at 1 per cent. less
than they were bringing in another.
Reading sold at 52t shortly before two
o'clock.
The first price after sessions was 81,
buyer 80, then in quick succession 81 81,
3ct, 50, a94, a9t, ss9, 90, 2sa, 27a,
q, 2Ga, aG!, drop of more than
s.. Pennsylvania was comparatively
steady, losing only $3.50 from the
opening price. Buffalo, Pittsburgh &
Western opened at 19s, sold up as high as
2Oand closed at 16!0l7. Lehigh Naviga.
ton lost 81 ! from the opening price. LIE
high Valley closed at Sc bid and 50 asked,
but not single share Of the stock was
dealt during the day. Pacific sold at Al
and closed at 414@414. Pacific preferred
was as high as 7O4 i'll the morning and
fell to GG@G9. Philadelphia & Erie
dropped So Il share. AT three o'clock
the brokers were tired out, but they did
not leave the board room for some minutes
after that hour. Until late in the evening
many of them were at their offices figuring
up their accounts with their customers
and sending out calls for more margin.
After o'clock there was somewhat bet
ter feeling both here and in New York.
On the street e6a was bid for Reading and
623 for Pennsylvania. In New York an
advance of from to per cent. was offer
ed above the closing prices. Drexel, Nor
gan & Co., came TO the rescue Of the
brokers, who were clamOring after money
in New York and loaned 1850, 900 at 6
per cent.
LATEST NEWS BY MAIL.
E. G. Hayden, the wife murderer, was
hanged at Windsor, Vt, after a delay Of
four years, during which time he has been
at work in the State prison.