The San Francisco call., 1913-10-27

fore noon four smaller banks sus-
pended payment-and then the real
storm broke.
The big banks-the Lloyd National
the American Gold bank and the
House OF Manton-ciosely allied and
identified with the tunnel, met the
first shock, but could not turn back
the rush. The panic spread, as all
panics do. and banks only remotely
interested In the tunnel. big. substan-
tial financial forts. began to crumble
to pieces When night came New York
had passed through the worst day In
Its financial history
That black day of the panic of 1907
was a trifie.
The next morning call money was
quoted at ls5, and this was a bit of
grim humor. 1t was practically i'm
possible to borrow $1,000 in cash in
New York at any figure.
This is the situation: Allan was
told by young Morton, who had
hastily been thrown into the chair left
vacant by the suicides of Hanson and
Wolf BY noon today there will be
scarcely a bank with open doors in
the United States and darned few in
Europe"
The two men were sitting in Allan's
office, far above the noises of the
waking day in the street below. They
had been there all night. Allan was
drinking mineral water by the bottle
in constant little sips; he nodded to
show that ne understood.
"Wittersteiner and his friends are
backing the Bank of New York city,"
went on Morton They are backing
IL 10 the limit of their powers. They
may be able to keep the doors open
and meet obligations-but that's all
Our own bank can't possibly hold up
unless Mr.. Lloyd gets behind ii with
every cent of his personal fortune.
The New World National is getting
help from the Bank of London, but
every other European bank threw up
breastworks at the first gun. BY the
time the continental bourses open to-
day there won't be a nickel in sight
for anybody"
Then there isn't anything we can
do about it?" Allan asked quietly
Nothing-but pray for a miracle"
was the grim reply.
; No ANSWER
AS nearly as he had ever done since
boyhood, Allen prayed. and prayed
hard, for this miracle But the prayer
was unanswered Within three days
the full weight OF the crash descend
u
continents echoed with the roar of
collapsing companies.
Every new day brought its new roll
of commercial victims and then was
added an ever increasing and more
sinister list Ransom and Wolf were
not the only victims. Every hour
brought its report of insanity and
suicide and murder.
One New York paper which had
fought the tunnel from the first ran q
black bordered list Of victims every
day under this line:
What the Tunnel Swallowed To-
day."
And in this list were bankers and
brokers and merchants and manufac-
turers and women and little children
hundreds and hundreds.
But IL was not this that affected
the money kings. The financial body
OF the world had received a ripping
wound and was in danger of bleeding
to death The wheels Of the worlds
commerce. lacking the lubricant of
cash, were slowly coming to q full stop.
Factory fires were drawn and mines
were closed. No manufacturer in the
world worked his plant on full time.
Millions were thrown out of employ
ment. Thousands OF employers were
forced to reduce wages. strike and
riot followed. Industry was para
lyzed- In Great Britain the indus
trial world actually came to q full
stop for the first time in history.
For there a general strike was de-
clared. In the other big producing
countries conditions were little bet
ter Steamers with cold tunnels were
warped to the wharves of the great
seaports IN long lines. In many parts
of the world the railroads We're even
without oil or fuel. The more popu-
lated countries. only those that de-
pended on water power. could oper-
ate with anything like certainty.
And the toll of blood grew. West
phalia was IN open revolution. and
the machine guns were working.
There had been a pitched battle be-
tween strikers and regular troops In
the suburbs of Liverpool. Crime sta
tistics leaped upward IN bounds and
food for millions rotted at wharves
and railway stations while hundreds
OF thousands were In want.
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