Lights and Shadows of New York Life: or, the Sights and Sensations of the Great CityMcCabe, James Dabney
History
Lights and Shadows of New York Life: or, the Sights and Sensations of the Great City
McCabe, James Dabney
New York (N.Y.) -- Description and travel; New York (N.Y.) -- Social life and customs -- 19th century
"Saturday brought no relief. The Gold Board met only to adjourn, as the
Clearing-House had been incapable of the task of settling its accounts,
complicated as they were by ever fresh failures. The small brokers had
gone under by scores. The rumors of the impending suspension of some of
the largest houses of the street gave fresh grounds for fear. The Stock
Exchange was now the centre of attraction. If that yielded, all was
lost. To sustain the market was vital. But whence was the saving power
to came? All through yesterday shares had been falling headlong. New
York Central careened to 148, and then recovered to 185.75. Hudson
plunged from 173 to 145. Pittsburgh fell to 68. Northwest reached 62.5.
The shrinkage throughout all securities had been not less than thirty
millions. Would the impulse downward continue? The throngs which filled
the corridors and overhung the stairway from which one can look down upon
the Long Room saw only mad tumult, heard only the roar of the biddings.
For any certain knowledge they might have been in Alaska. But the
financial public in the quiet of their offices, and nervously
scrutinizing the prices reeled off from the automaton telegraph, saw that
Vanderbilt was supporting the New York stocks, and that the weakness in
other shares was not sufficient to shadow forth panic. It soon became
known that the capitalists from Philadelphia, Boston, and the great
Western cities had thrown themselves into the breach, and were earning
fortunes for themselves as well as gratitude from the money-market, by
the judicious daring of their purchases. The consciousness of this new
element was quieting, but Wall street was still too feverish to be
reposed by any ordinary anodyne. A run on the Tenth National Bank had
commenced, and all day long a steady line of dealers filed up to the
counter of the paying teller demanding their balances. The courage and
the ability in withstanding the attack which were shown by the president
and his associates deserve something more than praise. The Gold Exchange
Bank witnessed a similar scene, angry brokers assaulting the clerks and
threatening all possible things unless instantaneous settlements were
made. The freedom with which the press had given details of the
explosion had been extremely hurtful to the credit of many of the best
houses. In a crisis like that of Black Friday the sluice-gates of
passion open. Cloaked in the masquerade of genuine distrust, came forth
whispers whose only origin was in ancient enmities, long-treasured
spites, the soundless depths of unquenchable malignities. Firms of
staunchest reputation felt the rapier-stroke of old angers. The
knowledge that certain houses were large holders of particular stocks was
the signal of attacks upon the shares. Despite of outside orders for
vast amounts, these influences had their effect upon securities, and
aided to tighten the loan market. One, one and a half, two, and even
four per cent.
Public-domain text, read in full here on John Shaqi.
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