The age-herald., 1901-05-10
Shorts Were Squeezed Unmer- cifulIy for Several Hours
MILLIONS WE'RE MADE AND LOST
Fight Between Mlllionalres for Con- trol of Northern Pacific Stock Made Many Wealthy Brokers
 Pennlless In an Hour.

New York, May s.-Bltter stress devel- oped in Wall street by the second honr of trading on the Stock Exchange today. The violence of the commotion had spent much or It's force, at least for the time pelng' when the chairmans gavel fell, announcing the close of the days pro- ceedings. The casualties were great and the field of battle was strewn with inc wounded and maybe with the dying. Rut of actual fatalities, none was recorded of importance during the day. During the height of the panic rumors of insolyenc- les were handed about more quickly than they could be reported. But no confrmn- lions could be had of the intimations of financial wrecks. Those against whom the rumors pointed refused even to show any signs of distress and professed them selves ready to meet all obligations In more than one instance the answer to these rumors was for a representative of the house to go upon the Stock Exchange and place loans to a large amount as in- dicating the abundance of resources at hand. But owing to these and similar de- vices for keeping up credit and confidence the fact was too obvious from the crash of values on the exchange that credits and borrowing power were shrinking at too prodigious a. rate not to leave the mind of the whole financial world In a condition of intense strain. But the indi- cations at the close of the day were strong that the principal damage had been wrought~upon the speculative class s1r haI of for whatever purpose.
 Banks Were Safe.
 The banks have been so well protected by recent extensions of the margins exacted in the market value of collateral over the amount of loans placed that they had little to fear short of an abso- lute wiping out of market values The shrinkage of collateral made it necessary for the banks to exact additional col lateral during the day and this added much to the distress for time But in the late dealings the principal banks in the financial district agreed to form a pool and raise a fund to loan and force the money rate down to per cent on the Stock Exchange. The bid for money had been run up to 60 per cent and was threatening to keep alive the panic. The agree ment to raise S16, 100000 with implied will ingness to increase the sum If necessary There were heavy loans placed also by the individual banks, ranging in some cases to $25, GOO and s30 900. Though the early part of the day bankers exacted the market rate for loans. But with the growing need to suppress the panic they lowered the rate down to per cent. Old customers of the banks were not charged over per cent at any time, but when out siders came in asking for new loans the law of supply and demand was allowed to run Its course.
 Great Excitement.
 The state of excitement was very ap- parent all through the financial district during the period of the panic, but there were few sensational scenes. Now and then white-faced woman would peer from cab outside brokers office, and would be driven off in fainting condi- tion after receiving message from the inside. Wherever any near approach could be made to a ticker or to a board on which quotations were posted, there were great throngs of excited spectators scrambling for view of the course of the market, but the real stress of the occasion upon men who were shut up in either their private offices or those of brokers, or who were struggling and even fighting on the floor of the exchange. The outside country could obtain little idea of the actual occurrences on the exchange as the brokers are remote from the pub lic galleries in their temporary quarters in the produce exchange, and are half shut from view by the sixteen foot wall. In the brokers offices sat many men who were reduced to absolute ruin as result of fifteen minutes proceedings or the stock exchange. Some of these have been made opulent within a week past as a result of the unparalleled rise of prices. With the true gambling spirit they have replaced all their winnings in new ven lures on each successful turn Todays drop therefore wiped them all out In many cases one could see the gamblers fortitude with which the conclusions of the market were approached. But the glittering attraction of this market has brought into 1t a constantly increasing assortment of inexperienced speculators; men and women who have brought long standing hoards from secret places, and from savings banks, and then retire with the profits. The demonstrations from this class which includes many women spec ulators, furnished the hysterical scenes and sensations of the day.
 Employees Hard Pressed.
 All classes of employees in the Stock Exchange district were under tremendous pressure throughout the day. The inn pression produced by contact with those was due to their coolness and nerve under the most trying and exciting circum- stances Brokers. messenger boys.s tele- phone boys. clerks and the like have learned during the last few weeks to waste little time in demonstrations They do things in the quickets and shortest manner and so made things go smoothly today at a period when lack of coolness might have meant disastet to many per pons.
 There was strong feeling before pro-