The daily morning journal and courier., 1901-05-10
A Wake of Ruin the Result of Yesterdays UnparaI-,
 IeIed Disturbance.
COLLAPSE OF THE MARKET
ATTRIB UTED TO NORTHERN PA.
 CIFIC'S RISE TO LOCO.

anO w omen, O0uSnt- tentureu The1l
 All in the Hope of Making One Sue.
 ccssful strolke-Principal Bankl
 Agreed Upon Pool in the Late Deal.
 fngs in an Effort to Steady the Marke,
 Great Financial Influences Moving
 for Truce.
 New York, May 9.-Bitter strife de- veloped in Wall street by the second hour of trading on the stock exchange to-day. The violence of the commo- tion had spent much of it's force, at least for the time being, when the chairman's gavel fell announcing the closing of the days proceedings. The casualties were many, but no actual fatalities of importance were recorded during the day. During the height of the panic there were rumors of many insolvencies, but no confirmations could be had. Those to whom the rumors pointed professed themselves ready to meet all obligations. In more than one instance the answer was to go upon the stock exchange and place loans to a large amount, as indicating the abundance of resources at hand But notwithstanding these and similar de- vices for keeping up credit and confi- dence, the fact was too obvious that credits and borrowing power were shrinking at prodigious rates. 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 margin. The banks have been so well protected that they had little to fear short of an absolute wiping out of market values. The shrlnkage of col lateral made it necessary for the banks in many cases to exact additional coll lateral during the day, and this added much to the distress for time.
 In the late dealings the principal banks in the financial district agreed to pool and raise a fund bringing the loan down 10 s per cent. on, the stock exchange. The bid for money had then been run up to 60 per cent. The dozen banks quickly came to an agree ment to raise $16,000,OO0, with implied willingness to increase the sum if nec- essary. There were very heavy loans placed also by individual banks, rang ing in some cases to $25,000,000 to ESQ., 100000. 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 ra ta down to rrar cant
 The excitement was apparent all through the financial district during the period of panic, but there were few sensational scenes. Now and then a white faced woman would peer from a cab outside brokers office and would be driven off in fainting condition after receiving message from the in- terior. Wherever any near approach could be made to ticker or to board on which quotations were posted there were great throngs of excited specta- tors scrambling for view of the quo tations In the brokers offices sat many men who were reduced to abso lute ruin as a result of the unDaral- leIled rise of prices. With the true gambling spirit they have replaced all their winnings in new ventures on each successful turn. To-day's drops. there fore. wiped most of them out.' The glittering attraction of the recent market has brought out a constantly increasing, assortment of inexperienced and women who have brought their hoarded savings in the hope of making one successful stroke
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