Alma record. (Alma, Mich.) 1878-1928, 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.
DeIuge of other Securities Follows
and Under Heavy Iiquidating
sales Prices Decline In Every Di-
rection-SpccuInto suffer Great
cst-Ierms of settlement


cSt-1erms of settlement.
New York. May TO- The worst
panic-for the short time involved be-
fore il was checked that Wall street
ever saw came yesterday as sequel
10 the contest for the control of the
Northern Pacific railroad and 10 the
cornerng of the common stock of
that road At the time there was
seemingly no bottom this side Of zero
10 stock-market prices. Stocks were
offered for sale at any price they
would bring, and under the immense
mass of forced lquidating sales the
market crumbled 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 10 60 per
cent. on call. Sales Of stock were
made at such losses compared with
Wednesdays closing prices rs 30 TO
60 points The frantic shorts in
Northern Pacific were willing 10 pay
any price a. all i'm order TO get the
stock and in leaps and bounds the
price Of Northern Pacific rushed mp
from $40 share, at which 500
shares were sold at the opening. 10
1000 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
satioual movement i'm stock. 1t
helped cause the utmost demoraliza-
ton elsewhere i'm the list, and helped
along the frantic rush TO get out Of
the market at any price. Disaster
for time stared i'm 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 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 10 at the low
est levels the market had turned and
the extreme danger line was passed.
Not a single stock exchange house
failed, remarkable 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 un
euualed in the history Of the board.
All the railroad stocks tumbled with
y !, flo
which charged hands in lots Of thou
sands at $500. $500 and 500. \ few
wears ago this stock went begging at
$3.50.
SpecuIators 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 ont Of market values.
Terms of settlement.
This morning Kuhn, Loeb a Co. will
publish a notice saying they Will let
out their Northern Pacific TO shorts at
$50. Positive statement is made that
to-day !. y. Morgan q Co. viii notify
shorts that they will be released Of
short obligations TO Morgan q Co. on
the basis Of $50. This will be the
penalization The shorts will get no
stock from Morgan & Co. They will get
only freedom.
The Panic over.
New York. MAY 11.-Wall street ~
covered from the panic Of Thursday
with 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 a dozen or more wabbly
concerns firmly on their fert. The
losses Thursday were stupendous.
One commercial paper places the
losses in the buckle; shops through
out the country AT S3O.oOO.OOO.
Blessing in Disguise.
Washington. May 11.-TreaSury Of
fcers view the Wall street reverse as
n 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