The evening world. Newspaper, May 9, 1901, Page 2

FAILURES BEFORE PANIC WAS CHECKE ‘The tense interest evinced by the gal- yy was not a marker to that shown by the Ufg and little brokers on the floor. In the face of the great crisis they tried hard to protect irdividual interests and private fortunes from the slump : £ lelebtimivivimininte! lelininlrivininivinlelvirivininininiei- ins Iriviricieiceirininp ! THE WESTERN VISITOR RUNNING TO COVER. agreement between J. P. Morgan & Co, and Kuhn, Loeb & Co. not to enforce the delivery of Northern Pa- cific stock to-day. F: ‘The banking institutions sent vrokers i MORGAN DIDN'T MAKE TROUBLE. 3 eq! fnto every part of tho floor. Tar orders Were to take all offerings and to stop the slump at any cost The banks got together and decided | to form a syndicate to alt the marke ag in the pante of 186. ey arr to loan $16.00,00 at low rates. AL A Housman went personally on the Ex change and loancd $1,000 at 6 per cent. The agents of J. P. Morgan Joaned milifons at 6 per cent, and Street & Norton announced they would not en- force the delivery of 0 shares of Northern Pacitic. At the time these s ere taken money was lonning at 10 to 19 per cent. | and was bid at per cent. The actio of the great financiers at once relieved + the strain. The revulsion was as sudden as | break. The case of Delawar: son will serve as tilustratior stock, after a break Plunged from 16) to two minutes being taken the descent Ten minutes thereafter the price was ack to 160. Steel common rebounded from 2% to 1s At 10 o'clock, when the gong sounded for the day's mad scramble, the 1,100 brokers lost sight as one man of any “community of interest’? plan. Pale- ced “bears’’ and equally anxious “bulls” Joined in the yelling mob about the stock posts. ty fe mot ef our mak. we wish te oe al! in our power to see it rem. edied.—J. PIERPOST wor- GAN & CO.’S statement w:- duy. a A Settlement? Not Yet. at-fello-tt At the very first play tt was shown hat the gigantic syndicate who fought 20 hard yeaterday—at the expense of investors—for control of Northern Pa- eile had not compromised their differ- Tt was still to bea fight to a finish in jtis and allied stocks, while the rest of je market was to be allowed to do what {t pleased while the generals of nan were settling their differences Around the railroad posts the big fighters, grouped and around them in larger circles eldied the lesser lghts of the Exchange, When Northern Pacific reached 19 and then shot up past the 200-point mark si-t-1 i of Northern Pacific to-day. He did this in order to save one of his pet stocks, Bteel. BUCKET SHOPS' : BIG WINNINGS. ae Small Speculators All Over . Country Lose About $30,000,000. |! Parareee and preferred from 69 to ®. Union Pa- eific common went roaring up from to §9, Atchinon from 14 to 61, St. Pau from 125 to 10, and Minsourt Pactite from 72 to %. ‘These stocks serve 10 iriniet: aud eventually rose to 230 regular the gallery spectators knew that a record had been made on one side. Amd when they looked at the records of other stocks whioh in the mean time Bucket-shop kecpers will be wearing diamonds again. For months past they have been hard hit by the small specu- lators, who nearly always buy In stock had gyrated—frst up and then down— show the complete success of the move and then recovered a point or two, they ment to stem the tide. As soon as the smoke began to cleary away anxious Inquiries were made as 10 the killed and wounded. The fathire of @ young plunger, the son of one of the partners in an International bank- | trading. To-day, with prices falling off 2 points at a time, the “pikers” wero knew a record had been made in ue other direction. Feverish as the tone pile tee before dthey ined Cmeise Bate of the market was, {t hardly reflected GATES, OF CHICAGO. prutonel larwelNenzorcerlmucker!suop i R PTHUARE ee eee eniae hundreds of men,filed past the order uld ever saw," sald one of the window with their eyes on the big black- Sees ing-house, caused the report to ctreulnte | that the firm itself was in trouble. Th: report proved to be unfounded, as th firm's checks were being certified at itn banks for enormous sums at the very Moment the rumor was flying around Bo far an could be learned no actual failures had occurred on the big Ex- =o! brokers as he stood panting and ex- hausted with a big bundle of selling orders in his hand, “The country Investors have caught the panic. They are thoroughly fright- ened. Ev ry broker on the floor has more selling orders than he can possi to sell. While the vibrant roar from the Exchange made hearing impossible and the volume of liquidation constant- ly Increased, the fears of the outside In- ¥estors increased, A constant stream of _gray-coated messengera wormed in and out of the Exchange, carrying 'elther selling orde! or telegrams announcing that mgrain were wiped out, Presidents were offering to lend the Stock Exchange $16,000,000 the reaction that followed was perceptiblé in the bet- ter feeling on ‘change. Brokers, who had ‘fought at every felst all day long, with dozens of sell- ing orders in their note books, checked for a time the rush to liquidate, and there was less throwing overboard of standard securities toward the close. boards filled with quotations and pushed their ten, twenty or even fifty orders through the window with the money. Bometimes, before they had moved ten feet the money would be lost. Many shope which do business by wire all over the country practically cleared up their books and notified their customers that change. bly execute So many changes were made in stock They were not so lucky he Con- Seria ; ei : Hundreds of apeculators were being] values, by the erratic. jumpe of the|they had been closed out by the big solldnted, where four fallures were Te foul) nnow what In ahead off rutned tn jh mole as the) pantie hours that neither the exchange |drop or else wiped out in some sharp A sae ts SATE them, They are throwh re} rs and the spectators well | he 4 of ew 5 nk overboard | UF | the guliery spectators well nor the gallery knew how the lst stood. | reaction, Ported. Of individual speculators who were closed out and ruined on the break there can be no jist made out. all they can tute a pani Suppose they do precipl-| ay well_-as on the floor was that in the Gi ry Wae Tired. Out-of-town stock gamblers, many of Sey ELS eee out eeeeeit: | The gallery yaudience waited with|them lawyers, physicians, tradesmen ‘They didn't start {t. ‘They are now|{vely safe Investments would Ko by the | TOC uNCTy, nadience ated with lind farmers, with a large number of ry Inflamed. and angry thounsnds filled |The heavy premiums bid for North-|statement ts «tl | sim 3 ve themaelven.”” poate wn dizzy wi Tug. we timated to ha $ e 2 ? [statement Is disputed simply trying to save themselven ‘ rown dizzy watching the brokers strug: | \,, : aaqlted t : ine sok er At noon a ry Jull in the big |& y n women, as well, are eatimal ve the brokerage offices in the Stock Ex Kuhn, Loeb & ‘ ‘i As the lenders tn the Exchange tried | scramble i. it lanted only | @le on the floor. ‘The novelty of aeeing | Tome ee en een 8S) to $5,000, « | change district. Paper profits and ac-| PM Pacifle over night Indicated that} sii nan Vande : ‘ 3 to rally. the tual profits in the form of margina « no settlement had been arrived at for] ‘There were num ; re vie {2 football rush without Its accompany: market iand to/hold It rea-} for a) few nee nee furlous| ft ecacore|palledcon sits at least $30,000,000, They were buyers Daren kO Wael ate, . 4 sonubiy firm, the nelling ordera poured dramatic ending | It was an exhausted, draggled lot oflaimost without exception. ‘They will posited with the brokers to the extent ferences at the Uptown hotels be Wesutente in faster than ever, For the first hou! f men who composed the brokers’ con- of tens of millions of dolinrx were wiped| the benefit of the short interest In| |),/ etween mith Jers and = the! scramble Intense. ‘The brokers|allve. the feverish era. of apeculation | tingent. near. the close.” Many, of the | Hot sell what they do not possces. i out in an hour and there was no re-| that stock, and great uneasiness was! ieir ntatives. ‘Th ae aince the re-election of President Me-[older brokers were compelled to retire} Bucket shop men have lists of over + on the teor almost fought for a chance |4! hy tere [from sheer physical exhaustion. Even |¢509 out-of-town apeculators. To them SCENES ON STOCK [is scouts tier orders Sth their eagerness to get a. glimpse | ounce and vigorous brokers Rave way | Camm out-of-town apy covery. felt regarding the effect of a forced ‘iliionaires and » tor The walls had fallen In, and taken the ven were n inxte t tutes St which h i they send circulars to induce them to ‘i 4 ee | Hhed States Stor ich wan ham-|of the-acene on the floor of the Stock | under the strain. y to, | financial lives of four-titine of the spec] Costs Out of the corner. | a J. tL tet hits sew som! EXCHANGE FLOOR, |mecc sesterday, lost many of ita aap. fxchange men cllmbed the ich board | ‘The panic session produced | more) famble on the market, with thelr, say; { ulators who had been getting rich dur- There were rumors of a strong come] chin) eller than usual, it a Writes * age scparnungs ne a! Ange fran canes tor ola bes. than has been known een but acidom close out with any Maris : ortera to-day the Produce Exchange, and hung there | for yearn. . a ce ch had taken six] check the spread of Wholesale Hquida- i H toward the rostrum every time any one je nanicy Keemesd); tol have ‘p nh Sa a a hor he pa yi flood tide soon after noon. The tumble| taken by. other members of their re- privnaiteen Ae eet Hon. London quotations showed Ox- | ociey o'clock. leaving ne a spproached it, “I look for many fail-| in standard stocks, as well as the highly | spective firms. In the crush on ‘Change PANIC ON CURB sands of broken and ‘wrecked specuin-|traordinary fluctuations in that mar- | alae Hes" sald one, “This can't Keep up, apeciiative ones, was checked, "There| while the panic ‘wna at. Ite, height IN LONDON. tors that the market recovered. after Sort Pacitle | rs tithes and trampled on, and the well-groomed ! re they hud gone down to ruin Antaie| Ket. Northern Pacifle entirely 4g-| fs much tmystitte and irampled on, ani the well-groomed | vance twice as great would do th nored the conditions In New York, | trie vers i “Weary Wraggles" by 3 o'clack. Rood. They were “dead ary | the ort mail ole Weary Wraze' va Se ioe ealvchars | great rush on the floor while CE SEE te tre ery yeaa [Cosas MI Ce ee Te Nght that the oxoitement was ‘greatest all cere: | Americans Dropped and 3 stocks back to within $4 to $10 a mare | Corner and registered a decline of for control of mony was lenored, | With the force of! Brokers Fought in Drench- of the early top prices. The fever hw | 27 1-2 before the opening here. neh Sached dine nyelline crounsivotcrotner. ing Rain. \ alumap. earlier in the daycw great. vt On the other hand. there were such RO ee RST [said ag aPyencunnet, pines onter. i 6 P. ‘Not in th \ bargains were picked up by cold-blooded | Advanc forded as 734 tn St Paul | slants, no two accounts agree hey ear Eto’ pla ers. | LONDON, May 9-6 P, M.—Not in the and level-headed operators whi Aste | 3-4 In Kansans & Lenan, tet in Not j [RB ethene ee sounded for trad-| memory of the oldest stock broker in TOR eee etinae amuoniey uvallable (rai 4 We sin Union Pac CYeeries Uy GEE | many physical wrecks on the floor and} London has there been such a panic as 4 hargain day ns well'as pantie day tn Wail | Breterred, from 1 to 2 polnts | y breaking upo \i" the gallery. Brevalled|thisIatcerngas Inkamertcane:s wireet. [other lealing stocks. Andout he ! After the closin® 0! - ane: Rae eae wan raging | The opening In Northern Pasi hetel nyures of J Morgan ;FOUR FAILURES change nundredstat gealers endeavored auletly in his omce on the ninth oor! WAS at 170 on the sale of fm whares. | iti) on ant BOM flare to struggle Into the na Of the ‘Kuhn-Loeh Building haggling | compared with 160 Inat night. The next] crew pe vantersait ; MARK CRISIS. |shorter's Court, where outside dealings over the details of a contract for loce- | sale of 2 shares was at 173, the next] gonn Do te i are done, in efforts to raise or reduce, motives, \5 150, 0) Hawed | erating i | an the cane might be, Americana to New Hes had | been assured by his brokera | 1" | ‘i Mie tT A ones York parity. serceredtettermne at he still retains control North: | sale of Oe at 190 for sh omiarl Suddenly there dev n cent Baciherenasnelanii ses oeaenren reas | Ine ithe srenuinemientper cahereneccn ine Four failures were announced on the} viii in) Union Pacific, which was about the “ghost da: or the f terest, which ie ralted Hromnorraw | Consolidated Exchange just before noon! knocked down twenty points in as many | to-day in rapld succession, and they}xeconds. St. Paul suffered almost as . ‘. Large and small brokers rushed ‘caused reat excitement In Wall atrect.| badly. Large and smal brokers ret The brokers in every Instance ansigned| became impaasaple. screaming mob below MARKET WAS IN stock for delivery Inst nigat. w Preite Tambles. 16 excited \ | their fatlures to the Inabliity of thelr] “The rain poured down, but, the excited | A WILD PANIC Silacinelipeneutoatiauslaenn eS [customers to respond in covering thelr) F5Pm0y MNemacives: into. iiving wedges * b on Pacific epened on. sim LaeRatdes margins. } cir way nto th 500 | . In endeavors to force thelr wa fe Sete abaren Mb AtleL pacihercon roll ire The first announced waa that of] centre of Shorter's Court, at which spot fe cras : , 15 down to Ms, compared with) iiares enoitgh Charlea R. Sickles, who has been athe principal dealing was done. rash of stock prices on Wall cb Vastonizht ‘ The leading houses sent urgent orders reached its limit about micday., sales of St, aul were of 1400| [UU-Morgan fa member for ten Lats He saeinned te to buy oF sell, but found is tmpormble to * Geese eee 1 [the Burlington B, Shannon, his managing clerk.| nave their orders executed. ~ disorder on the Stock Exchange *O#res 1t 165, compared with It : tard h 4 aanames was at No. 15 wall street, Raila of every description were quoted g Fedoubled, and the outpouring of se.) [EN Ui ie Mek wlll: tas tal weee which building adjoind the old Stock/ At rock-bottom prices, ani Steel, ant hi curitles increased in volume {atts 344) down ito 95 on the purehi settled | Exchange, Hts Hablilities, he sald, were Without rhyme or reason, a teactton Every emotion was swallowed in| 2. shares, compared with ¢ mall. set in. a swe trem. COompire D fter the usual hours hundreda 4 Directly came the announcement of] Long * pundred the one overmastering struggle for | "8" D of stock brokers, most of them drenched 10 he riots | the assignment of John T. Lee. Mr] 0, Main. traded in the hope of get self-preservation. In the mad rus! u sai Lee Is in Europe enjoying ‘hia honey-|ting clear before to-morrow's opening. to get rid of stock and cut down 5; Atohiso: moon. His brother was attending to hin — \ leases the decencies and amenities | rod Mair, Ha clalme the taailties are] OOPPERS BREAK The 5 ive sto Burling Were lost sight of. The members of |? a RHA RNRTR SA ‘ Then came the fallure of Wiillam H. IN BOSTON. the Exchange were like a vast kerd | op. 1 Anas Teaplaeilinraad i | Brouwer, whose offices are in the . i Of panic-stricken animals for ‘ho | Amacamate f ty uate change Hullding. He assigned to F. A Sa ; time being. There ow nn wiles at many us ) Doyle, a lawyer, of No, 13) Eon BOSTON 4.—The coppers stood a _ J h » 1 street. His downfall was caused by the! uy remarkably well under a bad break 4 It was almost impossible t: keep 3Tea too active trading and the failure of his} i Amalgamated to-day. There was a pace with the down 4 and ungovernah demoralization relgned. This was kept -p for an hour or more, and the limit of human ard erush., Utter. customers :0 respond. Brouwer #a1d] neither particularly heavy selling nor his failure was temporary and his Ma-| any serious breaks. Amaigamated de- ‘piltties were under $59,00, clined to 9, which wax the greatest loss. The fourth lure wan that of S.A.) Hutte, the only other stock that lont, ots " ra i Fieldx. The assignment. war made to] 8! y sical fatigue may be conquered to the fc ‘ ; Lee er iitias was also 6 member of | eopucta averned from 3.10 6 pointe, | |. extent of compelling moderation of My ” rary i Hittenateh ae contain were for many | cuectled, all the interest centring in ' the frenzy. The cessation of muscu- OE ate { ‘ Bald a aif carat SE IE the urbitrage aharea, lar ecntortions did aot, however, «top Northern 1 | aes mite, four m 4 A eel en Th» wheat market opened to-day Aulb KEENE AND GATES and vaster on cable news. was Liverpool down 3-8 to | 4 | ot only at the IN BITTER FIGHT Jopeniny, nut tne Paris markets, which have Yeon so strong recently, turned ) the break in prices, Steel common fell $23 & share, to preferred lost 13, Union Pacitic went to 79, slump of 25; Atchison droppes |, Jn twenty minutes $34 4 share, more! + lar quot ran up to 5, justations went up to suddenly weak and cloned 35 points 5 se » far as concern Res off on wheat. . than had been gained by sensational fe wan not y th 1% f When the steel stocks dropped under [OC oT “ohened steady’ at unchanged advances in sixty days. St. Paul solt| vrivss trae ateannen : r 5 enormous taaleshanoute yA Eat: cae 1 Jul down to 138, a loss of 26 points; Ro-k ht from the other | is a story wae circulated through Wall TPL path tae Island broke area Pacithe fe aid a Aa aaly ae end strect that John W. Gates was making id 4; ta wheat, 90 7-8; Septem- a aR EV Or eaten era anit rer MURR CIATUleea@eUes ‘ 1 an effort to get even with James R.| DCE, 61-2 offered ee were: Jul ork Central $13, Loufsviile & iy.) A aivediwencly Keene and also to save himself by Ict- 72 to 71 7-8; May wheat, 72 3- Nash’ $16, and 80 on down the Het yaving been helt ting Ko his Btecl shares, of which prop- corny eb a pel te wicent were’ + ching Was so poor us to escape puns) nish! and four [erty he has been a very heavy owner. | Je" Pen atk offered; September iekenc! VERA The story, which found many be-| wheat, 757-8 bid. May corn, 621-2; July Jvont Morgen or jMevern, was that Gaten, caught short | corn, So1-8; September corn, 491-5. 3 No vi na. Y a op - . S 1 ve AgO's ‘: iw Market Bottom resenting Ue AFTER THE EXPLOSION-ALL GOES UP MUST COME DOWN. of @,00 shares of Northern Pacitle, hud} Chicago's closing prices Met: oa. Occartonal!y the market w sJarrival did not made an effort to effect a settlement] sily wheat, 711-4. ‘May corn, 8; July sauyennd fine vitals exelt fn the cor | last night with Mr. Keene, and that} corn, (53-4. coveries werenspacrisd relte After the flrat spasm of exe Exchange was crowded | Big fortunes will be lost in this de- | wan a reaction, which gave the brokers! yr, Keene had named a figure ao high — = the Inarket seemed 1). , had substded supreriing orders | rowded before: in| Jielumst avalight res fas to cause the Western plunger to use “They looked at eu rowith: ngos|rene. fel: from) that, quurte | sane While stocks played up and down with! ay. gattery spectators looked down| Gates, vo It ts sald, declared that he nized stares. piillonaires had bee Vigorous, however, and ons 5 He oe pte esa . tes going | marvellous celerity, the quotations com-| on prokers nd quotations and wonder-) would acl! enough Stee! w shake down . hour, excite pante-stricken holders Fon KroUp to Bro! Oo Ba er SURGCE: | ing » fast to be re the brokers|ed what the Jast (wo hours of trading very: tho nd Bacal enrararacnunlonaine Uons, to catet Ung of what was) worked with might and-main to Tescue | would Dring forth. About noon ‘one of ; Pre hd etl a OU SPECIAL SALE. Whoowere rich and inde ent ena ralariniwere {to be dk > endeavor to nave them: |omething from’ the Variex for thelr| the, thrilling Incidents of the big atari ee Solllsomething lendeclares Did you know we have two opeciais every day? NOs divaste: ¢ s t SatTeoERE ERS ne. | cMstomers, 00) ¥ va son stock | tha: , . overtaken Wall treet tn tts history. observable in every part of the ex- selveu omers frem the prospec. | Ty ceasion stock after stock | broke 0 points in 2 minutes. In the tremendous battle that followed | For to-day we offe ke ere ave been Umes wher rhans Weak accounts were being tive railroad lst went down, North-| While everybody was gasping tn sur-! K forced th ice of Ni COFFEE WALNUT CREAMS..1». 100 jaa gone all to pieces and Re patie : At $1 the din on the floor was almost Pac.tle's. phenomenal rise and t rise and trying to fgure how many | Mr: Keene forced the price of Northern COLATE-COVERED 5 when individual stock: 4 on ry hand, bro tak i CHocoL Bipaltycwives ut eed incl auichancestotulaserthatweouta Sowhern Tail way je great an when the Exchange in inthe | Acknowledged fact that the men in eon: | holders had been rulned the reaction | Pacifle common up several hundred | CHOC DUST Cow, soonlbe | Be By " in a vichances 0 u OU Tose tern ante a L Wot tral Fefused to settle at any term: me. > Sinan a "reneral gestriction, Sibifebe avelies = Malia ‘e{rush and whirl of a busy day, The | seman ie nant By ‘leaps the jstogk bounded up. at! Doe a Pp eterna en 54 BARCLAY ST. y gxtendin a ‘ : “i shorts," In a panic, swayed from end erawanaattelamuen: recovered 50 of the &) poluits It had lost: 4 wee uw Got the Shares, fawenidoes thamearet ashe ey before brokers whd had sold on the first , stocks fell to prices far below the Ia- organ aren Serr eer heen Lote ene pau aT A Rocka were affected by it. the| Break could write out” their’ transac: | acing prices and waa sald to have been COR WEST ove, uthorized o : i e en on ‘Chi aw fortunes go glim- rh ig dhed. en Suthorized statement was made that the doing in the few big properties around | mering while they struggled, But tere | "Think of that!" sald one. broker,| boumht in by Mr. Keene's brokers, at CICORTIANT ST. © shar Northo Af come | Tol Bt he ae Wy Which the balance of the market pivoted, | Wad Mo let Up. After the raliroad stocks | “and then wonder how we can end this] It was not thought that Mr. Keene COR CHURCH mon bought on Monday by one broker- [72 Spiga’ YT Up PAllecouthersew hid been hard hit the wave panie| day: without a general wreck that will| had been a heavy sufferer, as his profits age rm wan (or account of J. Pler-| Union Putse. ot ienambal candilamnbe tons caeetia ERE En nf ein eee fOr rae century. JURE | on Northern Pacific alded him ince r) maine edt is and ta vho ew ‘they From the galler: acemed as thou think wha! yat transaction means to ‘i ted—| ‘ pont Morgan, and the additional atate- Leather were to de fleeced in to-day's opera | the brokera would go frantic In their |the people who. put money in stocks| ering his loases of Steel preferred. Help Wanted—Maie “sd at tho|ment was mada by the same authority Nib 1 pet efforts to sell that ought to be safe in-any financial! At the height of the excitement It THO TRANSPERRER WANTED 0 , itaber uns, y app: e 5 e height o} excitement it was thatithe purchase carries) with) ifva.cei (Us. weary gh, Roomy apprehension they \° Steel ‘and Copper shares, People's] stormy.and you can appreciate the eltua- a ernie Sian font qzadareglerieoriviaiste Pl to-day. tainty of % walted for the algnal. that would teliGas, Sugar, Western Union, all were ‘tion on the floor. in there.”” said that Mr, Morgan cabled instructions | ra4."go04 relerences reoosed. | Litho regen si: iy. of control The accuracy of this them which way the scale would ture, — affected ein the general scramble When it became, koown. thet beak trom London not to exact the delivery, Wronta! © } ay