The Caucasian. (Clinton, N.C.) 188?-1913, 1901-05-16

A PANlC IN WALL STRsET
IN WHICH PRICES CANE
CRASHING DOWN.
FORTUNES nAoe Ane losr N sar.

Wh"s fsrss w.---. -s-~.t.ss-~. f,-,.--
A-sy {. r.a.si.s c--xss.s. -.
>s.~a H.~~s. Ns.l.a Ia %. o-a.. rr.
sors ts c-s ItleA.
The speculative el-m~n, oi N.~
York has guns uhrsagh xIId time.
during the I~-i ~-ck. II th- c,san-
Try Ai lArgr ~erc involved In What
3. going on, ,hrrr ~ould t-- a-.. aT
the worst Isnics ever known. St.ru.
lAtor~ and brokers ---.m to have .r,,.,.
speculation" CraEy. Fur -..usse d.,.
Tsst prics- al all kind- or .io A. hsd
i.~n hcomed un uI. up until th-y
rrschci pri"- la which tb~r- ~s.
no -ort uf p~ron. Th-rs "a. h-u,nd
Ia come time Nh-u p.~s.l- who
bought would want Ia ssll. sn.I an-
of th"e time hapI-n~i an a-
Thur~iay. La Wall Stnrt on that
day, the oI-ning OF bu.in,-- ~..
ciAotir. Some shrr~d. longh-.sis-i.
sharp and rich r-,opl- ~-rc ..,.uIIing
~ir.s" aud string, and tbe lIttl.
fellows Tor whom the shary.-fs wer-
Lying we're dancing about Ils- -
many wild Indians getting rsady Ia
10 on the war path. Tn. on- J.-ir-
seemed To be Ia r-rll---ll ANYTHING
To anybody who Ma willing Ia tax.
stock and give money Tor IL. When
II appeared that the corner oI.-raiur-
were determined 10 have their pound
of nesh from the p,ople csught la
their net, everybody felt that 10.
must frce himself from his lu~d ur
stocks and stand nom under. I,-i
wone soould happen.
Brokers, ,IsculAtors, clerk., m.--
sengers aud others who go to- make
up the daily lie of Wall strr-t,
came early 10 their Offices that morn
ing. A crucial day wss expected.
That nervousness that hauuts n man
when momentous events are i'm
l'ending and drives him ahead OF
time TO the place where 'rhing-
will happen" imIelled ali Wall
street men 10 come down town TO
The scene Of battle sa-ly.
After the o. opening of the exchange,
panic reigned. The top-heavy
structure, rigged by weeks of sy-cu-
la;ion, tppplesl over like q house Of
cards, wiping out the paper proht-
Of thousands.
Scenes on the exchange were wild
in the extreme, brokers fighting and
tearing about like mad In an endeav-
or To make the hest bargains po-ai-
BILE for their customers who placed
with them orderS Ia sell.
Sale Of stocks during the first hour
that were TII 300 shares. During
the sec nd hour IL wns impr ible
Tor the experts TO keep track OF
them. There was q chaos of spe-u-
lation which battles description.
The state Of excitement Wa nj!
through the financial district during
the period Of the panic. Now and
then a white faced woman would
peer from a cab outside brokers'
Office and would be driven on Ia a
fainting condition after receiving a
message from the side. But the
real stress Of the occasion came upon
men who were shut up In either
their private offices or th0-e of
brokers, or who were struggling and
even Sighting on the floor Of the eK-
change. The outside country could
obtain little idea Of the actual Oc-
currences on the exchange, ~ the
brokers are remote from the public
galleries. In the brokers' Office sst
many men who were reduced "a alb
sOlute ruin - result Of hfleen
minutes proceedings on the Stock
Exchange.
Some of these had been made rich
within . few weeks past as q result
Of the unparalleled rise OF prices.
With the true gambling spirit they
replaced all their winnings In new
ventures on each successful turn.
The drop, therefore, wiped them all
out. In many cases one could see
L =
the chances Of gain were aooep.ed.
} But the glittering attraction Of the
stock market has brought into il q
) constantly increasing assortment Of
more stsid and inexperienced specu.
. lators; men and women who have
, brought long standing boards from
secret places and from savings bank
deposits with the determination 10
make one sucre-sfuI stroke and then
retire with the proceeds. The dem
onstrations fiom this class,
; which included many women
speculstors, furnished the hys
terical scenes ond sensations Of thu
day.
: As an illustration Of the tremend
e Gus and rainous changes which 90
! CURED in the price Of stocks during
!. the day, the stock In the Nortberr
s Pacific railroad was selling at $l70.0t
b per share when the exchange opened
The price nan up quickly to 500
per share and then to $500, 10 $50
d and eveu to 500 per share on reg
. ular transactions, and $1,000 pc
8 share for cash. Then IL began to g
d down and during the day 1t sold .
n low as 500. 90, and before the psni
was over the same stock was agail
selling for about $325.00 q share
This was the widest huctuatio
that occurred, but nearly every othe
n stock ON the market fell with
Q crash, and during the wild mele
is many fortunes were made and los,