The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-05-14

veloped in Wall street by the second
hour of trading on the stock exchange
today. The violence of the connection
had spent much of its force, at least for
the time being, when the chairman's
gavel fell announcing the close Of the
days proceedings. The casualties were
great and the field of battle was strewn
with the wounded and may be with the
dying; but of actual fatalities none
was recorded Of Importance during the
day.
During the height of the panic rumors
Of insOlvencies were banded about
more quickly than they could be re-
ported. but no combinations could be
had of the limitations of financial
wreck. Those against whom the RI
mors pointed refused even to show any
sign of distress and professed them
2elves ready to meet all obligations. In
more tnan one instance the answer to
these rumors was for a representative
OF the nous to go upon the stock ex-
change and place loans to a large
amount, as indicating the abund-
ance Of at hand: but
IIICoC dllu SlIIllIdT uc-
vices for keeping up credit and conf
dence. the fact was too obvious from
the crash of values in the Exchange
that credits and borrowing power were
shrinking at too prodigious a rate not
TO leave the mind of the whole finan-
claI world in a condition of intense
strain.
The indications at the close of the
day were strong that the principaI
damage had been wrought upon the
speculative class or upon holders of Sc
curities on margin for whatever pur-
pose.
The N have been SO we'll protect
ed by recent eXtentions of the mar
gins exacted in the market value Of
collateral over the amount of loans
placed that they had little to fear short
OF an absolute wiping out of market
values. The shrinkage of collateral
made 1t necessary for the banks in
many cases to eXact additional collat-
eral during the day and this added
much TO the distress for a time. In the
late dealings the principal banks in the
financial district agreed to form a pool
and raise a fund to loan the money rate
down to 6 per cent. on the stock eX-
change. The bid for money had been
run up to so per cent. and was threat
ening to keep alive the panic. The
dozen banks quickly came TO an agree
hlclI ~ raise HIO.OUt. UUU, with 11Dll6d
Willingness to increase the sum if nee
essary. There were very heavy loans
placed also by individual banks, rang
ing in some cases to S25, 900, 900 and $780,
900. 900.
Through the early part of the day
ankers eXacted the market rate for
loans. but with the growing need to
suppress the panic, they offered the
rate down to 6 per cent. Old customers
of the banks were not charged over s
per cent. at any time. but When out
siderrS came in asking for new loans,
the law of supply and demand was al
lowed to run its course.
The state of excitement was very APP
parent all through the financial district
during the period of the panic, but
there were few sensational scenes.
Now and then a white faced woman
would peer from a cab outside a brok-
er's office and would be driven off in
a fainting condition after receiving a
message from the interior. Wherever
any near approach could be made to
a ticker or to a board on which quota
tons were posted. there were great
throngs of excited spectators scram-
bling for a view Of the course of the
market: but the real stress of the oc-
casiOn came upon men who were shut
up in either their private offices or
those of brokers'. or who were Strug-
SllnS anu even nSntlHS Oh the IlOOT OF
the exchange.
The outside country could obtain lit
tie idea of the actual occurrences ON
the exchange. as the brokers are re-
mote from the public galleries in their
temporary quarters in the produce ex-
change and are half shut Off from view
by the sixteen foot wall.
In the brokers offices a many men
who were reduced to absolute ruin as
q rpc1Ilt of the S1S mn 00l nrnR0a6inOS on
the stock exchange. Some of these
nave been made opulent within a few
weeks past as 4 result Of the unparal-
leled rise of prices. With true gam
bling spirit they have replaced all their
winnings in new ventures on each sue
cessful turn. Today's drop. therefore,
wiped them all out. In many cases one
could see the gamblers fortitude with
which the chances of gain were accept
ed: but the glittering attraction of
this market has brought into it a on
Stantly increasing assortment of more
steady and inexperienced spectators,
men and women who have brought
long standing hordes from secret places
and from savings bank deposits with
the determination to make one success
full stroke and then retire with the pro-
ceeds. The demonstrations from his
class. which includes many women
speculators. furnished the hysterical
scenes and sensations of the day.
All classes of employees in the stock
exchange district were under tremen-
dous pressure throughout the day. The
impression produced by contact with
these <was due to their GOODNESS and
nerve under the most trying and exclt-
ing circumstances. Brokers, meSSen-
ger boys. telephone boys, clerks ana
like. have earned during n last Few
weeks to waste little time in demon
STATIONS. They do things in the quick
est and shortest manner n so made
things go smoothly today at a period
when lack of GOODNESS might have
meant disaster to many persons.
There was a strong feeling this morn
ing, before proceedings had commenced
on the stock exchange that a panic
could be averted only by the strongest
measures and with the greatest diff
culties. The fact was apparent that
the corner in Northern Pacific was still
unbroken. The excited bidding last
night to secure the stock for delivery
today made hat very apparent. The