Goldsboro weekly argus. [volume] (Goldsboro, N.C.) 1885-1909, 1907-11-07
WHEN LOCKWOOD
& co. FAILED.
Some History Of Wall Street
, Financial PaniCS.
Black Friday Still Holds the Penndnt
as the Most Famous of all Wall
Street PanicS- September
"a, 1869.

New York, Oct. 3O.-Now that they
have had time to catch their breath,
Wall Street men are figuring why it
was that last weeks collapse in the
stocA market was accompanied by so
few failures. That the collapse did not
result in a panic, with the consequent
failure of many stock brokerage
houses, may doubtless be attributed to
one cause, namely, that the public was
not in the market.
To go nc further back thar 1903 it is
found that declines much less severe
than those of last week brought disas-
ter to a humber of stock exchange
houses. In July OF thai year a sharp
decline of prices on the oath of the
month, following a long period Of liqui-
dation, forced The suspension of two
stock exchange houses, and these were
followed three days later by another
The failure of Talbot J. Taylor 81 Co.,
one of the three, was connected with
the losses incidental to the disastrous
end Of the Keene pool in Southern Pa
clfc, and too large interest in more OF
less unmarketable securities WIS as
signed as the reason tor suspension of
w. l.. Stow & Co., and e. s.. Hooley d.
Co., the two other firms.
The panic of May 9, 1901, finds it's
adequate explanation in the Northern
Pacific corner resulting from this fight
between the Hill and Hartman forces
for the control of that property, and i'm
the necessity of selling other securities
to meet the situation developed by the
corner in Northern Pacific. Losses in
that stock were made good by sales of
other securities, and it was all done so
precipitously and with such dread of
the result of the struggle over North
ern Pacific that values crulnbled
away.
The extreme weakness of the market
in November, 1890, was attributable to-
several untavorable developments, not
the least of which was the news of the
Barring failure, which became known
on the 18th of that month. During the
same month a number of failures oc-
Cured here, although the declines were
not as severe as those which havetaken
place in recent weeks. It was in No
vember, 1890, that Decker, Howell &
Co.. failed, and several less important
failures occurred in the same month.
September. 1873, is remembered as
one Of the most disastrous months in
the history Of the stock exchange. 1t
was on the 20 of that month that con-
ditions became SO bad that the authorI-
ties of the stock exchange closed the
institution for ten days. On the same
day trading on the stock exchange was
suspended at the height of the panic
but not before a score or more of houses
had gone to The wall.
Probably the most famous of all the
panics that at one time or another have
seized the financial community in this
country was "Black Friday" Septem-
Der "a, 1859. For this the Fisk-Gould
that day gold rose to 1852 1-2,and stocks
broke with unprecedented violence.
Lockwood & Co., prominent in those
days, failed, and the announcement of
their suspension was followed by the
failure of many other firms. The Gold
Exchange Bank became involved and
suspended.
The declines from the high point of
that month to the low point IN "Black
Friday in some OF the stocks active
at that time we're % Ia points in Chi
cago & Northwestern, Is in the pre-
ferred, ID 1-8 in Chicago& Rock Is
land, Is in Erie, Is 1-2 in the preferred,
so So in Hudson River, 80 IA in Lake
Shore, 10 "a in Milwaukee & st. Paul,
IA IA in the preferred, SO Ia in New
York Central, 8 3-8 in Ohio & Miss
issippi, 2 7-8 in Western Union, and 81
IA in Pacific Mail. When it is re-
called that these were the declines, not
of the day of b panic alone, but of the
entire month, it will be seer that they
offer striking comparison with the de-
clines of the early days of last week.
Notice of Summons and Warrant Of Attacks.