The daily gazette., 1881-02-26

STOCKS.
New YoRK, February %.
It was day OF reat excitement in
Wall street. When the Stock Ex-
change opened this morning the cur
rent of speculation started in the level
channel. II moved strongly aud stead
lily for moment only, then rushed
wildly over precipitous rapids until
about noon, when an order OF Secre-
tary Sherman. directing the purchase
of $40, 000, 900 bonds over the counter
of the Sub Treasur was received
This order served to dam the current
for moment, then breaking over all
distractions the tide tumbled madly
downward like cataract.
Wall street seemed to have recover
ed little courage during the night
and the brokers and their thousands
of customers approached the market
In the morning with more confidence
than they had left it on Thursday af
ternoon, but fresh courage and sum
moned confidence availed nothing
against the downward tendency. Both
were swept away in the iii st ten min.
utes after the Stock Exchange opened.
Eight or nine hundred men crowded
the inadequate space of the board
room, where for six hours they shout
ed, screame /, yelled, hallooed and
beloved, while they clawed, pushed,
pulled and jammed one another in
their efforts to sell stocks.
Between the Stock EXCL nge and the
brokers' offices hundreds of messengers
new all day long. The scenes in these
omces were as insplrnga As batin the Ex-
cnange was exciting. The Spectators
who hung over the ticklers did not in
dnige In loud talk, as en- ordinary days,
Out spoke seldom and II subdued zones.
Those who were so luckJ as TO be on the
bear side of the market were also inciin-
cd To SILENCE, for the rapid fluctuations
Detokened posi- bic evil AMI they appro
ciated the fact that, while they were
Fronting by the Cailspse of prices, thou
SANDS OF others WeIe 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
brokers were acting for some one else,
not for themselves. Their care for them
selves was that none of their customers
should endanger their own safety. To
shis end the call for margins went
through and out OF the brokers Offices
Ill day.
There was great gathering OF brok-
ers In The Windsor Hotel this evening,
and nearly every broker was ready to
predict strong market at the opening
tomorrow. Sales began to be made at a
hvely rate aud they were kept up spirit
edly until ten O'Clock wheG the brokers
took their parting drinks from the
nushed and UVeTtaXed barkeepeIs and
began 10 drop Out in twos ana threes to
90 home. Bona1de sales Of from one
hundred 10 one Thousand shares were
M ade at the following figures, which
show considerable margin Of increase
over The prices at the closing hour in
the exchange: Lake Shore 1l2t; Union
Pacific, no. st. Paul 1903; Western Union
100; Erie 453; Erie preferred s3t and
New York Central. 143.
SCARE IN PHILADELPHIA.
Philadelphia so had stock racket |
yesterday, on Third Feet, which ID thus |
reported III the Press
NO scene IKE tuAt ol yesterday has been
Witnessed at the Philadelphia Stock Elk
change SINCE the failure OF Jay Coke &
TO-, IN 1878. The market has been mia
rather acllve stale all day, with considei-
able nuctuation In prices. the changes
being G.robably less Than the day before.
A fair amount of realization was going
on, ana some peopte, Dewilder-d by The
nlgh prices which have ruled, were buy
low as they were gong" The market
opened steady al singh / advance but de-
cllned qulte rapidly, but mol aiarnlngly,
sac announcement that The secretary OF
tho treasury wouIu buy $4,000, U0U oil the
os OF 81 at par and Interest had the fleet
OF sum ulatlng prices from To per cent.
Ihen there WAS gradual giving way
shares were offered and there were no
bids. PIlces leli, and sun there wee no
purchasers. Gradually the decline de-
VeIoped into panic. Stocks fell "A dollar
at d une. ANY Ctlsr was acce pied This
scene began ABOUT l.A5 O'Clock in the Hf
lerhoon, and lasted unul o.u5 ana was
one OF wild toniusiou. The brokers
crowded together IN the centre OF the
room and su. sed from one pant OF II &c
another.
Down, down the prices went until there
was no price for anything. stocks sod
Ia one part OF the room al / per cent. less
Liam they were bringing In another.
heading sold at s2l4 shortly before 2 o.