Catoctin clarion. [volume] (Mechanicstown, Md.) 1871-1940, 1883-08-23

The panic in Wall Street, which in
previous letters l have forecast, has
come sooner than it was expected,
but fortunately everybody was look
ing out for squalls, and thus all fl
nancial ships scudded along under as
little canvass as was possible. The
air however is not clear as yet, and
the storm is not yet appeased with
the sacrifice of the two victims, Bal
lou & Co., and Stedman & Co., which
it received. If the market does not
soon assume some defined character
other failures are sure to follow.
Much sympathy is felt for the mem
bers of both the above firms, for they
were both old established houses and
their dealings We're characterized by
genuine old fashioned business meth
DDS and integrity. Ballou & Co.
tried to steady themselves by stradd-
ling the market. but this devic e, us,
ually one of safety on this occasion
only fastened the collapse which left
them high and dry. Mr.. stedman's
losses were brought about by the in
discretions of his son, young fellow
of twenty-four years, who thought he
knew more about financial operations
than his father, and launched out
boldly at a time when everybody else
sought to make port. Everybody
has the utmost sympathy with the old
gentleman, who in the evening of his
days finds that the fruits of his labor
of life are struck with a blight.
Mr., Stedman is one of the leaders
of that cultured literary society which
makes its headquarters at the Cen
fury Club. A man of fine culture,
extensive reading, wide travel and
excellent taste, he is graceful poet
and polished prose writer. In fact
he is the nearest approach to the
British banker-poet, Rogers, that we
have in this country. But few
weeks ago his elegant country house,
an ideal home fora literary man such
as Bulwer described in one of his es-
says was dedicated to purposes of
study, good cheer and hospitality. 1t
would be pity indeed were he
obliged to give this up. But after
all there is not much danger of this,
for he has so many friends and so
many kindly offers of help that he
will be sure to tide over existing DIFF
fculties.
One of the most curious features of
the furry in Wall Street was the ap-
pearance of the vultures after the
carrien,' as the brokers put it. There
are in this city, as in fact in every
large financial centre great number
of wise and rich old fellows who as a
rule keep all their possessions invest
ed in United States bonds or other A
securities. Two or three times a
year there is a always storm in Wall
Street, though as a rule it is not as
severe and as deadening as the pres
ent one. They read the signs of the
times accurately, and when everybody
is demoralized, when money is scarce
and securities are down to the lowest
ebb, they come in with their gilt edge
securities, which they dispose of at
premium, pick out some stock
which has been particularly depress-
ed, hover about brokers' offices for a
week or two, sell out at a big profit,
and then disappear until the next
storm comes. II tell you," said a
broker to me, "it always makes my
blood run cold to see those fellows
appear on the scene. Their dress
get up and business methods render
them 80 that you cannot mistake
them. Most of those fellows do moth
ing else all the year round but study
the market and the newspapers, and
heing out Of the actual fight they can
md. rstand the situation much better
and act with more calmness and de-
liberation, and thus are always sure Of
making MONEY when they make their
strike.