The daily journal. (Salem, Or.) 1899-1903, 1901-05-10

NKW YoRE May lO.--A Dispatch 10 the
Journal and Advertiser from London
ays: The London stock exchange
closed one hour after the New. York
exchange opened. owing 70 the difference
in time. Hence the full force Of the
Wall Street fluctuations was not felt
uHtil evening when the cables told Of
the panic in New York. Still the eX.
change, despite it's suspense over New
Yorks action, had the most exciting
time Of its history, interest In everything
save the American stocks having ceased.
There wss tremendous confusion bat
com mparalively little business was done.
No broker would make prices; nobody
would buy. But after the exchange
closed hundreds Of brokers and specula.
tore and in vestors gathered on the curb
in Sboter's Court 10 await the news from
NeN York and 70 carry business. IL
was miserable day on Change, but in
the street, the scene beggared descrip-
ton. London has never seen the like
before,
In drenching rain, up 10 the ankles
Ia mud aud menaced by passing carts
and stared at by unsympathetic police
men was a dence crowd Of haggard,
frightened men, spectators, brokers,
dealers, clerks, clients all huddled to-
gether In almost yoiceless alarm. Now
and again hatless men would rush
frantically from the ad jacent courts only
10 find the price in something which had
gone 10 pieces. Dealers were afraid TO
deal and brokers did not know who TO
trust.
The losses In the last few days have
been appalling. SO sudden and over
whelming break in prices has never
before been witnessed here and the
panic, increased 10 ten fold degree,
has chilled the health Of those who live
by stocks. There may be a rally and
prices may raise again, il is said by
some but any such movement II devoid
Of hope Tor 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 vanished from the scene and the ar
bitrage houses which do business be-
tween London and America we're not re-
presented. As result small dealers did
not know what prices were and could not
tell whether they were begRars beyond
hope or still had a chance ol saving
something from the wreck.
In that miserable state OF uncertainty
they must remain until morning, but
they waited for hours In dull expectancy
appearing 10 extract some dreary com
fort from mingling with others as
wretched as themselves. No more de-
plorable picture Of the ills that wait
upon the speculator has ever been Wit
messed in London.
The irenzied crowd which alter the
change had closed met on the curb and
received the New York cables telling of
disaster were many men who, as they
their al swept away, and acted a. II
their reason would 20 60 smash as their
wealth had gone. One particularly
young dealer. who hears a name long
honored in the London Stock Exchage,
completely lost his reason. lie offered
10 sell stocks at prices many dollmi
below their worst quotations current,
Ills broken.yoiced cries we're made NOR,
disiressing by the fact that no Other
sound for time broke the stiffness.
However even AZ such atime OF gen
eral despair nobody tried 10 profit b,
his temporary madnesss,
The extent OF the movement 10
American railroads was not revealed il
the quotations aud the differences ~
the balance sheets conveyed little Id 4
OF the extent of the fluctuations 10
prices. Most interest WAS directed u
Northern Pacific common, which oscll
lated In manner devoid Of intelligi
hility to English brokers,