Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-05-10
CHICAGO MEN INVEST
Monied Men in West Pick up
Bargains During Thurs
days Crash.
Drop Of Twenty to Forty Points
an Opportunity Not
Neglected.
Rich Men in Hunt for Cash.
Eckles' View Of the
Panic.

Cay BY millions. AT the same time Chi
Cages wealthy men turned bargain
hunters and bought stocks by the mill
ion. They went into their strong boxes
and brought out first mortgage bonds,
etc, on which they made loans with
Which 10 get The stocks thrown over at
ranic prices on the New York exchange.
Money was sent to Wall street by the
banks in all the ways known. These
We're by telegraph, by exchange and the
Shipment OF currency itself. The rate
TO, New York exchange which before
noon was at Ia cents premium, jumped
after noon. when the New York market
Vent to pieces, to 10 Genus and IS cents
premium, the latter being % cents per
$1,000 above the cost of shipping curren-
scy by express.
Altogether it was the busiest day in
making loans that Chicago banks have
known fol, months, if not for several
years. They We're as busy as the brok-
ess, and possibly s50,oocoo0 changed
ownership one way and another in the
course of a few hours.
A notable feature in the making of
loans was tbs character of the appli-
Giants. Thu banks which lend money
largely on stocks and bonds as collateral
Were literally thronged with wealthy
men who came from their offices to Dor
Bank presidents received more cans
from their wealthy clients than they
,!ave since the last big. panic in New
York stocks when the same class Of
rlen came out TO get the bargains which
the untortunates in speculation always
n.ake for those with long purses.
Chicago brokerage houses We're
crowded with customers. mostly losing
ones. But profits have been 50 large
since the election that the losses of iln5
portant traders did not dissipate previ-
Gus profits. Margins were advanced to
&c per cent. None OF tne large houses
We're willing 70 make stock purchase
without a 20 percent margin on the par
value. Thsra was great scurrying
.anlongs customers to secure funds with
which to prevent their stocks from be-
ing soldsou 0ut-of-town holders of Sc
curities ware obliged 10 make their mar
gins good by telegraph. and those who
could not be reached, in many cases,
bad their stocks sold
There was a great shlftns OF accounts
among brokers and Dailks. Nhicaeo
brokers carrying accounts m New iofh
were inclined 10 take their stpck from
commission houses y ere ana pace men
with local banks On the o'her ma no,
customers took u their accounts 10 To-
cal coniini ssion houses ana piasea ,tiehl
Win banks The entire investing ana
speculatiNe fraternity was On lsle als't'
sfluout the DAY AZ the clos'e 81 9s1s's-
ness there yyaa q n extremely titeu 10y OF
eoalnlsss'ien hoAse people.
l.asalls street was fllii OF ruinorss as
t9 brokerage houses being IN traupse.
The runors dldn step with the sfnaiiei
concerns. bur lneiueea sofne Dig ones
II is believed. however, ma no ialture
/ was recorded, altno possibly every
house IN the street iost money on ae
count. Two Of the small housses eid log
rather fleayily, one OF them. translerre
a mum her Of trades and announcer soia :,
! percent OF 1ts stocks. put mad leit niE
margin Of cash resources. Bpsh ines
| houses Will open Tor business thls morn
ing
\ number of brokers, some large anf
lltelegrans from Their New York CORE
4 sppneents pralslns the manner IN whiel
the demand for MARGINS mad been met
4 Among these was ohe o. uae house
/ which mad iest great deal OF money
/ bearing out tns assertion that currsA
| liabilities had been promptly met
John j. Mitchell, VINO IS N New = ORR
4 teiegraphed that the New loTk zDahk
We're doing everything IN their power
steady the market and that some Q
them would take the stocks on Which
4 loans had been made and release IN
4 borrower, estlmatlns the Vaiue OF sucl
+ stocks at the bargain price.
sessc s.,as.s.oh, q - ga
Il absolutely sound ne banks weF
i lending no money on iocal securities, De
\ cause there was no demand from pro
4 .ksrs.
u James ~. bckeis, president OF IN
I spHmerelai Na,ional BANK, could tore
st;f. no serious fes.as's re sata;
] Wy judgment IS that uh'll frlaa
1 iasi thsre vas not Single samoan
Haill9asi oF liiaustilal STOCK ehal wa
ABOVE rs value IN the market as d SUI
sssl - est..i'iase iiisssseiiieiie'
me taii mas not resulted from an
ieS'sIins OF .ile Naiue o. suei' STOCK, ..
a Mhoiis erru lsar OK q sun greater era 9
" .hra ehe llapil's OF buyers on mar
, slns - N.Y. a iui.hsf aeciihe. isai
lIDduS are earning just DIS Hucn stOQd