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Newspaper Page Text
"You, Miss Clay! Why why, you
can't mean it, you who have won a
national reputation. We have looked
forward to still greater triumphs for
"But that doesn't mean anything
to me now," answered Miss Clay,
smiling. "You see I am engaged
to be married."
(Copyright by W. G. Chapman.)
WALL ST. WALLOPED MONEY PANIC STOPPED
Full Details of the Plot That Was Intended to Make This
the First Week of Big Depression in Business,
By David Gibson, Editor Bank Notes Magazine.
A money panic, carefully planned by Wall street bankers and beside
which 1893 or 1907 would have seemed prosperous times, has been nipped
in the bud.
The panic, well under way, stopped when Secretary of the Treasury
McAdoo, acting with full approval of President Wilson, announced that the
United States treasury was prepared to loan country banks $500,000,000
to paralyze the Wall street gamblers.
The Money Trust inquiry probably will be reopened.
And there will be no bankers' feast on the carcasses of dead businesses.
Tfiere is positively no doubt that Wall street deliberately mapped out a
panic to throw some of its enemies into bankruptcy and to give tariff and
currency reform a black eye.
For three months, paid representatives of New York banks have been
traveling around the country, spreading alarm among bankers and dropping
hints to companions, in luxurious Pullmans.
Trust-owned newspapers have been following them up and seconding
the motion by announcing a coming
shortage of money and a country
wide stagnation of business to re
All this time, prosperity was on a
sounder basis than ever before.
Crops, steel productions and exports
had broken all records. The stock
market refused to respond.
Wall street sulked then planned
a panic. It sent forth its agents to
scare business men.
Then it began to hoard gold until
the money market was almost cor
nered. New York banks announced that
money was scarce at the same time
their vaults were bulging. One of
the loudest of the howlers had re
duced its loans and increased its de
posits by weakening securities, until
it had increased its stock of money
Their allies in other big cities fol
lowed them. There was a shortage
of credit, but no shortage of money.
Country banks and business con
cerns all over the country couldn't
get money. A great western railroad
with over 7,000 miles of tracks was
thrown into bankruptcy because
Wall street refused to loan it $3,500,
000 a loan that this road had often
floated without difficulty. '
Such was the situation on Friday
It threatened to be a second black
Friday on the New York stock ex
change. A panic started.
The stock market was almost In
chaos; many good securities had al
ready reached lower prices than dur
ing the panic of 1907.
Three weeks of this would mean
The bankers began to refuse loans. bread lines, factories closing down
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