186 HISTORY OF THE GRANGE MOVEMENT; OR, 



capitalists and operators are surcharged with distrust, 

 and the air of Wall street with rumors, started generally 

 in the bear interest, of failures, defalcation, and of dis- 

 asters dire, which renders it all the more necessary that 

 the cool and clear heads should come to the front and 

 take the direction of affairs. The street, already in a 

 tremor of excitement from bygone troubles, found a new 

 source of anxiety to-day when it became known that 

 the New York & Oswego Midland Railway Company 

 had come to grief, its paper having been dishonored, a 

 more particular account of which will be found in an- 

 other column. This information caused a wild and 

 eager desire to get rid of stocks, and holders rushed 

 their shares on to the market, bound to realize at what- 

 ever hazard of loss; contented, apparently, so long as 

 they could see that their securities represented some- 

 thing in the way of value ; and the result was such a 

 tumbling in prices as we have already described. Al- 

 though a better feeling and higher prices were estab- 

 lished toward the close, as some of the shorts began to 

 cover, yet the general market left off feverish and de- 

 moralized." 



The fears of the moneyed men were not without 

 foundation. Thursday, the 18th, brought only fresh 

 trouble. The market opened in a state of great excite- 

 ment. The floor of the large hall of the Stock Ex- 

 change was filled to overflowing by those possessing its 

 privileges, and the gallery was so crowded that misgiv- 

 ings were entertained for its 'safety. The stairs and 

 lobbies of the building were full of people, and in Broad 

 street, in front of the Exchange, a large crowd had col- 

 lected, eagerly and anxiously awaiting the events of the 

 day. 



