The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1901-05-14

rerred 20, actually carrying the stock
2h points over Wednesdays close;
Missouri Pacific %, Louisville %.
Amalgamated Copper %, st. Paul 81,
and large number of other stocks
from to 20 points. This rally wss
not fully held. The market became
much quieter during the latter part
or the day, but the extreme feverish-
ness and nervousness continued.
Even the action of the bankers by
agreement In lending $16,00O,O0O on
the exchange at per cent failed to
relieve the close from such very err
ratio movements and renewed bad
breaks In prices. The extension of
shrinkage In the value of securities
and the corresponding increase In
credits made money very stringent
and go per cent was bid at one time
by those seeking accommodation.
The action of the associated banks
forced the rate down to per cent
The feverish tone of the market at
the close and the fact that the con-
troversy which has precipitated the
trouble was still unsettled, left the
feeling of uneasiness retaining large
force In the financial district
Heavy Loans by Individual Banks.
There were very heavy loans placed
also by individual banks, ranging in
some cases to s25,O00,0OO and $780,
100000. Through the early part of
the day bankers enacted the market
rate for loans. But with the growing
need to suppress the panic they Of
fered the rate down to 6 per cent.
Old customers of the banks we're not
charged over per cent at any time,
but when outsiders came in asking
for new loans the law of supply and
demand was allowed to run its course.
The state Of excitement was very ap-
parent all through the financial district
during the period of the panic, but
there were few sensational scenes.
Now and then white faced woman
would peer from cab outside
brokers' office and would be driven
Off in a fainting condition after re-
ceiving a message from the interior
Wherever any near approach could
be made to ticker or to a board on
which quotations were posted there
were great throngs of excited specta-
tors scrambling for a view of the
course Of the market. But the real
stress of the occasion came upon men
who were shut up in either their pri-
vate Offices or those of brokers who
were struggling and even fighting on
the floor OF the exchange. The out.
side country could obtain little idea
of the actual occurrences on the ex-
change. as the brokers are remote
from the public galleries in their tenn
porary quarters in the Produce Ex-
change and are half shut off from
view by the 16foot wall. In the brok-
ers' offices sat many men who were
reduced to absolute ruin as result
OF about 10 minutes proceedings on
the exchange. Some of these have been
made opulent within a few weeks
past as result of the unparalleled
rise OF prices. With the true gam
bling spirit they have replaced all
their winnings in new ventures on
each successful turn. Thursdays
drop therefore wiped them all out. In
many cases one could see the gam |
b!ers fortitude with which the
chances of gain were accepted. But
the glittering attraction of this mar
ket has brought into 1t a constantly
increasing assortment of more staid
and inexperienced spectators; men
and women who have brought long /
standing hordes from secret places |
and from saving bank deposits with
the determination to make one sue.
cessful stroke and then retire with
the proceeds. The demonstrations
from this class, which includes MANY
women spectators, furnished the hys.
terical scenes and sensations of the
day
The Casualties Were Great.
The casualties were great and the
held OF battle was strewn with the
wounded and may be with the dying.
But OF actual fatalities none was re-
corded OF Importance during the day.
During the height of the panic ru.
mors of insolvencies were banded
about more quickly than thew could
De reported. But no combinations
could be had of the intimations of
financial wrecks.
The indications at the close of the
lay were strong that the principal
iamage had been wrought upon the
speculative class or upon holders of
securities on margin for whatever pur.
pose
Announcements by j. p. Morgan e.
20. and Fuhn. Loeb & Co.. who re-
'pecuvely represent the two contest
ng parties IN Northern Pacific, that
'hey would not require deliveries of
he stock Thursday, meant a respite
II one day at least from ruin for the
'horts In the stock. Later in the day
street Moron announced that
.hey also would not require deliy.
'ries OF the stock. This firm has
,een credited with acting for James
(. keene and bought 100000 shares
u Northern Pacific on Monday last.
gaming 10000 shares that night and
'alling in the greater part of 1t the
lext day, thus disclosing the corner
n the stock The theory that Mr..
leene,s campaign had been directed
owards a squeeze OF the shorts was
Yards his victims.
unlAA nAuul - ~