THE GREAT GAMBLE.

Gisborne Times, Volume V, Issue 117, 28 May 1901, Page 2

THE GREAT GAMBLE.

WILD PANIC IN WALL STREET. FORTUNES MADE AND LOST. MEN ACTING LIKE MAD ANIMALS. (By Telegraph.) (Per R.M.S. Sierra at Auckland.) San Francisco, May 9. Wall Street, New York, on May 8, experienced the greatest excitement it has yet known. Prices soared up and down in tho wildest manner, and speculators and brokers became almost frenzied in their mad rush. Shorts were squeezed until the financial life was crushed out of many of them. Northern Pacific Railway stock was head and shoulders above all others as a cause of excitement, but fortunes wore made in other stocks also.

Beforo closing, tho entire market became terribly' demoralised, and a panic ensued. Men rushed about on the floor of the Exchange like maddened animals, and the din of many voices was raised in discord like that of the old days when Jay Gould was a power in the market. Women in the galleries became frightened as the men in the pit appeared to be on the point of doing murder.

There were no rumors even to account for the general liquidation, except a general fear that prices were on the down grade, and the desire to escape a worse crash. Liquidation continued to the close, when nearly the whole list of stocks ,vas in a demoralised condition.

It is impossible to make a rational estimate of the results, but the best informed declare that thousands of men who were comparatively wealthy in the morning found themselves ruined at the close of the afternoon session of the Exchange. Conferences of important banking interests and bankers wore called to devise some means of preventing a far-reaching financial catastrophe. Every prominent stock broke badly with the one exception of the North Pacific, which held its head so well above the storm that at the close of the day it showed an increase of sixteen and a-half points. There was talk on the street of a great fight between the Morgan Hill interests on the one side, and the Ilarriman, Kuku, Lock, Standard oil people on the other, but nothing definite could bo learned regarding it. In some places the story is ridiculed, in others it is credited. Whatever the situation, it is certain that the interests named were in conference during the day, and some of the Vanderbilt interests were represented in these conferences.

RAILWAY FIGHTSTUPENDOUS CHANGES CONTEMPLATED. (By Telegraph.) [Per R.M.S. Sierra at Auckland.] San Francisco, May 9. Great news regarding the railway interests of the country may be expected shortly, as there are multiplying evidences that some gtupendous change is at hand, and that the giants of Wall street have engaged in a deadly combat in an attempt to secure control of the situation.

A GREAT FIRE. CITY THROWN INTO A PANIC. CRAZED B'f EXCITEMENT. SUDDEN DEATH OF MAN AT WHOSE PLACE FIRE ORIGINATED (By Telegraph.) (Ter R.M.S. Sierra at Auckland.) San Francisco, May 9. The beautiful city of Jacksonville, Florida, suffered great loss by fire on May 8. The city has become important as a winter and spring resort for wealthy residents of New York, Boston, and other regions which are'subject to severe, cold weather, and had much magnificent hotel property lost in the Ere, which started in a small factory, presumably from an uncovered fire conveying the electric current.. The loss of property is estimated to be between ten and fifteen million dollars at least.

Ten thousand people were left homeless, and the neghboring cities had to be called upon for assistance. With regard to the probable loss of life, a curious lack of information prevails. The citizens were cast into a terrible state of paiiic by the calamity, and thousands fled from the city by outgoing trains. There are all sorts of rumors current regarding the drowning in the river which flows through the city of persons who fled to the A'liarves, but few bodies have as yet been-recovered, .

Several persons were crazed by the excitement, and the man in whoso property tho fire originated dropped dead after making a tremendous effort at extinguishing the fiames.

Homeless people were suffering somewhat from hunger when relief trains and boats from near-by cities and towns began to arrive.

The town was placed under martial law, aud a commissary was established in tho centre of the town.

Thousands of people had to bo fed, but' fortunately tho weathor was beautiful, so none suffered by exposure. The railway depots were turned into temporary hospitals and lodging houses, and messages from the President brought assurance that the Governmental Departments would do everything possible to relieve the distress.

Masonic and other lodges and trado unions all over tho country have been sending on funds for the relief of the members, and the Governor of Florida was busy issuiug proclamations of thanks before two days had elapsed after the disaster. The country will have to be bonded for a large sum to rebuild tho public buildings, and the city of Jacksonville will issue bonds to tide over tho difficulty. Among the sufferers, tho lino drawn ■ between the rich and poor has been obliterated, aud women accustomed to luxury sat upon kerbstones beside beggars. The Chief of tho Fire Department was among thoso who were mado insane, but he is on tho road to recovery. Tho lighting plants were among tho properties destroyed, aud the City will be in darkness for some time.

Other cities of the State have opened their great hotels to tho refugees, and sent their Fire Departments to aid tho local force at Jacksonville, which was, unable to cope with the fire. The flames were fanned by a fierce wind, which became almost a hurricane,

and burned until there was nothing in its path to feed upon. The debris continued to burn for several days, and streams of water had to bo kept constantly playing upon the flames until all the available

firemen wore worked out. The inhabitants wore in fear of idle Negroes, and drastic measures had to bo taken to compel these to go to work, or leave the stricken city, where people were helpless and unprotected, by sholtor of any sort. Boatmen on the river during the fire saved many persons who ran to the water front, and were there cut off by the llames, which soon rose on three sides of them. These men believe that a largo number of people perished by drowning after being cut off on shore.

Biers and shipyards were destroyed, and the work of destruction went on as rapidly. _ , People were particularly panic-stricken, and unable to save property, or take proper care of themselves or each other.