The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-11

healed in day is patent. The condition or
the banks after yesterdays emergency
measures must be gauged before adequate
Judgment can be passed on the outlook
1t Is a remarkable fact that the unprece-
dented violence of Thursdays upset should
have resulted In not single failure on the
Stock Exchange.
The commission houses generally were
averse to accepting much new business to-
day. About one-third of the commission
houses would only take buying orders from
customers who could pay for them in full,
and others required so excessive margins
as TO restrict trading greatly. The heaviest
buyers came from the syndicates that have
been active in arranging deals for the abb
sorption of other properties. These inter-
ests seemed 10 regard the developments
yesterday as the most favorable thing that
could have happened for the carrying out
Of their plans, and accumulation of stocks
by them was resumed on large scale dur
ing the day. This buying was so large that
the supply of stocks was continually ex-
| hausted, and many orders at fairly high
limits could not be filled.
RAIN FELL IN TORRENTS.
Rain fell in drenching sheets to-day, and
dens of umbrellas The strongest impress
sion that an observer got in the street was
of exhausted and worn-out men. The ma
chinery of finance is human, after all, and
friction tells upon it. There was first
period of tremendous activity that tested
the strength of the strongest and then two
days Of effort that was supreme that left
its victims physically drawn and mentally
dull There is no longer room for doubt
that the storm has been weathered. The
banks and larger financial interests are at
work in rebuilding confidence, and stand
ready to further protect the market.
The losses yesterday were stupendous.
One commercial paper places the loss in
the bucketshops throughout the country
yesterday at SSO,ooo0 600, and if the figure is
anything like correct it conveys a profound
! impression of the shrinkage In the legiti-
| nate places. Naturally the greater part Of
these were losses on paper, but they were
all sufficiently tangible to he counted by
| owners and could at one time have been
| realized upon in cash.
The other side of the story is short but
| IL is full of tales of Yankee enchantment
The men who had little dribs and drabs of
Northern Pacific and claimed fortunes on
them are generally the heroes OF these tales
| Then there were few men who were wise
enough to profit by the slump of yesterday
| and got the opportunity TO do so. Every
! where in the street to-day they were hold
| ing post-mortems. Some of these inquiries
showed there were men whom a quick re-
| covery Of the market alone would save
| from ultimate bankruptcy. AS the market
| did recover. they were saved.
The managers OF the Consolidated Ex-
change have also decided TO suspend op-
erations tomorrow, so there will be great
| deal OF housekeeping over Sunday. Some
small blocks of stock were sold under the
hammer on the Consolidated Exchange to-
! day to meet the obligations of the con-
Germs which went under yesterday.
| After the close of the Stock Exchange,
reports were current that Jacob III. Schiff
had admitted that the control of the
Northern Pacific road rested with ]. p.
CONTINUED ON PAGE 5, COL. Sd