Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1901-05-15
PANIC IN WALL STREET.
Thursday One of the Most Excitine
Days i'm History of the Stock
Exchange.

New York, May 1O.-Wall street
Thursday was in the throes Of the
most violent commissions that have
ever been encountered in the widest
speculation. But for the timely an
nouncement of the Morgan-Hill-Har-
riman syndicates, struggling with the
might of Titans to control the North
ern Pacific common stock, that dellv-
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 SIS 900, 900 in the
stock corner, and Russell Sage $2,000,-
600. A. A. Houseman and Daniel La
mont are also big winners. John W.
Gates is reported out $5,O00,000, and
Isidor 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 $696, 1855, 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 s75,0O0,ooo Of
stock outstanding, declined 26 poins, and
the depreciation was $19500,0O0; Atchison
common, 102, 900, 600, 35A points, s35, 955, 600;
Atchison preferred, 114199, 500, 1885 points,
$32, $50, 756; Chesapeake & Ohio, 6O,533, 400 Is
points, S14,S51 600; Rock Island, $4,000, Co.,
SO points, Sic, 800 coo; Delaware & Hudson,
35,00O00O, so points, $21, 900; Louisville
& Nashville, 52,S0O,000, 26A points, $780,
900; Manhattan, $4,000 600, 81 points, ST.
o,0O0 Missouri, Kansas & Texas, $751;
600, % points, $12, 139,S 20 Missouri Pacific,
AT SOTO 81 points, 1871, 40; New York
Central, 115OOO,O0O, 1874 points, SIS, 237, 500;
Southern Pacific, 1871, S32 100, 20 points, $780,
$685. 420 Union Pacific, 81, 1878 500, 81 points,
$35, $50, 045; United States steel, $50, 900, O0O
21a4 points, $119 625, 900; United States steel
preferred $50. CO., 600, 20 points. $159, 800, OOO
In the craze to liquidate, due to the
corner" Northern Pacific was run up
from the close of 100 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 $780, A few years
ago this stock went begging at $3.50.
Friday morning Kuhn, Loeb & Co.
and j. P. Morgan & 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 a new fab
ric of confidence. The market opened
in a rather feverish and unsettled
state. and there was rather sharp
decline in prominent stocks, but later
the market steadied down and prices
recovered their earlier losses and be-
gan to advance.