The Denison review. [volume] (Denison, Iowa) 1867-current, 1903-04-25

smaller lights who remained were
in a state of physical as well as fnan-
cial panic. Each imagined himself
the next victim. Special policemen
guarded all the offices, and every Wis
itor was scrutinized as 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, reservng 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their support withdrawn the panic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 We're rumors that
Street d 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 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 member arose
to discuss this proposition, a messen-
ger entered and handed the president
a letter. 1t read as follows:
Mr.. M. l.. Morton, New York City:
Dear Sir: This is to inform you that
l am alive and well. 1 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. | remain. very truly
yours. PALMER j. NORTON
May 3
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 ex-
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. OH call loans,
with gilt-edged stock as security.
Sugar was lowering around par,
drop of more than 60 points in less
than 4S hours. The nerve-racked
brokers expected the announcement
of yet more disastrous news, and lis
tened stoldly 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 SEN
tence: Il am alive and we'll" The
joyous voice of the graybearded old
chairman told them that the mes
sage was from Palmer j. Morton.
What a 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
were persistent buyers from the mo-
ment the first news of the Morton
letter was made public. Their sales
were so small as to show that they
represented but profit taking for
regular customers, and not the i'm
mense holdings of long" stock which
had been absorbed during the height
OF the panic. Their profits were
roughly estimated at $3a,O00,0OO.
The welcome letter was addressed
to Mr. M. L. Morton, a brother
OF the great tinancler. 1t was in a
plain white envelope and written on
ordinary letter paper, with "a single
fold The postmark on the letter
was indistinct, but when put under II
glass the inscription clearly read,
"Provincetown, Mass" The letter
had been mailed at nine o'clock at
night, and left the Cape Cod town
on a late train. With slow connec-
tions the letter reached New York
in time for the 1O:45 a. m. delivery.
| Here was a clew worth following.
a special train with the best de-
| tective talent in New York, was pre-
pared and dispatched to Province
town. But the developments which
speedily followed, deepened the mys-
terry and puzzled the cool-headed
chief of the detective force. Between
! four and five o'clock the same after
noon letters were received by reia-
| tives of John Nj. Roclweii and An
| druS Carmody. These letters were