Diary of Gideon Welles: Monday, April 18, 1864

The steamer Chenango exploded her boilers in New York Harbor, and I feared there might have been mischief, such as [an] incendiary shell in the coal, but the reports indicate that such was not the case.

I am gratified to find so many sagacious and able naval officers sustaining me and my course in relation to Du Pont. There is no man in the service who is so skillful and successful at intrigue as S. F. Du Pont. He has his cliques and has laid his plans adroitly, and may, for a time, be successful in deceiving the public by artful means, but it cannot last. Truth is mighty and will prevail.

Stocks have had a heavy fall to-day in New York, and there are reported failures. It is a temporary check, I apprehend, a reaction or pause resulting from some action of Mr. Chase in New York. He has doubtless effected a loan with the banks, and they have closed on some of their customers. Money, or investments, are tending to government securities, rather than railroad and other like investments, for the moment.

SOURCE: Gideon Welles, Diary of Gideon Welles, Secretary of the Navy Under Lincoln and Johnson, Vol. 2: April 1, 1864 — December 31, 1866, p. 14-5

Diary of Josephine Shaw Lowell: June 25, 1862

Today New York was in a fever and stocks went down, down, down, because Lincoln and General Pope went up to West Point by special train last night to see General Scott, who it was reported was going back to Washington with them, which also occasioned intense excitement, when, behold! he went as far as Jersey City and there remained at one of the stations. Lincoln being called upon to make a speech came upon the platform and told the people that if they could only know the object of his visit, they would find it much less important than they supposed, but that he couldn't tell them what it was, because Stanton was very particular about the press, and he didn't know what would happen to him if he should "blab."

SOURCE: William Rhinelander Stewart, The Philanthropic Work of Josephine Shaw Lowell, p. 29

The Rothschilds and Mr. Peabody . . .

. . . bet enormously, in the way of operating in the stock market and the solution of the Trent difficulties would be peaceful.  They speculated for a rise – that is to say, bought stocks largely when they had declined – believing that Mason and Slidell would be given up.  Of course they won vast sums.

– Published in The Burlington Weekly Hawk-Eye, Burlington, Iowa, Saturday, February 8, 1862, p. 2

How Dr. Russell Got The Letter Of The Washington Telegraph Censor – Stock Gambling – A Banker Goes Shares On The Trent News

The following is taken from the Judiciary Committee’s Report on the Censorship of the press at Washington:

The Censor testified that on Friday, December 27, at 2 o’clock P. M., he received positive orders to suppress all dispatches concerning the matter, but at forty-five minutes after two he allowed the following dispatch to go:

“Samuel Wood, New York Hotel, New York: – Act as though you heard some very good news, for yourself and me, as soon as you get this.

W. H. RUSSELL”

The committee say that any man of ordinary discernment might have detected in that dispatch the contraband information, and that Mr. Russell has not, by his letters to the London Times entitled himself to privileges which were denied to our own citizens.  Stock speculations were active and remunerative, and the committee think Mr. Russell’s friend made a good thing out of the good news.  H. G. Fant, a banker of the city, was examined by the committee, in reference to his operations in stock upon the Trent affair.  Mr. Fant had read in the Herald that Mason and Slidell were to be given up, and he put to work Mr. Robert J. Corwin to ascertain whether the communication had been made to Lord Lyons.  He ascertained in the Department of the Interior, that it had.  Mr. Fant invested in stocks, and Mr. Corwin’s share of the profits was $1,300.

The reporters for the press were not allowed to send a word over the wires about the settlement of the Trent affair.  Mr. Fant, a banker, used Mr. Corwin to pump the Secretary of the Interior.  Mr. Smith was pumped, and Mr. Corwin pocketed, as his share $1,300.  Then, Dr. Russell advised his friend Samuel Wood, of New York.  How much Mr. Wood made, and what fell to the share of the special correspondent of the London Times is not stated.

– Published in The Burlington Weekly Hawk-Eye, Burlington, Iowa, Saturday, March 29, 1862, p. 4

The War News

England, France and Spain Meditate the Recognition of the Southern Confederacy.

NEW FRAUDS UPON THE GOVERNMENT BROUGHT TO LIGHT.

Secretary Chase Urges Immediate Action on the Legal Tender Bill.

Jeff. Davis to take command in person at Manassas.

PANIC IN THE NEW YORK STOCK MARKET.

– Published in The Davenport Daily Gazette, Davenport Iowa, Monday Morning, February 3, 1862, p. 1

Fluctuation in the N. Y. Stock Market

NEW YORK, February 1

The stock market took a heavy downward surge to-day, amounting at one time almost to a panic – influenced by the unfavorable news by the Africa yesterday.  The decline in some instances is equal to 4 per cent., with heavy sales; but at the close there is a decided rally – some descriptions recovering ½@1 per cent. From the lowest points.  The real cause of the decline is seen in the heavy fall in those stocks which were most affected by the belligerent attitude of England in the Mason & Slidell capture.  Pacific Mail, Erie, Old Stock Erie preferred and Michigan Central are most pressed for sale, being generally most sensitive to new foreign trouble.  Gold quiet and fluctuations from day to day have settled down to ½ percent.  Brokers buy at 1.08¾ and sell at 1.08½.  At the brokers’ board there is less doing in it.  The price is $1.03½ cash and $1.08½  buyers option.  Money market unchanged.  Supply good. 6 per cent. on all prime paper current.  5½ @ 6½ per cent. on foreign exchange.  Market closed steady.  A better inquiry is looked for by the Boston steamer on Tuesday, from importers, several heavy cargoes having within a few days arrived.  Best bills on London $1.13¼@1.13½.  There have been small sales of Treasury 73 10 notes at 2@2½  per cent. discount at the Board, and we have heard of private transactions at the same rates for the clear, and at about 3 percent for the endorsed bills.  The supply this week is apparently smaller.

– Published in The Davenport Daily Gazette, Davenport Iowa, Monday Morning, February 3, 1862, p. 1

A Straw

The day on which President Lincoln was inaugurated, March 4, 1861, U. S. six per cent. stocks sold at 92 1-2.  After increasing the public debt, which then stood at $76,455,000 to some $350,000,000, that same stock is now selling in the market at 94.

– Published in The Davenport Daily Gazette, Davenport, Iowa, Saturday Morning, March 29, 1862, p. 2

A Hopeful Sign

Wall street was jubilant on Saturday. When government sixes reached par, three rousing cheers were given by the Board of Brokers. Not only are some people’s pockets filled by this good news, but the hears of loyal men, everywhere, greatly cheered.

– Published in The Burlington Weekly Hawk-Eye, Burlington, Iowa, Saturday, May 10, 1862, p. 2