The daily morning journal and courier., 1901-05-10
WALL STREETS PANIC

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 and then retire. The demonstrations from this class, which includes many women spectators, furnished the hys- terical scenes and sensations Of the day
 There was a strong feeling this morning before proceedings had com menced on the stock exchange that a panic could be averted only with the greatest difficulty The fact was ap- parent that the corner in Northern Pa cific was still unbroken. The first ef- forts were devoted to circulating re-, ports that the conferences between the contending interests in Northern Pa , cfic, which continued in one form or another throughout the night, had re- suited in a compromise which would free the shorts in the stock from their compromised position. These efforts proved utterly ineffective in face of the first quotations for Northern Pa cific on the tape The price paid for the stock ran up quickly to $2Oo per share, and then to $500, to $500 and even to $70O per share on regular trans actions, and $1,000 per share for cash. The cash price paid meant that unfor- tunate shorts, who were unable to bor- row the stock last night for delivery to-day had to pay whatever cash price the engineers of the corner chose to ask for it.
 The concerted effort to support the market by buying all stocks which might be offered undertaken. according to the current belief in Wall street by come of the most powerful capitalists in the country was swept away as in a whirlpool, under deluge of offer ings As prices began to go down the disposition to buy decreased and the determination to sell seemed to grow. Such a shoveling out of stock as oc- cured during the second hour of to- day's stock market was never seen be- fore.
 V In Delaware and Hudson the decline was 59 points, Manhattan 3SB, ROCK Island 35h, Union Pacific 3S, Atchison 341s, Atchison preferred 2S1s, St. Paul B01s, Missouri Pacific 32, Southern Pa cific 29A, United States Steel preferred 261s, while range of to 30 points would cover the collapse in nearly every stock in the exchange. In the outside market. the stress of the demand for funds was shown by the perpendicular drop in the price of Standard Oil, of I'll points over night. The stock sold at 65O compared with S21 last night.
 The same urgent need was reflected in the bond market. where all grades of bonds were offered on declining scale. The sacrifices there were naturally much less than in the stock department of the market. After the turn m the market came, which it did about noon, it was noticeable that the selling of bonds still continued and this was ex- plained as being due to wish to secure funds to buy stockssat the attractive level of prices to which the market had fallen. In fact, the bargain hunter was on hand and alert, for the drop in prices carried stocks of many substantial properties down to level at which the current rate dividends made them at tractive investments.
 It was a very notable fact that throughout the most acute period of to-day's disturbance, there was nothing heard to indicate doubt of the sound and prosperous conditions of industry and business at large in the country. The stock market collapse was attribut- ed exclusively to over-speculation and an over-extension of credits. The shock which caused the collapse was the Northern Pacific corner, without dis pute.
 The decline ill force gained cumula- tive strength. Speculators' margins were wiped out and brokers had to sell the securities placed with them as col lateral to save themselves from loss, thus adding to the weight of the sell ing. The shrinkage in the market value of securities placed with bankers as collatera made it necessary. that they should demand increased collateral or call the loans, with which spectators