Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1901-05-10
LONDON NEVER
SAW SUCH A DAY.
Great Panic in New York Created
CONSERVATION,
MOST APPALLING LOSSES
crowd In The street Hopeless Many
Men Saw Their stI swept
Away

New York, May lO,--A dispatch to the
Journal ana Advertiser from London
says:
The London stock exchange closed
one hour after the New York exchange
opened, owing to the difference in time,
Hence the fun force Of the Wall street
fluctuations was not felt until evening
when the cables told Of the panic in
New York. Still the exchange, despite
its suspense over New Yorks action,
had the most exciting time Of its his
tory, interest in everything save the
American stocks having ceased There
was tremendous confusion but COM
paratVely little business, was done No
broker would make prices, nobody
would buy.
But after the exchange closed hun
dreds OF brokers and Spectators and
investors gathered on the curb in
Shorter's Court to await news from
New York and to carry business II
was a miserable day on change, but in
the street, after hours the scene beg
garded description. London has never
seen the like before. In a drenching
rain, up to the ankles in mud and me-
naCed by passing carts and stared at
by unsympalhetic policemen. was
dense crowd OF haggard, frightened
men, spectators, brokers, dealers.
clerks. clients, all huddled together In
almost voiceless alarm Now and
again hGtless men would rush frantic
ally from the adjacent courts only to
md the price something which had
gone TO pieces. Dealers were afraid
to deal and brokers did not know whom
to trust.
The losses In the last few DAYS have
been appalling So sudden and over.
whelming a break In prices has never
before been witnessed here, and the
panic, Increased to ten-fold degree
has chilled the health Of those who live
by stocks There may be q rally and
prices may rise again. It is said, by
some; but any such movement is de-
Vol9 OF nope for those who have already
lost their ALL
The utter helplessness Of the crowd
IN the street was the most striking fea-
ture OF the panic The leaders of the
market had vanished from the scene
and the arbtrage 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 a
chance of saving something from the
wreck
In that miserable state Of uncertain
" they must remain until morning, but
they waited for hours in duh expec-
fancy appearing to extract some
dreary comfort from mlngling with
others as wretched as themselves, No
more deporable picture Of the ills that
wait upon the Spectator has ever been
witnessed in London.
In the frenzled crowd which, after the
change had closed met on the curb and
received the New York cables telling Of
disaster were many men who. as they
saw their all swept away looked and
acted as If their reason would 20 smash
as their wealth had gone.
One particularly young dealer who
bears name long honored in the Lon
don stock exchange, completely lost his
reason. He offered TO sell stocks at
prices many dollars below their worst
quotations current His broken voiced
cries We're made more distressing by
the fact that no other sound for time
broke the stiffness. However at such
time Of general despair nobody tried
70 profit by his temporary madness.
The extent Of the movement IN
American railroads was not revealed in
the quotations and the differences on
the balance sheets conveyed little idea
of the extent Of the fluctuations in
prices Most interest was directed TO
Northern Pacific common, which oscll-
lated In q manner devoid of lntelligibl-
lily to English brokers' The first deal
was al 100, then 1913. followed immedi-
ately by a deal at 1876 The price then
went straight ahead above 1880, closing
at l3l.
on the curb the wild Wall street
panic was reflected in quotations that
came over Northern Pacific common
being reported dealt in on the other
side az 800 but the jobbers here simply
closed their books and the final quota
tion Vaq 125 "A rico of 49, for tha daN