New-York tribune., 1901-05-10
PANIC DUPLICATED IN LONDON.
SPECULATIVE FRENZY INTENSIFIED BY IG
NoRANCE OF THE WALL STREET
SITUATION.

London. May 9-Not in the memory of the
oldest stock broker in London has there been
such a panic as prevailed this afternoon in
Americans. After the closing of the Stock Ex-
change hundreds Of dealers endeavored TO strug-
gle into the narrow confines of ShOrter's Court.
where outside dealings are DONE in efforts 10
raise reduce as the case might be, Ameri-
10 New York parity Suddenly there de-
veloped a terrific slump in Union Pacific. which
was knocked down twenty points in as many
seconds ST Paul suffered almost badly.
Large and small brokers rushed 10 the scene
until Throgmorton-st. became impossible. The
rain poured down, but the excited crowd paid
no heed TO II. Parties formed themselves into
living wedges in endeavOrs 10 force their way
into the centre of Shorter's Court, at which
spot the principal dealing done. All sorts
OF conditions and prices were shouted at the
top of the operators voices. Down down went
Americans The leading houses sent urgent
orders 10 buy or sell. but found it almost i'm
possible TO have their orders executed. Rails
of every description were quoted at rock bottom
prices, and Steel and other securities fell in
sympathy. Then, without rhyme reason, a
reaction set in. Up and down went Americans.
After about hair an hour Of this panicky specu-
lation a more reasonable feeling prevailed. and
stocks rose to within a few points Of their
yesterdays price when the Stock Exchange
closed. But long after the usual hours hun
dreds Of stock brokers. most of them drenched
to the skin. traded in the hope of getting clear
before to-morrows opening
]. Pierpont Morgan jr. said TO a representa-
tive Of The Associated Press:
So far as know there was no reason for this
afternoons panic except utter lack of informa-
tion regarding the conditions of the railroad
market in America l do not appreheEd any
serious results.
Brothers. said:
1t cannot be called anything but panic
StIll, / do not expect failures except. possibly
q few small ones. The crowd is too terribly ex-
cIteo 10 transact many dealings. and not much
STOCK mas changed hands There is earthly
reason for to-day's scene except the endeavor
to keep pace with New-YOrk which is being
done in the dark, and led to a panic such as we
have never had before. The rise that came 10
an end was only to be expected but the affair
Will hurt Americans here. and it Will probably
be some time before a feeling Of security is
thoroughly re-established.
representative OF Selignan Brothers said:
The market here is only a reflex of New
York. Without accurate knowledge of the con
ditions there it is impossible to say what viii
happen here. We quite in the dark but do
not anticipate any serious results.
While it is hoped. rather than believed, that
the British market is not committed TO great
extent TO American railroad securities, il can
not be denied that the settlement which will
begin on Monday is anticipated with keen ap-
prehension- 1t is believed that British specu-
lators held aloof a long time, but were unable
70 resist the attractions of the long continued
boom. The panic the sole topic Of conversa-
ton at West End clubs tonight and all kinds
or rumors are current regarding incidents OF
the day II is asserted that an American who
arrived from the Continent inquired the price of
Northern Pacific, and was told that the quo
tation was 100 in New-York and 130 in London
As he had his stock deposited with New York
bankers he was able TO sell at 1870 In Shorter's
Court after hours prominent young dealer
became completely unhinged, and offered stocks
at prices largely below the worst quotations
No one, however. tried to profit by his tenn
porary alteration
The Stock Exchange is very superstitious. and
ominous talk was heard tonight of another
BLACK Friday" 1t is regarded fortunate
that Saturday Is holiday in New-York and
that the carry over will be completed here
on Monday before the New-York Stock Ex-
change
Many large dealers standing out alto
gether. until they can see how the situation will
shape itself While thousands OF Northern Pa
cifics were sold yesterday the Exchange be-
tween 40 and 122, German buyers were busily
picking up all they could get for immediate