New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-04-20
AN WALL STREET
" TAKES ITS WARS
~, the First Shock There
I s.s Always Been a Boom
TO- chapters from Past.

!" .. y market has done what IT Will
y ' 'ss,r apparently similar 'ir'am,
Otherwise there would be no
~" .oD Wars in which the United
%. engaged have invariably
~" . in the stock market. Wars
'S'' ..v. frequently depressed the Sc
e' ..sats in the countries involved.
>'' -, the United States one of the
~" -. however. have been few-only
.,,e. speculation was really organ
~ N. Mexican War be included
- t. each case they have been pre-
Eve or eight years by panic
s's' 80 -. come. in other words. just
Ino ~. country was recovering from us
s'sa a ~, and was ready 10 begin an
''''eSs 80 recurrent booms. Thus, the
'Iaa " 1881 preceded the Mexican War
'a''. ..rIc Of 1851 the Civil War and the
De ,sss the spanish-American war.
Esh' V ~ base much on coincidence Will
lhose ,ha manic OF 1907 was just little
-, seven years ago .,o
Na 80 I've few persons living now VINO
lne &C. much about Wall Street in the
'sn''I, -. Mexican War but Civil War
un. y are still fresh in the memory OF
uH'' There are even brokers on the
n- Exchange. active members now
-. we're members then.
va. -. outbreak OF the Civil War they
." -. street wild with enthusiasm.
as :, n, first acts of the Stock Ex-
~, WAS TO pass resolutions piedgins
s.,rd 10 stand by the government
%, a.vote. II necessary, all the money
=. 49, treasury to support it. 1t was
...s q, the same time TO have no deal
~. :, the bonds. stocks or other securi-
!. ,nv Of the seeded states, One
Tvs ",a dollars Of the exchanges funds
- ,rusdIately given to the 9TH Regi-
-, and when it marched away to the
-, an April H. 1861, carrying with 1t
49,. =, the ,xchange's members-B. NJ.
S.r.rs Peyton and Frank Jaudon-all
w,u Street abandoned business TO give II
artng cheers.
Money Imitation Brings Boom
~. srst effect Of war on the specula-
A.. markets was to produce dulness.
pr, as the government began to issue
80, Quantities OF irredeemable paper
"o..v the imitation Of commodity prices
.,rrS ia reflection in an imitation OF Sc
...., nyices. Stocks rose wildly and
.oIr,osed only to rise again. Fortunes
/, N. tme.honored phrase, were made
and lost in a night-uuly in a night' lor
,.-. we're night exchanges as well as
,,y in those times, and only from Il mid
.'.,, I'll Tin the morning was there any
,s,ncs OF rest for the active trader
VIA, afterward came 10 be known as
-. Nav York Stock Exchange was then
Unused in a sort OF rabbit warren IN
Lords Court. The board room, to when
"a outsiders were admitted. and where
n. dealings were conducted with strict
sr.y, was approached through three
avenues. one beginning at % William ST.
another at 81 Beaver st. and the third al
. Exchange Place.
Al first all the business was done on
calls 81 stated hours. trading between the
calls being conducted In the open market
under the sky on William st. But IN a
v.-y short time the limited membership
o. the board was found far too small 10
handle all the business offered TO II, and
a number Of non-member brokers leased a
room known as Goodwin's Room, across
he hall from the regular board. one OF
heir number was permitted to listen out
ID. the closed door Of the board room
n. quotations he passed on were those
UPON which his fellows established their
market But so great was the speculative
fever Of the day that there was another
segregation stln which found plenty TO DO
the so-called Goal Holers," in their
Basement at 9 William ST. They were
st,srxard admitted en- masse TO the regu-
az siock exchange.