St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1884-05-22
Panic I'm wall street.

The long-continued depression in
the stock market eliminated Wedpes-
day of last week in a mild sort of a
panic among the Wall street brokers
and spectators. The Metropolitan
bank and half dozen brokers' firms
failed, and a scene of Understandable
confusion followed. Stocks went down
5 to 10 points in a hurry, and a general
shaking up of the spectators set in.
Wall street was filled with an almost
riotOus crowd. The excitement was
running high before II O'clock. The
news of the panic by that time had
spread over the city, aud every man
who was interested in stocks and bonds,
every bank stakeholder, every Olsen
gagged man, hastened thither. Wall
street is not wide one and was speed-
lily filled from Pearl street to Broadway,
and the latter street was crowded from
Liberty to Beaver. The jam was ire
mendOus most persons did not know
where to go to seek information, and
gaZed about in uncertainty others had
accounts with the broken bankers and
tried to get in to see them. But it was
impossible. Stages were obliged to
take other streets, and persons on foot
who desired to move at an ordinary
pace took the center Of the road. The
sidewalks We're impossible and the
streets were black with people. Mean
while all the stocks in the Exchange.
almost without exception, had fallen.
The lowering was in the Vanderbilt
system and the Gould roads, as well as
the coal roads. The depression varied
from 10 to % per cent. Western Union
Telegraph was struck as heavily as al
most any prominent stock. 1t fell ;
points, New York Central 4, Northern
Pacific preferred !, Lackawanna 4,
Missouri Pacific 10.
The next day, the Metropolitan bank
resumed business and stocks began to
go up, and advanced several points,
but near the close of business hours the
failure of Fisk &. Hatch was announced
and they began to go down again. The
panic was not near so violent on that
day as on the day before, and prices
were not as low by . to 5 points. On
Friday there was "a tumble in the price
of Lake Shore opening at 80 it fell to
81, but quickly recovered to So.
There is "a halt, and it looks like IA
turn of the tide, but it may be only
temporary, to be followed by another
drop. The prime cause of the present
condition of affairs is the loss of conf
dence in railroad management, and
also in banks and brokers. When such
firms as Grant & Ward fail with liabil-
tiles of Sl4.000,000 and small assets,
and the president of Wall street bank
uses 81 1000, 900 of the banks funds in
his own private speculatiOns and loses
1t, leaving his father to make good the
deficit to save his son from imprisou-
ment, is it any wonder that public con-
tidence in such institutions is terribly
shaken 2 When railroad managers
devote their time more to Specializing
i'll stocks than to the management of
their roads, is it any wonder that the
roads suffer and that the public has
little confidence in the honesty of these
managers There is widespread
feeling that before there can be any
permanent restoration of confidence in
the securities dealt in at the stock ex-
change there must be reform in the
management of the corporations.
The business of the country is at a
low point, as indicated by the low
price of iron and iron goods. Manu-
facturers are not doing much, trade is
dull, railroad earnings are as whole
decreasing, and the outlook is not en-
cOuraging. The country is passing
through IA period of business depression
such as has come to it periodically
through all its history. BoOms do not
always last, the sun does not always
shine, storms pass away, and periods
of dizziness and depression in business
do not continue forever. Patience,
perseverance,, industry and economy
will set the business of the country on
it's feet again in due time. Northamp-
ton Gazette.