The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1901-05-18
PANIC IN WALL STREET.
Thursday One of the Most Exciting
Days In History Of the stock
Exchange.

New York, May 10.--Wall street
Thursday was in the throes of the
most violent commissions that have
ever been encountered in the widest
speculas ion. But for the timely an
nouncement of the Morgan-lIill-Har
riman syndicates, struggling with the
might of Titans to control the North
ern Pacific common stock, that deliv-
cries on the common shares would not
be forced Thursday, many houses
would have been compelled to make
assignments.
Up to one o'clock in the afternoon
four failures were announced and at
least half a dozen other brokerage
rms were trembling on the verge OF
ruin.
James r. Keene won $4,000, 900 in the
stock corner, and Russell Sage $2,00O,-
600. A. A. Houseman and Daniel La
mont are also big winners. John w.
Gates is reported out $5,000,000, and
lsidor Wormser is also loser.
A statistical review of the transac-
tions in the stock market Thursday
shows that at low water mark OF prices
Al principal stocks had shrunk to the
tremendous figures of $69S,3sS, 407.
This shrinkage, however, is largely
offset by the recovery of the market
towards the close. Selecting some of
the more prominent stocks and apply
ing to them the low price calculation
gives the following showing:
Amalgamated copper, with S5,ooo.ooo OF
stock outstanding, declined 26 poins: and
the depreciation was 49, 900; Atchison
common, 1902 100000. S51. points, 1886, 600;
Atchson preferred. ll4199,50o 2Sss points.
s32, CSC, 75G: Chesapeake q Ohio. 6O,533, 400, IL
points, s10.S96.0l2: st. Paul, T.14S600, BIZ
points, sl4,s5i 600; Rock Island. 5O,Ooo,0oo,
80 points, SIG, 500, 900; Delaware 81 Hudson.
SIS, 100000. 60 points. $2l, 100000; Louisville
& Nashville. 52.SoO.o00. 26h points. sl3,S60.-
BOO; Manhattan, As, 000,0 81 points, ST.
76o, 0o0;C Missouri. Kansas & Texas, $751;
600, % points. S12, $50: Missouri Pacific,
147 507, 900, 81 points, sl3,727,17 10; New York
Central, 115.OOO,O0o, 1914 points SIS. 2S7 500;
Southern Pacific. 197, $50 100, 20 points. $780,
566 400 Union Pacific, 500, 81 points,
$35 So, 0i5; United States steel, $50, 600.
2is4 points. $i19 625. 900; United States steel
preferred 55O,0oo.oO0, 20 points. sl59,5Oo,0Oo.
In the craze to liquidate, due to the
"corner," Northern Pacific was run up
from the close of 160 Wednesday to
$1,000 per share.
No sooner had the giants of wealth
begun once more the assault upon
Northern Pacific than there was a
crash in stocks which is unequaled in
the history of the board. All the
railroad stocks tumbled with one ac-
cord save Northern Pacific, which
changed hands in lots of thousands
at $500. $500 and $500. A few years
ago this stock went begging at $3.50.
Friday morning Kuhn, Loeb g. Co.
and j. T.. Morgan d Co. announced
they would settle with Northern Pa
cific shorts on basis of $3.50.
New York, May 1.-THE calm that
succeeds the storm pervaded Wall
street Friday. The settlement with
Northern Pacific shorts at $50 large
ly eliminated the element of danger
that by mysterious processes created
the alarm of Thursday, and the state
ment that the stock clearances of
Thursday had been made without the
dishonoring of a single check seemed
to lay the cornerstone of new fab
ric of confidence. The market opened
in n rather feverish and unsettled
state, and there was a rather sharp
decline in prominent stocks, but later
the market steadied down and prices
recovered their earlier losses and be-
ran to advance