Bookmark This Section

                

Close Window

 

Print This Page

 

WHAT'S INSIDE

 1

2

3

4

5

6

7

8

 

9

10

 

11

12

13

14

 

15

16

 

Panics, Depressions and Economic Crisis Prior to 1930
 
The Panic of 1819
 
Panic and Depression 1832

Panic and Depression 1836

The Panic of 1837

Six Year Depression 1837-1843

The Panic of 1857

Panic and Depression 1869-1871

The Panic of 1873

The Panic of 1893-Financial World

The Panic of 1893-Presidential Papers

The Panic of 1901-Market Fails, Panic Reigns-Part I

The Panic of 1901-Market Fails, Panic Reigns-Part II

The Panic of 1901- At The Stock Exchange

Panic and Depression of 1929

Brief Financial Notes based on 1875-1907

View Source Of Articles Here

 

In 1808, John Randall, Jr. laid out the plans for New York City's street system, he designed a gridiron system. His gridiron spanned the area of east Houston Street to 155th Street. This system is still in use today.
 

 

 

The opening was not disorderly and the "rush" did not come until every man present realized that those who had manipulated the Northern Pacific "corner" were determined to exact every
 farthing that was coming to them, no matter what the consequences, and regardless of any rumors to the effect that private terms might be made.
 
 The expectant and anxious crowd had not long to wait. And when they came to understand their position fully pandemonium reigned. The floor was in a panic, and the corridors outside caught up the spirit of the occasion.
 
 But it was on the floor that scenes almost without precedent were enacted, and incidents that at other times would have called for the expulsion of members occurred without the slightest protest. As one broker put it to a reporter for The New York Times: "The thing was so sudden that conservative men lost their heads, and language was heard from reputable church going members of society that would not bear repetition under ordinary circumstances in a barroom of even the second class.
 
 Men climbed over each other to buy and to sell. They fought desperately, and at 3 o'clock, when the day was done, they relaxed only because of sheer exhaustion.
 
 For the first time in the history of the Stock Exchange the galleries were closed to visitors, even the reporters being shut out after 2 o'clock in the afternoon. This was a necessity. It seemed for a time as if a large part of the population of Manhattan Island had flocked to lower Broadway for the purpose of witnessing the commercial combat between two factions, each of which was determined to secure control of Northern Pacific, and neither of which was willing to throw a single share into the market that the general public might be relieved.
 
 The Stock Exchange, as is known, has temporary quarters in the Produce Exchange Building, and it was on this account that the galleries were closed. Tenants began to complain as early as soon that they found ingress and egress difficult. The order had already gone forth that none but members or their clerks should be admitted to the anteroom which is simply outside the railing of the floor of the Stock Exchange. This naturally caused a congestion in the gallery of the Produce Exchange, and the elevators are said to have carried as many passengers between 11 and 11 o'clock as they usually carry during an entire day. The order to close the galleries caused a block which could hardly be broken in the corridors, and finally these had to be cleared.
 
 Young Men's Panic
 
 Meantime there was no surcease of excitement on the floor of the Exchange, Young brokers, flushed with the excitement kindled by their first battle royal, led the van, and it was stated at the close that had they not lost their heads values would not have fallen as rapidly as they did. The representative of one of the largest Stock Exchange houses in the city, an old stager, declared, after what he confessed was the hardest day's work he ever experienced, that he knew of instances where securities sold for less than the amount offered for them, simply because before a bid could be accepted some callow youth would rush in and throw them on the market at a lower price.
 
 Bargain hunters were everywhere, and they were about the noisiest coterie of a deafening crew. Their brokers could easily be spotted. They were on the lookout for securities which were going at a sacrifice, and they were undoubtedly able to clean up hundreds of thousands of dollars by reason of the distress of their fellows.
 
 In the thick of the fight was to be seen Louis Wormser. Not interested to any large extent. If at all, in Northern Pacific, he was there for the purpose of covering as much of his short interests as he could at good profits, and the story goes that he succeeded. At a time like this stocks wholly unconnected with the principal stake that is being played for are thrown on the market by their owners, who must have money to make good contracts, and naturally a panic is the harvest time of the bargain hunter, who is able to pay spot cash.
 
 Sam Walsh was another who took advantage of a situation in the manipulation of which he probably had no part. Mr. Walsh was a ready and at times an excited buyer of stocks, and the story goes that he covered securities in which his firm had probably been short for a long time.
 
 

 

[Continue on next page]
 
Page [1] [2]
   

Powered By Fly Design Studio