The Leon reporter. (Leon, Iowa) 1887-1930, 1901-05-16
MANY REDUCED TO RUIN.
Appalling Result of War in North
ern Pacific Stocks,

ern Pacific Stocks.
New York, May 1O.-Bitter stress
developed in Wall street by the Sec
ond hour of trading on the stock ex-
change yesterday. The violence of
the commotion had spent much of it's
force, at least for the time being,
when the chairman's gavel fell an
nouncing the close of the days pro-
ceedings. The casualties were great
and the field of battle was strewn
with the wounded and may be with
the dying. But of actual fatalities
none was recorded OF Importance
during the day. During the height
of the panic rumors of insolvencies
were handed about more quickly
than they could be reported. But
no combinations could be had of the
intimations of financial wreck. Those
against whom the rumors pointed
refused even to show any sign of dis
tress, aud protested themselves ready
to meet all obligations. Notwith-
standing these assurances, the fact
was too obvious from the crash OF
values on the exchange, that credits
and borrowing power were shrink
ing at too prodigious rate, not to
leave the mind of the whole finan-
cial world in condition of intense
strain. But the indications at the
close of the day were strong that
the principal damage had been
wrought upon the speculative class,
or upon holders of securities on mar
gin for whateyar nIrnoSe
The Shrinkage of collateral made
it necessary Tor the banks in many
cases to exact an additional collater-
al during the day, and this added
much to tie distress for time. But
in the late dealings the principal
banks in the financial district agreed
to form pool and raise fund to
loan the money rate down to 6 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 dozen banks
quickly came to an agreement to
raise $16,o00,O00, with implied willing
ness to raise the sum if necessary.
There We're heavy loans placed also
by individual banks, ranging in some
cases to $25,000,O0O and $3O,OOO,O0O.
Through the early part of the day
bankers eXacted the market rate for
loans. But with the growing need to
suppress the panic they offered the
rate down to per cent.
The real stress of the occasion came
upon the men who were shut up in
either their private offices or those
of brokers who were struggling and
even fighting on the floor of the ex-
change.
In the brokers' offices sat many
men who were reduced to absolute
ruin as result of fifteen minutes
proceedings on the stock exchange.
Some of these have been made opu-
lent within a few weeks past as a
result of the unparalleled rise of
prices. With the true gambling spirit
they have replaced all their winnings
in new ventures on each successful
turn. Yesterdays drop, therefore,
wiped them all out. In MANY cases
one could see the gamblers fortitude
with which the chances of gain were
accepted. But the glittering attrac-
ton of this market has brought into
it a constantly increasing assortment
of more staid and experienced spec
ulatorS; men and women who have
brought long standing boards from
secret places and from savings bank
deposits with the determination to
make one successful stroke and then
retire with the proceeds.
The extent of the decline during
the day was as great in some cases
as has taken weeks to attain on the
advance. The figures alone suffice to
indicate the proportions of the drop.
In Delaware & Hudson the extreme
decline was SO points, Manhattan
3s5s, Rock Island a51s, Union Pacific
3s, Atchison Bay, Atchison preferred
32, Southern Pacific 29A, United
States Steel preferred 261h, while a
range of to 80 points would cover
the collapse in nearly every active
stock on the stock exchange.