The times. [volume] (Washington [D.C.]) 1897-1901, 1900-01-02
A FINANCIAL RETROSPECT.
Events Which Have startled the
Suecuiutiye World.

The world Of finance" said an + Street
broker to a reporter for The Times yester-
day. may believe these days OF shifting
/ prices land perhaps values Of financial
stringeucies,' and of alleged governmental
favori,ism TO banks, are unusual but that
4 is merely an exhibition of faulty memory.
Looking back and recalling the events
of the closing century of peculiar interest
TO spectators and traders in stocks and
bonds. one can recall many periods Of
travail, in comparison with which these
are times OF piping peace to followers OF
the ticker.
| THE most striking incident of these
/ events is the sure and steady growth in
! importance OF the New York Stock EX-
change, which, eight years before this cen
! fury commenced started out in the very
humble way of few men meeting under a
button wood tree, in front Of what is now
so Wall Street, New York. So important
an institution did il become that those who
could not get into membership soon formed
| rival organizations which so interfered
with the workings of the origina! exchange
] that IT was forced 10 agree to an amalga-
nation Of all the rivals. This was done
1 in 1869 and since that time the life OF
! the exchange has been one of the greatest
prosperity.
The savings bank. which is today such
a feature of every village in the Union,
was established for the first time in this
country in 1916
In 1926 there was great commercial
distress in the United States on account Of
| the deranged currency and extraordinary
| imports.
Again, in 1888 and in 1897. there was
general commercial distress throughout
the Union. In the latter year all the banks
suspended payment in specie and did not
resume until quite year had elapsed.
"A bill providing for the establishment
| Of the subtreasury at New York finally be-
came law in 1886.
Tho telegraph. which is nov such an
important factor in financial and CONNER
cisl affairs. was put into practical opera
| ton in 1871. and ten years later the first
attempt was made to lay an Atlantic cable.
THE notorious forgeries Of Charles b.
| Huntington for some $20, 600, 600 were dis
covered in 1856.
There was quite large financial dis
tress throughout the Union in 1Sj7-5S,
banks suspending everywhere, and business
being generally Frustrated
In 1866 New York brokers were for the
first time able TO get London quotations
by cable and during the following year
the New York Central passed into the
hands of the vanderbilts. In 1868 Jay
Gould became President Of the Erie Rail-
road.
"Black Friday was September "a, 1863,
the year that all the exchanges We're con-
solidated. Many men were ruined by the
sudden determination Of the Government
TO sell gold at low figure.
THE famous Credit Mobiller was formed
in 1873 for the purpose Of building the
Union Pacific Railroad.
In May. 1884 occurred the suspension
OF the firm OF Grant AZ Ward. The Marine
Bank and the Wall Street Bank failed the
same year, and the Metropolitan Bank
which had figured so conspicuously IL
Wall Street dealings for many years, re-
tired from business.
1.-The latter nineties witnessed the tenn
porary adoption of the gold standard anc
the great movement In the direction o
fiscal Capitalization by the organization
OF trusts. both events being important fac
tors in Wall Street trading and specula
ton"