The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1901-05-11
LoNDoNERs WENT WILD.

NEW YORK, May IA dispatch to
the Journal and Advertiser from Lon
don says:
The London stock exchange closed one
hour after the New York exchange
opened. owing to the difference in time.
Hence the full 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 York's action.
had the most exciting time Of its his
tory. interest In everything save the
American stocks having ceased.
There was tremendous confusion but
comparatively little business was done.
No broker would make prices; nobody
would buy. But after the exchange
closed hundreds Of brokers and specu-
lators and investors gathered on the
curb in Shorter's Court TO await the
news from New York and to carry on
business. 1t was a miserable day on
change, but in the street, after hours.
the scene beggared description. Lon
don has never seen the like before.
In a drenching rain, up TO the ankles
in mud and menaced by passing carts
and stared at by unsympathetic police
men. was a dense crowd OF haggard.
frightened men. spectators. brokers.
dealers. clerks, clients. all huddled to-
gather in almost voiceless alarm. Now
and again ha;less men would rush
fran.lcally from the adjacent courts on
ly to find the price in 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
VIII elming 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 a rally and
prices may rise again, It Is said by
some, but any such movement is devoid
Of hone for those who have already
lost their all.
The utter helplesness 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 arbitrage houses which do
business between London and America
were not represented. AS a result
small dealers did not know what prices
we're 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 uncertainty
they must remain until morning but
they waited for hours in dull expect
ancy appearing to exact some dreary
comfort from ningling 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.
Among the frenzied crowd which aft
er the exchange 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 act.d as II their reason
would go to smash as their wealth had
gone. One particularly young dealer,
who bears a name long honored in the
London stock exchange, completely
lost his reason. He offered to sell
stocks at any orices many dollars below
their worst quotations current His
broken-volced cries were made more |
by the fact that no other |
sound for the time broke the still
ness. However even at such time OF
general despair. nobody tried to profit
by his temporary madness
The extent Of the movement in Amer
lcan railroads was not revealed in the
quotations and the differences on the
sheets conveyed little idea Of
the fluctuations In prices. Most inter-
CONTINUED on Fourth Page.)