The threatened calamity added to the excitement throughout the Exchange until a mad panic raged. Failures were announced in rapid succession. Big operators and important houses were among those suddenly swept upon the rocks of bankruptcy. The scene grew worse until chaos reigned. Human nature could not endure such a strain. It was again apparent, as it had been in the morning, that extraordinary emergencies demanded extraordinary measures. The suspension of business called for to check a bear panic two hours earlier was resorted to now in order to check a bull panic. The chairman of the Exchange ordered a half-hour’s recess. The storm gradually subsided. The tension relaxed. Men who had grown haggard and prematurely old within the hour began to reason again. They were like soldiers after a desperate charge and hand-to-hand battle. They wiped their brows, dazed at first and unrealizing. Then they began to take account of their financial wounds and still threatening dangers. No one knew what it all meant or what the outcome would be. The situation was unprecedented and mysterious. The bears were completely routed. That much was clear. But would the bulls make terms with their victims or would they despoil them of all they possessed? The brief respite had but half expired when the market received a fresh surprise and one which nobody was able to account for. It was announced that the principal buyers who were now in control of the market had agreed to compromise with such sellers as were unable to meet their contracts on a basis of about twenty per cent advance above the morning’s opening prices. These terms were severe but they were amazingly generous in view of the fact that it was within the power of the bulls to put the prices of cornered stocks at any figure they saw fit. There was little done in the way of fresh trading during the few minutes that remained of the session when the recess had expired. No one dared oppose or knew how to follow the mysterious controlling power of the market. It was recognized, of course, that the corner in stocks could be but temporary and that it was only its startling suddenness that made it successful. The next day it would be broken by the opening of strong boxes which were beyond reach in time to avail of the unexpected situation. The bear syndicate and those who had been rash enough to follow it were the only victims of the most remarkable day’s operations Wall Street had ever seen. The opening of the Exchange the next morning was awaited with the keenest anxiety. Most bankers and financial men, the newspapers as well, were of the opinion that the previous day’s operations had been a wonderfully skilful _coup de main_ by a bold and strong combination which nobody pretended to identify. It was a great fluke or flurry which was quite passed and a sharp fall in prices would be the natural sequel.