Wausau pilot. [volume] (Wausau, Wis.) 1896-1940, 1901-05-21
crowds Watch the Bed1am.

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 a very rude
awakening when the first sale of North
ern Pacific was made at 10, which was
a gain of 20 points.
The worst, however, was yet to come.
There was a let-down 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 tum-
bled with one accord save Northern Pa
cifc, which changed hands in lots of
thousands at $500, $500 and $500. \ few
years ago this stock went begging at
$3.50. 1t was like a battle scene with
the cries of the wounded and slain now
and then drowned by the brill 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 to IA points for al
stocks, railways. industrials and trac-
tons. Then there was a slight recovery.
But when the corner in Northern Pacific
reached its zenith there was a convul-
sive 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 Stock Exchange became
a pandemonium Union Pacific fell with
a thud from 106 to So. a loss of 81 points.
A slight rally to So followed. Missouri
Pacific was also panicky and dropped TO
%. Atchison promptly followed with a
decline of points, falling to 60. Ev-
erything was panicky. barring Northern
Pacific. Just before noon four failures
were announced on Change. and other
crashes were momentarily expected.
End Must Come.
In spite of history and 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 foretold for all who
continued TO seek the bubble 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 il
was too late.
Whether this is the clearing-up storm
or not it is difficult to say. The madness
of speculation may not yet have run its
course, and there may be those who will
venture again, when apparent quiet mas
been restored. But soon the end will
come. If il 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
maid a dividend, win 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. II seems TO
have been suddenly discovered that two
parties Of great financial strength were
striving for the possession ana control
Of the Northern Pacific Railway. Each
party had in their strong boxes 4 large
amount OF shares. but neither a eoutroll-
inc interest. To secure this they both
went into the open market 70 buy il. with
the result that has been seen. The price
Of the shares went 10 $1,000 and auctu-
ated wildly. Every bid carried with II
panic and ruin for the unhappy specuIa-
tbs who were outside the scope Of the
contendIng factions.