New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-06
Literary Ves0S and Criticism.

l
that the organization of the present body was
erected Years of depression and years of pros
perity followed, and vivid picture of all that
happened is presented In the work under re-
view. including the crisis Of 1878 when national
overconfdence and extravaganza led TO panic, a
| panic which was succeeded by better times only
TO be followed by further troubles, these in turn
being succeeded by days of prosperity such as
the nation is now enjoying. In 1899 President
Jackson delivered his famous message to Con-
gross attacking the Bank OF the United States,
and this was the arst step. Mr.. Stedman states
that led to one Of the most terrific crises in the
annals of the nation. The book deals thorough
ly with the conditions that brought about the
downfall Of the bank and the removal by Jack
son Of government deposits to State banks,
which led to extravagances helping to bring on
the panic OF 1887. The following account of the
erect on Wall Street Of the troubles which de-
veloped in this memorable year will give the
reader an excellent idea of what occurred:
Transactions on the Stock Exchange in this city
when fairly ' Come We Street IF sa |s sd
S[owded with throngs of merchants and other bust
What help could be obaheJ but V Watching with with
Ret a 1ne quotations In the securities
me conditions as unparalleled Before the New
de united sPa t tp ae1ae
me me PgPG stElngency On March 80 1887, under
agreed to increase their aggregate discounts by
on the calamity On April he Even o' P 9ed@
&eeareG; Confidence is at so low ebb as to be
ne dalITres Of yesterday and the day before are
best houses are daily suspending payment Flour
81 so a bushel. ''iO "e'e -
From the time of Jackson to the Civil war
mere was little of significance In the trading on
ne STOCK Exchange, and the true rise of the
gigantic stock speculation which now PLAYS so
prominent part on the stage of Americas
IlLahclai affairs, as Mr.. Stedman remarks. began
WIN WIN me War of Secession. The only notable in
dlvldual operator in securities preceding tbe
Slvll War period Jacob Little Who made
aild Iost number of fortunes and died a COM
ItIatlEeiE poor man. He was the pioneer the
book says, of that class of spectators of which
Drew Commodore Vanderbilt Could and woeri
shofer later became conspicuous examples. Lit
ie IS prominence in the financial community
aa1ea from the panic year Of 1887. and from the
TINE OF his famous Erie coup his generaIsrip
vas never questioned. To quote:
,l antIe 1ad started a bear campaign against Erie
ellefs options ranging from six to twelve months
= S!ique Of bulls decided TO corner them ana ran
pears contracts matured it was found that he
had quietly sent over TO London and purchased
Re turned the bonds into stock, which he dsIiv
scathed.. 80 anu e'lefseo ron the crisis UNI
Following the panic of 1887 there was 4 hip
decline in the value of New York real estate.
and In 1910 the New-Yorl5 Stock Exchange re-
Jected proposition to buy site in Wall street
for .. new home. In this connection it is inter-
esting to record the fact that few years ago
the Exchange bought property in Broad-st at
a total cost of sS25,000. In 1912 the brokers
moved into the new Merchants Exchange Build
ing. which is now occupied by the Custom House
9T1n cd nv b.aN
Stedman gives the following entertaining de-
scription Of the meeting Of the board in those
days:
At one end of the meeting room was the rostrllm.
at which the President stood, gavel in hand to
his sG Bernard Hart W6o esTve 6 m
IN 1S6.seI1bbled record of the transactions
wise through the hall while in the nave stood a
It WHICH II h three meer 9f 6a 6o fPs
Inc members We're adorned with high stocks
which they frequently laid aside as they leapei
their b;ds of Wlr gestures TO snout
sessions sessions the brokers and the outside operators
and Hanover SITS.
Mr.. Stedman describes the establishment Of
the New-York Clearing House at time when
the city possessed population of 500 600 peo-
PIE; he follows with remarks on the develop
ment and expansion of American railroads. and
he tells of the market frauds in the sos of
the removal of the Stock Exchange Board to the
old Corn Exchange Bank Building and its sub
sequent removal to the Lords Court Building;
of the failure in 1857, Of the Ohio Life Insur-
ance and Trust Company, which paved the way
for many other failures; of the general panic
of that year. and Of all the important events
leading UP to the panic of Black Friday" OF
the chief phases Of speculation in the SOS the
history says:
There were two distinct phases of Wall Street
activity in the COS, and both epochnlaking.
tficay exact the speculation in greenbacks. which
legal tender enactments and afterward made varf-
Gus futile endeayors to check The other was the
preTacy, a struggle which of course, involved
the work of the few 1t formed a sharp contrast
to the railway mania Of the previous decade when
tically every who had capital to invest, pur-
chased the sna1es OF the new steel h1ghways 8ah9
able carry it, while promoters of the enterprise
at any necessary discount This condition of things
was largely wiped out by the panic, and there
traton of railroad capital than had existed thereto
not wanting before the War of the Rebellion. It
was at that period, however that they irst met in
FectoE Of the NewYerk and Erie Railroad since
I mo- a3gihilation Of tolls on the Ere canal and
he did not fail to reap, In the stock market the
title Of the sspecuiative Director" But his great
est ad ms ian eSd a9 ames FISK
RI were all subsequent to 1860 The famous Erie |
litigation, in which these men were participants, |
repiete with incidents of the most dramatic char
9cfer accompanied by conflicts that mperilled even
he great fortunes of the lighters and stained by
such corrupt and open bargainings with the judi
larry moral of the community to-day I
would not tolerate for moment, is part of post
beIlum history.
Retween 1860 and 1870 much INSCRIPTIONS /
was reported on the Stock Elk
change and MIR. Stedunan says that while no one
oretends that stock watering stock 5obbing /
has died and been buried since then there IS at i