Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-05-10
Local Spectators 81 if5r From Tenn
pest Thursday iAWall Street.
THE DEAR PUBLIC GOT SQUEEZED
People Of Limited Means Caught
in the MaeIstrom.
n EXPENSIVE LESSON

around the stock quotation boards in the
various stock brokers offices Of this city
this morning. Nor was there a change in
their spirits when the first news of the
day came over the tickers, showing that
the American stocks in the London markets
had opened at higher figures than those
marking the closing quotations of yester-
day.
The same condition was shown to exist
in Wall street when the quotations began
to come in from that center of specula-
ton. 1t was evident that the landslide of
yesterdays market had ended and that
steadier conditions had come. But many
of the local men had been losers almost to
the point of ruin.
In the tremendous slump which charac-
terized Yesterdays dealings, ranging all
the way fror II to 80 and 30 points of de-
cline the dear public which had gone
into the bun market OF the past few weeks
was squeezed so tightly that practically
nothing was left,
Financial disaster has come to many
home ard to many an individual as the
result of yesterdays transactions. 1t was
only selling market. There was no op-
rortunity to buy, and even those who
wished to get on the short side and thus
recover some of their losses We're unable
to do There was no way out. and the
spectators were huddled In blind
alley" SO to speak, and escape was i'm
possible.
street and in the stock brokers' offices of
the frantic efforts made by the unfortunate
SPECTATORS to save themselves would be
laughable If the results in so many cases
were not so dep1orabie. Brokers We're be-
sought by their women customers, and by
other unwary persons who had been un
wise enough to place their little savings
within the range Of the great gamble Of
10 fIonfr Al bot iS ,nt to
sell them out when the margins became
exhausted.
But, Of course that could not be, and in
some instances, it is said, ii a settlement
had been insisted upon by New York CORE
spondents last evening. the doors of some
brokers would not have been opened for
business this morning.
Matter of Conjecture.
What was done in the emergency can
only be conjectured. 1t is currently report
ed on the street today that individuals here
and there were completely wiped out, all
their savings of lifetime having gone into
the Wall street Whirlpool
The extent Of the disaster cannot be
summed up at this wrftfsSe. That 1t Is of
considerable magnitude there can be no
question: and whether it involves more
serious consequences in some cases then
the loss of the accunulauons made by the
individuals Is matter that cannot be
entirely known at this time
OF course the losses Were not entirely rep
resented by cash. A large percentage were
paper losses. Spectators who bought on
rising market and held on found that hold
ings represented considerable advances IL
realized. But while some sold and got out
before tumble of yesterday came, the vast
majority held on, strong in their confidence
In the continuation of the bull market But
STILL while the losses of this latter class are
not all represented by cash. in manw
instances all the money they had in the
world was up and the loss Of that Is suf-
ficiently disastrous even when stripped OF
the paper profits.
People of Limited Means.
To very large extent the stock specula-
tors come from the class of people of linn
tied means. and therefore while the actual
amount of money lost in such an expe-
rience as that Of yesterday may not seem
very formidable In individual cases, yet
when compared with the resources Of the
speculator it means much suffering to him
and to those connected with him.
While the stock brokers' offices were
opened for business today as usual and
the rooms We're filed with people, yet there
was but little buying.
This was attributed to various causes,
but after all the main one that there
was no money. People who usually invest
are financially stranded. Then again, brok-
oi' 9'u.S" tiol liISy ilSCouldSeu
until the business could be adjusted and
the accounts Strengthened out. In the few
cases of buyers coming in they were given
margins ranging from 10 to % points, ac-
cording to the character Of the stock.
Business. however, as stated, was at a
standstill and orders were few and far
between.
The opinion was expressed by man at
the head of one of the financial institutions
here that the ultimate effect of the slump
OF yesterday would be beneficial, as 1t
would put stop to the craze for specula-
tion and the attention Of the public would
be turned to legitimate investments.
While it Is believed that this crash had
to come, yet 1t is thought by some that
this particular form of it was not neces-
sary, and that a liquidation could have
been had at more reasonable pace Some
Of the brokers are inclined to criticise some
of the New York men for not averting or
modifying this movement of liquidation,
and they think that the memory Of this
experience will remain for long time
and will deter the public from entering the
market.
DENIED AT THE WAR OFFICE.