Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1884-05-15
How il Ruins Blaine's Chances for
a Presidential Nomination.
Sprcial % he Register.

NEw. YORE, May l4.-The scenes in Wall
street to-day reminded one of those wit
messed on BLACK Friday when so many
houses went down, Ever since the failure
Of the Marine bank and the suspension Of
Grant & Ward rumOrs thick as the leaves in
Valambrosa have filled the streets, fright
ened timid BUYERS crept into the newspapers
aud haraSSed the business man. No one
knew who would go next carrying down TO
ruin a score of others. Stocks deprecated:
bulls and bears were alike uncertain in
their dealings Hot feveriSh vacillatng,
correctly describes the market Securities
Of all sorts went begging. 1t is true that
better feeling began to be apparent but
on the heels of this came the rumOr Of a
heavy dcfalCation in the Second National
Bank. The officers promptly denied
any trouble, but suspicious public
. was slow to believe and the old feeling Of
doubt came back ten fold stronger. Had
the bank examiner made his examination
az once. and announce, what he has since
made known, the panic might have been
averted or measurably decreased. Follow
ing on the heels of this came ugly stories
concerning Jaw Gould, the Standard Oil
Company aud Erie and Wabash stock. The
reported loss to the Erie of $l,jOOOOO ac-
celebrated the downward movement. The
widely telegraphed announcement that
receiver for the Wabash was to be appointed,
served TO depreSS Wabash and all kindred
securities. Deuials were made by men in
poSition to know but nothing seemed potent
10 STAY the tide Then came the great
Saltwater failure with its thousands Of
stock scattered throughout the East. Banks
vrew suspicious of stocks and depOsitOrS be
came suspicious of banks. Runs were of
daily occurrence People who in years had
not thought of questioning their bank, drew
out their savings and put them away in the
traditional stocking, considering that safer
than the vaults Of their long trusted lnstltu-
ton.
ItS Political Effect.
That the Washington authorities were
keenlv alive to every movement on
Wall street is beyond the question
of n doubt If any other proof
than mere assertion were necessary the
presence here of Secretary FOlger would
satisfy the most incredulouS. Just when he
came,uo one has thought to inquire. But
he is here and all day long from the sub
treasury he has been striving to avert disas-
aster. II early became evident that money
must he had. Quick as lingtnings flash
the news went to Washington to pay of at
once the bonds under the l37 call. Quick
as the electric current the good news was
spread through Wall street and hope grew
stronger. But it was only hope. The tan
gible results did not appear, and to give
greater confidence the Secretary announced
that if it were necessary $40, 900, 900 more
of bonds would be called in instantly and
paid off.
The day is over but its eXcitementS con
tinue. The morrow l. anNiOuSly looked tor
| both what it NAV do in Wall street because
| ofto-days : failures. aud because of the dis
aster il may bring to the country at large.
| This is the moA serious thing. 10 the coun-
trv is affected it NAV cause other and un-
expected failures here.
4 friend who is shrewd politician, said
TO me tonight: This panic is God send
to Arthur Whether he through his Secre-
tary stops it or not, il cannot but rebound
to his credit. He and Folger are in close
communication and every iota' Of power
possessed by the Government will be used
to stop the panic If the effort is success.
full, at once the cry will be raised that Ar
thur is a business man; that he has saved
the country from financial shock. The
vast business concerns will bring their I'M
mense patronage to bear to nominate Ar.
thur. On the other hand if the panic con-
,inues it will still be urged that Arthur did
all a man could do and gave the whole ma
chiuery Of the Government to stop the
| crash