The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-05-10

New York Mas bitter stress de-
veioPed in wan street ty the SECOND
hoHr Of tracing on The stock exehaREe
today. The vf7lenoer OF the oonmosioa
had spent much az its force at least
for the time being, when the chair
maRis ga3el Zen aauoUneing the lose
Of the days proceedings. Fhs easuafa
ties were great and Che Eeid 81 bat
tie was syreWn With ths wu1ndeJ and
maybe with the dying. Bat % actual
fatalities none were recorded OF i'm
portanoe duriue the day.
During che height Of the panic trJfs
mors ~ i1soIVenCies were handed about
move quickly than they could be re-
ported. But no lcOnfFr1atipu c0uId ne
bad OF The iitiSnatious Of Financial
wreck. Those sagainst whom the r1I-
mors point refused even 90 snow any
siEn- OF Distress ard professed thern-
selves ready o. meet am obliGstfonsl
I'm more chan ote ease che answer 10
these rGh.ors was for q represent arive
or the house q go uFon the stock eE-
Chauge and place loans go large
amount IS indicating tba aBundanee
OF resources ~ ihailL --
But notw ustaudiug these and sim
i3af devices ter keeping III ergdit and
confident The fact was too obFiouE frQm
tho crash OF ts'lUSs or the exchange
that credits aud borrowing power were
shrinking at too pEgdigiuus a rcte 10
not leave the mind OF the whole Hn1u-
--Ial world in eonditiqa 81 intense
strain BUT 1he Indications al
the close tof the day wers
strong that Tie priutA3qi Gam
age had hsen Wrolfgtt upon the
Fpecuiative olass or upon holders %
securities on margin for UhateSer pll-
BANKS WIRE PROTECTED
tested 5y recent extensions ~ che mar I
gins exacted fn the MARKER value ~
collateral over the amour of loans
plated that thcy had- Httle 90 fear
shcrc on am absolute spiuB QUE 81
tua -lfet vglues. EEc shrinlla So of coll
81 mahy cases 70 exact addttiohal- cel-
lateral during the uaT and This added
much O. the dislI gss Tor time hut
tn the late dealings the priheipaI banks
raise FUND GO loaa the money rate
down - 6 per cent on the stock ez-
change.
The bid for moHey had been run dp
e. 80 Der cent and was tfEea,ent1 e 81
keep alive the ranic- Toe dozen banks
quickly came 10 an agreement to- raise
slGC00.09e win implied wiilinss,ess Z .
increase the suiu ~ necessary. 3here
were very heavy loans place also by
indi-idual banks. -F1nsing "a SOME
Through the early part or the day
bankers eXacted the market lAee for
LOANS but wish t1e grow ms need 70
SUPPRESS tbe Uanie, offered She rate
down 20 s. per cent Old customers or
the banks were NOS charged over IS
per cent at any time. Jut when 0ut-
sidefs ca,ue in asking for new loans fhe
law of supply and aeInald was ale
lowed so run its course.
The state of excitement was. veyE ap-
parent all through thee financial disc
fffct during tho period OF the panic,
but there we're fev ersafi9ual seene&
c1ou and then . white faced wo-riah
would peer from a 81 ~ --sflttsi6e - q
brokers office and would be driven 2H
ia "a fafntiug CONDITION after recefvi1ae-
81 message from the interior Wherever
hny near approach could be shade % "a
ticker or ~ a1 boards Qp. Wbich .auota-
tions Nere posteas tpefe 9eie gre
bling Tor p view or toe course OF the
market But the real stress of The oc-
casion eame-u upon the men VINO were
shut up cither Their private offices
or those ef bruBers. cr who wsrest ftlg
sting and fBhHuB on the aoor u che
REDUCED TO RUIN
The outside country could OBTAIN lit-
III iiea ~ tires = tua l,s-iciil trrenCes on
TIE eNchau~E- is the brckers aresrf-
Uofe from rile public saliefses in their
temporary quarters y he produce rs
change and are haH sbHt of frCm VheV=
by She .stxfees foot walls 81 th bfuk
efs Offices MANY .men sat VINO We're
reduraa " absolute ruin rs a result Of
f.Ifnar. fu-ILa-- rr.lf.eE riinZ-Ea On the