Manchester Democrat. [volume] (Manchester, Iowa) 1875-1930, 1901-05-15
HOT time ON CHANGE
Wall Street Turns Itself Loose and
Howls for the Stock Of the
Northern Pacific.
NOBODY SEEMS TO BE A DEAD ONE
But Fortunes Have Been Lost in Mo-
ments and the Diversion Causes
a Lot of Misery.

New York, May 10.-The panic in
the stock market has subsidized. Secur-
tiles We're all higher. The panicky feel
ing, while still noticeable, is subdued.
1t is felt that the worst has happened,
that there will be no more victims to
the sheer shrinkage in the value Of
stocks and bonds. The shorts in
Northern Pacific will settle at $50, as
arranged by ]. P. Morgan & Co., and
others.
New York, May 10.-The threaten
ing condition of affairs which devel-
oped in the stock market Wednesday
eliminated yesterday in one of the Sc
verest twists ever experienced in Wall
street. The corner in Northern Pa
cific was the impelling cause of the
crisis. Strenuous efforts We're made
by the most powerful financial inter-
ests in the country to avert the threat
ened trouble, and almost unlimited
supporting orders were placed in the
market for the opening, in anticipa-
ton of the heavy selling which was to
come. But all precautions proved I'M
ayailing. When Northern Pacific be-
gan selling at 200 and 300 and 500,
and even as high as 700 on regular
transactions, and at 1000 for cash, the
appalling possibilities of the forced
covering of the largest shortages at
those terms weakened the whole mar
ket and prices crumbled away with
| the utmost violence during the second
hour.
Brokers Went just About Wild.
The volume Of the blocks unloaded
and the reckless disregard of the price
which they brought were without pre-
| cedent in the memory of the oldest
trader. There was quick rally in
the market when the announcement
was made that the contending inter-
| ests in Northern Pacific would not re-
quire deliveries of stock at once. Pref
ty broad intimations were also thrown
out that such delivery would not be
required so long as present conditions
last. The exemption of Northern Pa
citic from the usual clearing house re-
| quirements of delivery still further al
layed apprehension. The quotations
of the stock fell back to 300, both on
cash and on regular transactions after
these announcements, and there was
scramble to cover on the part of pro-
fessional shorts
Loss at Low Water Mark of &69s, 1888, 4O7
A statistical review of the transac-
lions in the stock market shows that
at low water mark Of prices forty-one
principal stocks had shrunk the tre-
mendous figures of $69S, 1888, 407.
No Actual Failures of.Importance.
The casualties were great, and the
field of battle was strewn with the
wounded, and maybe with the dying.
But of actual fatalities none was re-
corded Of Importance during the day.
During the height of the panic rumors
of insolvencies We're handed about
more quickly than they could be re-
ported. In more than one instance the
answer to these rumors was for a
representative of the house to go upon
the stock exchange and place loans to
large amount, as indicating the abun-
dnnce- of -rocnurcns- Mt -hand.-Rut- not
withstanding these and similar devices
for keeping up credit and confidence
the fact was too obvious from the
crash of values on the exchange that
credits and borrowing power were
shrinking Mt too prodigious rate mot
to leave the mind of the whole finan-
cial world in condition of intense
strain.