Baxter Springs news. [volume] (Baxter Springs, Kan.) 1882-1919, 1903-05-09


concerning the mystery.
That the panic was beyond control
was apparent long before the Stock
Exchange opened Wednesday morn
ing. The governors met and solemn
" discussed the advisability of clos
ing the Stock Exchange until some
light was thrown on the mystery.
They dreaded to take this step, but
the situation was unprecedented. In
ordinary emergencies the banks,
trust companies, life insurance COM
panies and other representatives OF
capital had been able to meet and
adopt n plan to protect the market
and thus avert panic disastrous to
all interests. But the great heads OF
the money power had vanished. The
smaller lights who remained were
in state of physical as well as finan-
cial panic. Each imagined himself
the next victim. Special policemen
guarded all the offices, and every WIS.,
itor was scrutinized as a possible kid
napper. Hundreds of extra police Off
GERS were thrown into the financial
district. All suspicious characters
were arrested. Crowds were not per-
mitted to assemble and condition
approaching marital law prevailed.
The governors of the Stock Ex-
change finally decided to open the
session as usual, reserving the power
to suspend business if conditions
warranted such procedure. The
market opened from two to five
points below the close of the previ-
Gus day. Several failures were an
nounced. Street & Rogers bought
about 100000 shares of stock in the
first hour and then stopped. With
their support withdrawn the panic
increased. There were rumors that
Street & Rogers were heavily long
and on the point of suspending. This
the firm emphatically denied, and
stated that they could stand fur
Their drop of 25 points. On a call for
margins they promptly furnished
them.
With the panic at it's height the
governors met to take action. A mo-
ton was made to suspend business
on the exchange. AS n member arose
to discuss this proposition, n messen-
ger entered and handed the president
letter. 1t read as follows:
Mr.. NJ. L. Morton, New York City:
Dear Sir: This Is to inform you that
I am alive and WELL I shall be obliged
to remain away from the city for short
time possibly several weeks. You and
my relatives and friends need not have
the slightest fear for the safe return OF
myself and the gentlemen who are keep
ing me company. l remain, very truly
yours. PALMER j. NORTON.
May 2.
The letter was in Mr.. Morton's
handwriting and had been positively
identified as genuine by his private
secretary and by the oldest clerks in
his Office. These facts were hurried
ly explained to the president of the
board of governors. who adjourned
the meeting and sounded the gong
for attention on the floor Of the en-
change. At that moment pandemo-
mum reigned. A score of trading
houses had failed, and others were
on the point of suspension. Banks
were calling loans. Money was
quoted at 200 per cent. OIL call loans,
with gilt-edged stock as security.
Sugar was lowering around par, a
ha~ &c in
than As hours. The nerve-raclSed
brokers expected the announcement
of yet more disastrous news, and lis
tened stolidly as the chairman waved
his hand for quiet, cleared his voice,
and began his reading. No one heard
more than the close of the first sem
tence: ~ am alive and WELL" The
joyous voice of the gray-bearded old
chairman told them that the mes
sage was from Palmer j. Morton.
What O shout went up! 1t was re-
echoed by the vast mob which defied
the police and swarmed into Broad
and Wall streets. The enthusiastic
clerks and customers cheered from
every window.
The panic was ended. Prices
moved violently upward. In half an
hour the face of the market was
changed. In the whirl of speculative
joy some stocks passed the high
Figures which had been reached at
the opening on Monday morning. But
while the agony of suspense was
passed, and it was known that the
missing men were safe, the case was
yet shrouded in mystery deep as
ever. At the close of the day the
market stood on plane which aver
aged about ten points below the level
established before the leaders of
finance and speculation had vanished,
1t was noticed that Street & Rogers