Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1907-03-20
Men and Women Prominent in
Society Lose Millions in
Stock Slump
ONE HAS TO SELL BIG AUTO
Decline Said to Have Been Caused
BY Standard OIL Mems Lack Of
cash--panie Did Not Grow, Like
Topsy-All Planned in Advance,
Say Expert Finanoiers.

New York, March 20.--That mem
bers of the 400" have been caught
heavily in the slump of stock values
was stated yesterday in the Wall s,rea
district upon good authority. The ag-
gregd:e losses Of group OF yc,iia
society men and women have been
oonservatively placed at $20,00O,0oo'
The head of family whose ancestor
was the founder of one of the greatest
100 900 shares long on Union Pacific
100000 shares "long" on Union Pacific.
His loss in this stock alone was over
So, 900 900. A woman member of the
Vanderbilt family also is said to be a
heavy loser.
a close friend of the young railroad
man, also society leader. is said to
have been almost "broke" on last
Thursdays crash. He has since sold
his new seventy an hour auto
mobile to get ready cash, and only yes
terday was reported to have put his
Tuxedo villa on the market.
Mrs Stuyvesant Fish is said to have
lost $150000 by the shrinkage. She is
leader of society and her Fifth aven-
ue and Newport homes are rendezvous
for the smart set.
The rush into the market of Thomas
F. Ryan Is said to have been princi-
pally to save from absolute loss the
first named society speculator. He was
IL Is H. only 1N1y mid
manipulation Of large blocks of Inter-
borough and Consolidated Gas.
That society was hit hard by the
crash did not become known until its
members began to negotiate their old
line securities. The women are re-
ported to have been drawn into specu-
1ation thru their male relatives.
The losses Of the smart set is caus-
ing much talk in the financial district.
1t Is freely admitted that the gayety
OF Newport will be curtailed thru the
lack Of money.
Reports continued to- circulate re-
garding enormous losses that have been
suffered in thes past week by hereto
fore rich men. 1t was said that three
young operators in the market, socially
iUSl IfidIly
THE reason for the sharp break in
the stock market, which is accepted in
the best posted parts Of Wall street"
says a market publication yesterday.
'is that the Standard Oil party was
obliged to throw over reams of stocks
on account of inability to get a re-
newal of a loan amounting to over
$4,000, 900, which was made abroad
eight or nine months ago. This loan,
it is understood, fell due this month.
A renewal of 1t was found impossible
both here and abroad.
"As a result large lines Of securities
had to be thrown overheard, not only in
Union Pacific and Southern Pacific. but
also Baltimore & Ohio, sAtchison. and
to a smaller extent st. Paul. Nobody
believes that, under ordinary circum-
stances, these men could not get 500
100000 if they needed it, but in this
case conditions were extraordinary.
They were virtually loaded up to their
necks in stocks, almost beyond be-
lief They were forced to liquidate a
large part of these at very low prices
and take one of the worst drubbings
ever given financial party in Wall
street.
Nobody believes that last weeks
slump. like Topsy, just grew Rather
1t was the most cleverly engineered
coup Wall street has seen in many a
day"