The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1891-07-23
LIVING AND DEAD.

. -.-r 49, DAAAADe +. .h=E
There was G. panic on Wall street,
che worst since "Black Friday"
Fortunes acquired byyears Of patient
toll and rigid economy had been
swept away in a few hours. Men rated
as millionaires yesterday We're beggars
to-day. But only those who have
been in the. whirlpool OF humanity
that surges over the floor TO the Stock
Exchange can understand the full
meaning of the words, "a panic on
Wall street."
Many Of the Oldest and strongest
houses had gone in the storm, and
there was nc prospect of early relief.
The rate Of interest for money had
been going higher and higher until the
figures reached were almost ruinous.
and then came the terrible announce
ment that the banks would lend no
more. Money could not be obtained
and the few traders who had been
holding on in a vain hope ofrelief
from some quarter must now throw
their stocks on the market at a great
loss and send pricesdown with a rush.
Men lived years in a few hours, and
strong indeed must be the a in
mind and body, who could stand the
strain.
Among those who rushed to and fro.
as If mad, on the floor of the Ex-
change, none seemed better fitted to
bear the fearful excitement than
Philip Dryer, one of the youngest
traders on the street. He had been
a member Of the Exchange less than
a year, but in that brief time had
established areputation as a cautious
and skillful trader that was valuable.
He took few great risks and made
money from the start.
Dryer was a handsome, manly
young fellow and very popular on the.
street. He was usually cool and col
lected, carefully calculating the chances
of every deal before he closed it, but
now he seemed terribly excited. His.
face was pale, his lips drawn and large
drops OF perspiration stood on his
forehead. Anxiously he watched the
quotations on his favorite stock, of
which he was carrying a large block.
Little by little he saw the price 20
down and down until the limit of his
margins was almost reached. Then,
with his breath coming in quick gasps,
he gathered up his last batch Of Sc,
curities and hurried away to his bank
ers to borrow more money.
There was more than the loss of
fortune at stake for Philip Dryer that
day. Six months before he had mar
ried the sweetest and prettiest glrl in
New York. His bride was the daugh-
ter Of a wealthy retired merchant
and she had always been accustomed
to a life OF luxury. He had promised
on their wedding day that she should
never know a wish ungratifed. He
had purchased for her a beautiful and
costly home and had furnished it
with everything that wealth and good
taste could suggest. There was a bal
ance due on his home and the place
was m~ortgaged to secure it. The paw
ment would be due in a>few days. A
few successful deals on the Stock Ex-
change now and he would have the
money. But the tide had set against
him, the panic came and all his for
tunce seemed about to be swept
away. II he lost on the present deal
he would be penniless, the beautiful
home would be sold and his fair
young wife turned into the street.
No more loans to-day" answered
the cashier briefly to Philip DRYERS
appeal for $4,000 to tide him over
the panic.
Mechanically the young broker
turned and made his way back to
n exchange. 1t seemed to him that
a dark cloud had suddenly shut off
the sunlight, but he would,go back;
perhaps there had been a turn of the
tide. He reached the floor of the ex-
change at last and then as one hears
IN a dream, he heard his own failure
on contracts announced and saw all
his holdings of stock closed out Mt
auction. The hammerfell, the wild
shouts OF the panic-stricken ceased.
The business of the day was over.
the closing hour had arrived and
scores Of pale-faced men staggered
out into the open air to breathe and
think. -
Philip Dryer stood in front OF the
Exchanged few moments, and then
walked slowly away from the scene Of
his ruin. All his surroundings seemed
SO changed he did not realize wherehe
was. AS q man in a trance might
walk ne went on, not knowing or
caring, where his footsteps led. He
turned up Wall street toward Trinity.
The chimes Of the grand old church
suddenly pealedsforth, but to Philip
Dryer they seemed to be the voices Of
demons shrieking in his ears. He
hurried on to the river, and there he
saw the tall masts Of a ship dimly
outlined against the sky. Then he
knew no more. A mist was over his
eyes; he. could not see. OF the past
he remembered nothing.
i Whi1o 1yo1l,;~o &C., 80 c.4#, - sE