The Montgomery advertiser., 1901-05-11
LOSSES IN LONDON.
For a Time the Widest Excitement
 Prevailed.

New York, May 1O.-A dispatch to don says:
 "The London Stock Exchange closed one hour after the New York opened, owing to the difference in time. Hence the full force of the Wall Street fluctu- ations was not felt until when the ca- bles told of the panic in New York. Still the Exchange, despite its suspense over New York's action, had the most exciting time of its history, interest in everything except the American stocks having ceased. There was tremendous confusion, but comparatively little bus mess was done. No broker would make prices. nobody would buy.
 After the Exchange closed hun dreds of brokers spectators and in vestors gathered on the curb in Shorter's court to await news from New York and to carry on business. It was a miserable day on Change, but in the streets after hours the scene beggared description. London has never seen the like before.
 "In drenching rain, up to the anklea in mud and menaced by pass ing carts and stared at by unsympa- thetic policemen, was a dense crowd of haggard, frightened speculators.
 brokers, dealers, clerks, clients-all huddled together in almost voiceless alarm. Now and again hatless. pale faced men would rush franticaliy rom the adjacent court, only to find the price in something which had broken gone to pieces. Dealers were afraid 10 deal and brokers did not know whom to trust.
 "The losses in the last few days have been appalling. So sudden and over in Y,yinaz has before been known here, and the panic. increased to a ten-fold degree. has chilled the health of those wfio live by stocks. There may be rally and prices may rise again, 1t is said by some. but anything denoting such movement is devoid of hope for those who have already lost their all.
 "The utter helplessness of the crowd in the street was the most striking feature of the panic. The leaders Of the market had early vanished from the scene, and the arbitrage houses which do business between London and America were not represented. As A result small dealers did not know what prices were and could not tell whether they were beggars beyond hope or still had chance Of saving something from the wreck.
 "In that miserable state of uncer- ta!nty they had to remain until morn- ing. but they waited for hours in dull expectancy, appearing to extract some dreary comfort from mingling With others as wretched as themselves. No more deplorab!e picture of the ills that wal. upon the speculator has ever been witnessed in London.
 "In the frenzied crowd, which after the Change had closed, met on the curb and received the New York cables telling of the disasters, were many men who, as they saw their all swept away, looked and acted as if their reason would 20 to smash as their wealth had done.
 "One particular young dealer, who bears A name long honored in the Lon don Stock Exchange, completely lost his reason. He offered to sell stocks at prices many dollars below the worst o,ota lions current His broken voiced cries were made more distressing by the fact that no other sound for time 'broke the stiffness. However, even at such a time of general despair, nobody tried to profit by his temporary mad ness.
 ..The extent of the movement in American Railroads was not revealed in the quotations, and the differences on the balance sheet conveyed little of the extent of the fluctuations in prices. Most interest was directed to Northern Pacific common which oscil- lated in a manner devoid of intelli- gibility to English brokers. The first deal was 250 shares at 120. then 25O at 123, followed immediately by deal at 126. The price then went straight ahead above 130, closing at 13l. "On the curb the wild Wall Street panic was reflected in quotations that came over Northern Pacific common being reported on the other side at 800. but the jobbers here simply closed their books and the final quotations was nominally 1S5. rise of 3-4 for the day"