The San Francisco call., 1897-11-06
Guerrilla Gamblers Start a
Great Stampede in Wall
Street.
GAMBLE ON WILD RUMORS
OF WAR.
After the Weaker Stocks Are Ham
ington Restores Confidence.
Special Dispatch to THE CALL

NEW YORK, Nov. 5.-The staid and
conservative Chamber OF Commerce is
partly responsible for a panic in Wall
street to-day which caused securities on
the stock exchange to decrease in value
SAC, 900, 600, a greater loss than would
probably result from war with Spain.
The solemn note of warning sounded by
the cham Der at its monthly meeting on
Thursday against the absolutely defense
less condition OF New York harbor in the
event of attack By a foreign fleet, was
seized upon by unscrupulous operators as
an excuse for selling in the stock market.
Wild rumors were launched by this
coterie of gamblers TO start a siam pede.
and the result was a series OF exciting
scenes in the big stock exchange which
rlvaled for a time the dark and gloomy
episodes of 1893. All stocks declined
rapidly from the opening, despite the
efforts of conservative bankers and brok-
ers to stay the destruction of values.
A conscienceless crowd OF bears started
a rumor on the floor OF the exchange that
President Mckinley had died suddenly
from apopIexy. In five minutes several
mem bers had secured connection with
Washington and a denial of that story.
In the meantime, however, raiders had
started another rumor on its way. This
story had it that II. O. HGvemeyer's con-
-diiion had taken turn for the worse and
that his recovery was scarcely to be hoped
for. While this story was having its
effect on the sugar trust the stock guer-
rillas attacked Metropolitan Traction
stock and kindred securities by q story
that Richard Croker, who was known to
be indisposed, had died from pneu-
monia.
There probably has been no day in the
history of the stock exchange when SO
many disquieting runors of such varied
character and import have been set ahoat
and have received such general credence.
The scene on the floor of the exchange
was one long to be remembered. Brokers
yelled themselves hoarse in their effort to
get rid of the overload of stocks in COM
pIlance with stop orders" which fairly
swamped the market. Clerks and mes
sengers ran wildly between operators on
the floor and their offices, while "phone
exchanges" on the floor were beSeiged bv
mob of excited men.
Various booths scattered about the big
room were surrounded BIZ shrieklng
brokers and at times. during the ham mer-
ing down OF weaker securities, it seemed
=. to outsiders as if the police would have to
be called in TO ma n ain peace and prevent
tstic encounters.
There were few if any absentees among
the regular brokers on the floor during
the dav, and anxious as the majority ap-
peared 10 be to unload shares other small
groups stood ready to gobble UP every
thing that was offered. But the ball ee-
ment was not strong enough to overbal-
ance the weight Of the bears, who appar-
emily had everything their own way.
With the report that President McKin-
ley had dropped dead the stampede TO
sell was eomething awful. This rumor
was waited into the room. No one knows
how. Some had 1t that q dispatch had
been received from Washington by a
member OF the board, bat a most ener-
getic effort 10 trace the rumor Was unsuc-
cessiul. Before it was effectuaily denied
other rumorS relative 10 the deaths OF
Croker and Havemeyer added 10 the ex-
element.
The panic was brought 10 a sud den halt
just before 8 o'clock by the following dis
patch, which came from Washington
and was sent cut over the stock exchange
ticker:
Administrator officials are at los:
to understand the disquielude over the
Cuban situation. There is no trouble with
Spain is prospect and no expectation q
any. The subject is so far removed from
discussion that it is not alluded in the
Ca abinet meeting and will not be officially
until that part OF President Mckinley
message is consider d..