The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-05-10
Wall Street in Illroes
of financial Panic
.SpreddS RQiEl.
Startling Drop In Prices of5Niost Pfomi-
ReHt Securities, Throws Exchange Into
Wild COnfusion--Northern Paci-
tic S Mete ORC Gareer.

stock exchange. Some OF these have
, been made opulent within a few weeks
pasr as alresult Of the. unparaIIe1ed rise
spirit Trey have reblace6f an THEN
Winaings on new ventureS on cash
turns
Todays drop therefore wiped thept
. the gam hIeTfs f0rtitude WITH watch the
ehbnees tof gain were accepted But
. the glittersng attractions Of this nar-
ket has bunught into it ~ constantly
increasing assortment of more staid
and inexperienced specalat0rs, men
and women who have brought long
standing boards from secret places ana
from savings bank deposits With the
. determination to- make one successful
stroke and 10 retire with the proceeds.
TIE demonstrat' 9ns troW this lass,
which inelpaes many women s2efl4-
lat0rs furnished hysterica4 scenes and
sensations OF the daS
A}l clas5asF of employees FIN. the. st0clS
exchange district were under trernen-
dous pressure threughout the day. The
those was due - their rcoolness rand
nerve -tgndeU the most trying auGf eH-,
Qltine, froatpStancesfr i}r0fsSFss meSsef-
gen beEss telephone bQgs, clerks and the
lil5e have learned during tine last few
weeks to waste slttle time IA demons
strations. They do things in the quiek-
est aTsd shortest fpauRer, and 50 n7afie
things go smoothly t0fay 1T "A period
when lack sQf. eoolne.. alnight have
meant disaster 90 MANI Es0ns.
Theee was asstTqpg feeling mis- naorn-
ingrbef oEegpFoce edings had commenced
on the stock exc hauge- that a panic
Wouia be averted onIN by the strongest
measures and ethnthe greatest difti-.
cofnelin Northern Paeifisi " az stu I'M
broken, The excited bidding last night
10 secure the stock for. delivery today
made taat very apparent. ,us-l
TO AVERT PANIC
zine frst steps to, avert the panic
We're devoted : 80 circula ting srep0rts
that the cunfersHCes hetWeen the con-
tenjipg. interests in Northern Pacific,
Wnicf continued in one fOrm or an-
other Jhrougneut the niglCi bad re-
suited i'm y compromise which would
free the shorts i'm the stOche from their
rqnlset1a position. Fhsse eftorFs
proved utterly ineffectlNe p-faca Of tae
the tape, Tbs prtee paid foE the stock
ran tguiQklsB up "a 500. per share, ana
then - S3o0.s 10 $500 and then 70 $500.
per share on Eegulars ira neae tiQls, and,
Hl1ee pal1 IHeaut that 9HfQ tussate,
shorts, WERo w ere lsDable 10 Borrow the
stock last nigat for delivery today, had.
To nay yishatcEer cash price the engtu-
GERS ~ef the come chose to ask for z.
9he figures indiCa4ed ia these. eRen
ipge bgausRcuQps meant sHin tor q very
large outstandings INTEREST IN the stock
The perception zpt this fact Was the
pfinelpaE pFoTlei{iHg cs,use ia bringing
about the decentralization in the stock
narilet- = The a6cHcertsd effort 20 sup
part the mar5et by bpyiug All stocks,
which. might DE offered, which is ala
WAYS the Eas9sst elective manner of
dissuadiITg persons from selling and
which was uudertakea, according 20
she current belief IN AEaH street, byf
s8Tue of the NEST DQWeEful capitalists
in the lc9uRrfyY was asWept away hEe
p whirlpool under the deluge Of offer
iBgs Which d55ne sIp66- the market. AS
prizes began Il 70 down the dispose
tion "a bdy 80 ana ale detet-
imitation 80 seu seemed to grow in
ge0metrical ratio as a. LahinE body
gahJs inrV ai5etu7r tlIe farEaer@i ID fails
- S8chf 4 sb3Veling GUt4sofF stocks IS
occurred durfag the sEeahSi- hour OF
todays stock market EF&Sf NeNer seen
before After a gsaIef had Yea made
at a fixed prizes afbFdfer ROifld throw
81 an addieonal biQck at anywhere
fruIa5 - cssto-ten points lower. without
stopping 80 demand any Inter1fleti Is -
price for his offering. = The expent or
the decline during the haif-hour was
as great as in some CASES Ras taken
7veess. - attain on the adFance. at
thQugh All observers hstNe agreed that
tho rate at which prices bas been
sons aps has exceeded any previous
Thes 5slines alone suffice to indicate
the proportfons of the dropss II Dela7.