The Butte inter mountain. [volume] (Butte, Mont.) 1901-1912, 1901-05-10
LONDON STOCK EXCHANGE WAS
PANIC STRICKEN.
ALL SPEECHLESS WITH FRIGHT
Brokers Lost Their Reason-Too Great
Scare for Anyone to Make or Lose
Heavily-A Frenzied Mob Saw Its
Paper Millions Swept Away in an
Hour-Like the Day of Judgment.
(By Associated Press.)

New York, May 1O.-A dispatch to the
Journal and Advertiser from London
says:
The London stock exchange closed one
hour after the New York exchange open
ed, owing to the difference in time.
Hence the full force of the Wall street
fluctuations was not felt until evening
when the cables told of the panic in New
York. Still the exchange, despite it's sus-
pense over New York's action, had the
most exciting time of it's history, inter-
est in everything save the American
stocks having ceased. There was tremen-
dous confusion but comparatively little
business was done. No broker would
make prices; nobody would buy.
But after the exchange closed hundreds
of brokers and spectators and investors
gathered on the Grub in Shorters' Court to
await the news from New York. 1t was
a miserable day on change, but in the
streets after hours the scene beggared
description. London has never seen the
like before. In a drenching rain, up to
the ankles in mud and menaced by pass
ing carts and stared at by unsympathetic
policemen, was dense crowd of haggard
frightened men, spectators, brokers,
dealers. clerks, clients, all huddled to-
gether in almost voiceless alarm. Now
and again hatless men would dash fran
tically from the adjacent courts only to
find the price in something had gone to
pieces. Dealers We're afraid to deal and
brokers did not know whom to trust The
losses in the last few days have been .ap-
palling. So sudden and overwhelming a
break in prices has never before been
witnessed here, and the panic, increased
to a tenfold degree. has chilled the health
of those who live by stocks. There may
be rally and prices may rise again, it
is said by some, but any such movement
is devoid of hope for those who have al
ready lost their all.
The utter helplessness Of the crowd in
the street was the most striking feature
of the panic. The leaders of the market
had vanished from the scene and the ar
bitrage houses which do business be-
tween Lodon and New York had not re-
ported. Small dealers did not know what
prices We're and could not tell whether
they were beggars beyond hope or still
had a chance of saving something from
the wreck. In that miserable state of
uncertainty they must remain until
morning, but they waited for hours in
dull expectancy appearing to extract
some dreary comfort from mingling with
others as wretched as themselves. No
more powerful picture of the ills of spec
ulation has ever been witnessed in Lon
don. The frenzied crowd which stood on
the curb, contained many men. who as
they saw their all swept away. looked
and acted as if their reason would go to
smash as their wealth had gone
One particularly young dealer. who
bears a name long hOnOred in the London
| stock exchange, completely lost his rea-
son. He offered to sell stocks at prices
many dollars below their worst quota
tons current. His broken voiced cries
were made more distressing by the fact
that no other sound for time broke
the stiffness.
However, even at such a time of gem
eral madness few ventured to buy even
the best stocks at panic prices.
The extent of the movement in Ameri-
, can railways was not revealed in the
quotations and the differences on the bal
ance sheets conveyed little idea of the
extent Of the fluctuations in prices. Most
| interest was directed to Northern Pacific
common which oscillated in a manner de-
! void of intelligibility to English brokers.
The first deal was at 100. then 123, follow
| ed Immediately by a deal at 1e6. The
price then went straight ahead above 130,
closing at 131.
On the curb the Wild Wall street panic
! was reflected in quotations that came
over, Northern Pacific common being re-
| ported dealt in on the other side at 500
| but the jobbers here simply closed their
| books and the final quotation was 135,
| a rise Of ) ga for the day.