"Defeat of the Union Army" (1896 photo LOC - LC-USZ62-76951)
Securities Down 4% on Wall Street
From the Northern perspective, the first reports from the Battle of First Manassas (Bull Run) were positive. That all changed as the Confederates stopped the Union advance on Henry Hill cold. This piece details the news catching up with the people of New York City.
From The New-York Times July 23, 1861:
THE EFFECT OF THE NEWS IN THIS CITY …
The news of our national disaster fell upon the public with overwhelming force. It came at a time when the full torrent of exultation at a supposed victory was spreading itself through the City, and cheering hearts that might be rendered desolate by the first details of the fight. No one was prepared for a check so abrupt. When the first dirty newsboy whirled through the streets, shrieking at the top of his ominous voice, “Defeat of the Union Army,” no one felt the slightest disposition to buy an extra. It was regarded as a smart commercial fraud, which ought to be put a stop to by the police. But bad tidings travel apace, and in a short time it was known that a reverse had really been encountered. The newsboys — who, if they wrong as a rule, are sometimes wronged as an exception — were then in demand. Their stock of papers was rapidly exhausted, and the supply not being able to keep pace with the demand, the fortunate possessor of an extra became a sort of animated bulletin. Circles that constantly increased gathered around him, and heard with consternation the unhappy tidings. From 11 A.M. until midnight business, as an absorbing and distinct pursuit, was virtually suspended. Those who made a show of attending to it were so disheartened and preoccupied, that they will probably regret having done so. In Wall-street, where the death of one’s grandmother has a commercial value, the reverse was considered disadvantageous to our cause to the extent of 4 per cent. Securities declined to that extent. …
Second Half A Lot Harder
Postal cover celebrates McClellan's arrival in D.C.
From The New-York Times July 23, 1861:
A NEW COMMANDER.
The call of Gen. MCCLELLAN to assume command of the forces upon the Potomac, is perhaps the most judicious change the Government could make in the leadership. Not that Gen. MCDOWELL has exhibited any deficiency of soldierly qualities, or courage, or talents as a commander. But the prejudice of a defeat cannot fail to impair the confidence of his men; for the soldier is apt to regard with almost superstitions distrust the ill-fortune that has attached itself even momentarily to their General. To be led by one who has never been beaten, is a victory half earned; and we have reason to believe the experience and skill of Gen. MCCLELLAN will earn the rest.
Richmond Newsboy: A year later similar results (LOC - LC-USZ62-72954)
You can “read all about” George B. McClellan at Wikipedia. The image of the postal cover is licensed by Creative Commons.
