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CRASH OF 1837 LEFT TRAIL OF BEGGARS, POOR Wall Street Echoes Poverty After Crucial Run on Stricken Banks The collapse of the bull market of 1928-29 again has focused interest on Wall Street. In series of articles, Forrest Davis, staff writer of the New York Telegram, will review the 12 most vivid days in the world's famous thorofare. By FORREST DAVIS The crash of 1837 seized upon a New York that had grown into the magnificence of a metropolis. It shook out the stuffed pockets of the rich, beggared the poor-and passed on. It turned Wall Street into a deserted land for week. echoing to the step the usurers only; swept Pearl street free of the packing boxes that testified to the rich commerce of its lordly dry goods houses It was a splendid, roistering. lavish, pretentious, ceremonious metropolis into which the panic of 1837 spite of many and grave warnings-like a Western twister Gentlemen. living In large town houses along Broadway. fronting City Hall Park, and maintaining country seats at Hell Gate and Morningside Heights entertained 500 guests at supper and quadrilles. And wore fawn pantaloons, very tight buff waistcoats high collars, flowered stocks and beaver hats New York, sitting at the seat of customs in a. fabulous young continent, boasted sort of provincial magnificence. Already it was a grandiose city But little of its magnificence stood revealed on that crisp May morning, the 9th, when the hordes of the disappointed thronged Wall Street The plain people, again on the march, armed with their deposit books, seeking a return from the ruined banks of the small funds they had intrusted. Told of Shaky Banks That was a backward spring and a nippy wind drove hard up Broadway and Broad street from the bay. of the railroad locomotive had fired the expansive imagination of financiers and new roads were being pushed from here to there, to everywhere. There had been a boom market in the stocks of these infant rails-a boom market in New York real estate A shifting scrambling line formed in front of the Bank for Savings which had 25,000 accounts from among the lowlier classes By p. m., when the line had dwindled and the day's run ended, the Bank for Savings had paid out $81,000. Peter A. Jay first vice president, and the other officers were glad to join the other banks in suspending payments in coin next day- May 10. The runs on May 9 and the preceding day, when the withdrawals were in larger sums and the process less disorderly emptied the Wall Street banks' vaults of $1,200,000 in specie-a minute figure now but disastrous then. Little Was First Bear In and out of the press on the morning of the big run, the hungry and lean figure of Jacob Littleintent. busy, elate- moved swiftly. Shortly, the stock brokersprived of their comfortable trading quarters in the Merchants' Ex change by the fire of would open trading in the converted hay loft of one Jauncey, at 43 Wall Street. It was a Lear market if Jacob Little-first in the line of the Great Bears, which later included Jay Gould, Daniel Drew, Jubilee Jim Fisk. Woerishoffer- one, and he did. And Little meant to be on the floor at 11:30, when trading opened, prompt as usual. The first to show up for the daily call, the last to leave Yonder haughty merchant would need a re-discount. What is one man's extremity is another man's opportunity, and Little could acper cent a day, or. perhaps, if the borrower were less straited for per cent week Little wasn't rich then, but he and his brother, in their new Stock Exchange house of Jacob Little & Co., had cash And cash spoke that day in accents loud and clear. Apart from the quick turns he was making that morning in commercial paper, Little stood to reap sizable gains when the market opened. For he was short of this market, and it had "busted wide The panic depreciated real estate by $40,000,000, securities by $20,000.000, merchandise stocks by 30 per cent, and threw 20,000 out of their jobs. But within a few months, the town had forgotten. Copyright, 1929, New York Telegram (To Be Continued)