The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1901-05-17
WALL STREET GOES CRAZY
Contest for Control of Northern Pa
cific Results in Most Exciting
Scenes Ever Witnessed.
STOCK OF THAT ROAD GOES TO $1,000.
DeIuse of Other Securities Follows
and Under Heavy Liquidating
Sales Prices Decline in Every Di-
rection-SpeculatO Suffer Great
est-Terms of Settlement

est-Terms of Settlement.
New York, May 10. = The worst
panic-for the short time involved be-
fore it was checked-that Wall street
ever saw came yesterday as sequel
to the contest for the control of the
Northern Pacific railroad and to the
cornering of the common stock of
that road. At the time there was
seemingly no bottom this side of zero
to stock-market prices. Stocks were
offered for sale at any price they
would bring, and under the immense
mass of forced iquidating sales the
market crumbied away in every di-
rection.
Touches $1,000 Mark.
Money rates, as is customary in
times of panic, when banks are call
ing loans, rushed upward to 60 per
cent. on call. Sales of stock were
made at such losses compared with
Wednesdays closing prices as 80 to
60 points. The frantic shorts in
Northern Pacific were willing to pay
any price at all in order to get the
stock, and in leaps and bounds the
price of Northern Pacific rushed up
from $17O a share, at which 500
shares were sold at the opening, to
81 900 a share, at which price 300
shares were sold for 100000 cash.
Face Disaster.
Never before in the history of the
exchange has there been such SEN
sational movement in q stock. 1t
helped cause the utmost demoraliza-
ton elsewhere in the list, and helped
along the frantic rush to get out of
the market at any price. Disaster
for a time stared in the face many
great houses which have been monu-
ments in the financial district for
years.
Danger Line Passed.
The very madness of the panic was
really the protection of a dozen
large firms. So swiftly and ire
mendously did prices shoot down
| ward that before the banks could get
out their calls for the increased mar
gins they were entitled to at the low
est levels the market had turned and
the extreme danger line was passed.
Not single stock exchange house
failed, remarka BILE fact.
Fearful Crash in Stocks.
No sooner had the giants of
wealth begun once more the assault
upon Northern Pacific than there
was a crash in stocks which is I'M
equaled in the history of the board.
All the railroad stocks tumbled with
one accord save Northern Pacific,
which changed hands in lots of thou
sands at $780, $500 and $500. A few
years ago this stock went begging at
| $3.50.
| Spectators Suffer Greatest.
The indications at the close of the
day were strong that the principal
| damage had been wrought upon the
speculative class or upon holders of
securities on margin, for whatever
purpose. The banks have been so
well protected by recent extensions
| of the margins eXacted in the mar
ket value of collateral over the
| amount of loans placed that they had
| little to fear short of an absolute
| wiping out of market values.
Terms of Settlement.
This morning Kuhn, Loeb & Co. will
publish a notice saying they will let
$3.50. Positive statement is made that
to-day J. p. Morgan & Co. will notify
shorts that they will be released of
short obligations to Morgan & Co. on
the basis of $3.50. This will be the
penalizatior. The shorts will get no
stock from Morgan &. Co. They will get
only freedom.
The Panic Over.
New York, May 11.-Wall street re-
covered from the panic of Thursday
with a bound yesterday, and while
there were many weak spots among
the big houses in the street early in
the day quick improvement in prices
soon put dozen or more wabbly
concerns firmly on their feet. The
losses Thursday were stupendous.
One commercial paper places the
losses in the bucket shops through
out the country at $3O,000,000.
Blessing i'm Disguise.
Washington, May 11.-Treasury Of
ficers view the Wall street reverse as
a blessing in disguise. seeing in the
check to indiscreet speculation a
preventive of serious trouble. The
weathering of the disturbance shows
the substantial nature of the coun-
try's prosperity and strength of
banks.