The Hocking sentinel. [volume] (Logan, Ohio) 1871-1906, 1901-05-16

general panic. supreme O0urt JUSTICE
Gildersleeve issued an injunction re-
straining the giants of Wall street from
buying or selling shares of Northern Pa
cific stock. The injunction was granted
at the request of David Lamar, broker.
who is said to have acted as an agentfor
James II. Keene. Keene is credited with
having instigated the proceedings for the
purpose of relieving the conditions of the
market This order was used as club
TO compel the warning factions to break
the corner and allow the shorts to settle
at $50.
Crowds Watch the Bei1am.
When the gavel fell for the opening of
the market the largest gallery of the
week was watching the scene, drawn to
the exchange by the hint that there would
be a general crash and many failures.
The first stroke of the gavel was hardly
audible The second and third were
drowned in a storm of vocal uproar that
echoed in the vast building like the hur-
rah of a regiment. 1t was very rude
awakening when the first sale of North
ern Pacific was made at 40, which was
n gain of 20 points.
The worst, however, was yet to come.
There was 4 let-dcwn to 10 from the
first jump. at which some sorely pressed
bear succeeded in getting 100 shares. On
five additional transactions the price ran
to 205 cash." dropped back to 100 reg
ular." Then the price went on skyward.
No sooner had the giants of wealth be-
gun once more the assault upon Northern
Pacific than there was a crash in stocks
which is unequaled in the history of the
exchange. All the railroad stocks ttm-
bled with one accord save Northern Pa
cifie, which changed hands in lots of
thousands AT $500. S;1l0 and 500. few
years ago this stock went begging at
$3.50. 1t was like battle scene with
the cries of the wounded and slain now
and then drowned by the shrill cry of vic
tory of those who had prepared them
selves for just what took place.
Meanwhile there were rumblings in
other quarters. The rest of the market
opened down from l 70 ii points for all
stocks, railways, industrials and trac-
tions. Then there was a slight recovery.
But when the corner IN Northern Pacific
reached its zenith there was a convul-
sivc movement and then came a great
slump in all stocks. Northern Pacific
dropped IS points. United States Steel
dropped 46 to 81, catching the longs for
hundreds of thousands. Railway stocks
dropped suddenly and the panic was in
creased until the Stocf Exchange became
a pandemonium. Union Pacific fell with
thud from JOG to So, loss of 81 points
4 slight rally to IS followed. Missouri
Pacific was also panicby and dropped to
93. Atchison promptly followed with a
decline Of 8 points, Telling to GO. Ev-
erything was panicky- barring Northern
Pacific. Just before boon four failures
were announced on Change, and other
crashes were momentafily expected.
End Must Come.
In spite of history azd experience, of
warning and prophecy, thousands of men
have overstayed their day in Wall street
and have been ruined. For weeks past
disaster has been foreiold for all who
continued to seek the trlbble fortune in
the whirl of Wall street speculation, but
like those who tarried in Sodom and
Gomorrah, they preferred to wait until
the signs of FIRE actually came. Then it
was too late
Whether this is the c'.aring-up storm
or not it is difficult to sa:. The madness
of speculation may not yet have run its
course, and there may be those who will
venture again, when apparent quiet has
been restored. But soon the end will
come, if it be not now Liquidation
must set in, and the people who have
been buying stocks at prices far above
par. which have never in their history
paid n dividend, will begin 10 inquire
when the dividends will begin. In the alb
sence of dividends these stocks must go
back on the market and then commences
the inevitable descent.
Like all panics, the cause of this par
ticular one was accidental. 1t seems TO
have been suddenly discovered that two
parties of great financial strength were
striving for the possession and control
of the Northern Pacific Railway. Each
party had in their strong boxes large
amount of shares, but neither a controll-
ing interest. To secure this they both
went into the open market to buy it, with
the result that has been seen. The price
of the shares went 70 $1,000 and fiuctu
nted wildly. Every bid carried with it
panic and ruin for the unhappy Gpecula-
fora who Wose Outside the asops OF the
eqntepdiNs !ae!lonF