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Cedar Rapids Evening Gazette, The (Newspaper) - May 10, 1901, Cedar Rapids, Iowa VOLUME 104 CEDAR MAY 10 FIVE CENTS PAPER FORTUNES MELT IN THE SUDDEN PANIC Crash Following Unreasoning Stock Speculation Spells for Thousands Who Rashly Risked all on the Inflated Values of Wall Street Victims of Greed Make Pitiful Scenes About New York Situation Saved by Prompt and Generous Action of the Banks New York May a swirling maelstrom of speculation lent that few were powerful enough to struggle Wall street saw the frail bark upon which It had launched Its remarkable boom dashed upon the rocks There had been warning plenty and timely Preparation had been made for the crash which all knew was inevitable Resources were in readiness and an hour or more of thrill and worry and woe the sel was hauled off the reef what battered but to sail Into er waters But there were hosts oC victims in her wake The full list may be known for in such the heroes jell their stories There were men by the before were In the full Hush of good fortune but who went to their last night thankful that they had latt to them on which to rest On the other hand many there were who survived the shock whose good luck did not desert them who are richer In this world's goods than ever before The greatest bull market boom In the history of the United States was brought to an end by the efforts of powerful gains to secure the control of the Northern Pacific road The fight the control of this property came at u time when the market was ripe for a reaction but instead a reaction an lute and unrestrained panic in the of which prices declined from twenty to fifty points with even greater setbacks in several Issues Individuals the Losers The big arbitrage houses who were heavily short of the stock were by the large Interests trol of the property and the brunt of the attack therefore fell on vidual spectators chiefly those who compose the so-called western con- tingent Men who made fortunes out of merger were heavy ferers and It was thought that John Gates and his followers figured out losses amounting to millions ot dollars With the advance in Northern cine came record-breaking sales in every other part of the list la ex- tent of decline and in volume ot sales all past records were broken in the first two hours of business In the course of the panic Wall street was Hooded with all kinds of absurd and improbable rumors It was even reported that the ot 3 P Morgan Co was in trouble and it was said that A A man was dead at the very time when Mr Houseman appeared on of the exchange with to Confusion Was On the floor of the exchange the scene was one of extraordinary con- fusion Some brokers practically threw up their hands and stopped doing business One refused to a hundred shares of for a tomer who called him to the en- trance and offered him a certified check for the amount ot the end of it I've lost and 1 had The voices were hoarse and one very shrill The women's faces were hard also and one was Hushed a deep red while the other was ghastly pale If you could only be quiet ladles a manager you might hoar the much better Lot they could not Why lost exclaimed one woman to an inquirer I guess nobody's made except the shops lief at once or the result be predicted but is certain of only one Mr Edey said We are unable to secure loans on the board at the present though the bidding has been as high as 75 and SO per cent during the last few minutes Mr Tappen listened attentively to Mr Edey with a full understanding of the urgency ot the call for sistance All right Mr Tappen said when his visitor had concluded his statement of ation There shall be relief at Mr Edey left while Tappen went to a telephone and rang up one bank after until the sub- scription of was completed THE IN LONDON In Soenen Crash American Stocks London May sluggish blood of British speculators was stirred to an unusual degree yesterday The oldest trader on the exchange not recall any excitement comparing with the In- Americans For- tunes were swallowed up In a ment Ordinarily stolid speculators accustomed to talcing losses and gains with the composure of the true gambler became so many maniacs yesterday Snorters narrow inclosure where outside dealings are Baltimore and Ohio Brooklyn Transit rose from to points sand shares ot sold at 93 to compared 90 last night United States Steer sold at 45 to 42 compared with laSt night There tips after the opening and Illinois ran points In spite of the better tone ever the market was very feverish price changes after the first and is doubt the street as to whether the ot holders of Northern Pacific with shorts meant than ary truce conflicting In- Many sold at their Wgh on the belief that they would enjoy much benefit from the Other vast consolidation schemes which the different railroad managers are ing- and some hesitation to buy is caused by fear that hostilities de- dying the Northern Pacific contest might delay indefinitely or prevent altogether the plans for ex- tensive combinations of railroad tal closely centralized man- agement At about 10 o'clock cheering news was given but the stock exchange had announced the successful passing of all clearing sheets and the honoring of all checks given by exchange members Missing had a customer short B 000 shares of common at 88 When he received an cover at 72 the price was but 5 but Mr Missing walked rather ately into the crowd and said What's doing in com- mob leaped at him and one broker A thousand at 41 Take said Mr Missing A thousand at -12 The broker got his shares ill midst of the excitement a handsome gray-haired man rushed up the steps that lead to the exchange At the door he calmly asked the price of Manhattan It's dropped over 30 ly replied a uniformed employe who had been watching a ticker the There was no note of pathy In his voice Victims Oh my I'm half screamed the gray-haired man who a moment been himself cool He tumbled over in a heap on the steps and several men rushed W paying him no heed for they had affairs of their own too important to waste time on a human wreck I he ruined victim of speculation helped to his feet by two messenger boys for messenger boys even n time of panic have leisure and ne went away He was but one of Oh I know how I'll ever explain The speaker caught herself gave one quick glance around and then rushed away without telling who was to hear that explanation Shu was young It might be her grandfather Into their office at the tickers read the story of their own ruin then ingly sauntered out again with no look of worry on their well-schooled a wonderful study of acter there around the entrance to the exchange and in all the brokers offices The victims accepted the news in a different ways ome did not even seem to care of the women who have been o e thousands In the last three weeks and who never once thought that a break could come laughed when they learned they had lost their alBut to others It was a tragedy the grimmest tragedy they had ever Loss of fortune is more rible than death to the men and men who risk their money on the s lock exchange and even those who toughed did It to hide the torture by the falling prices Room uptown the usual bly of feminine patrons It not so much a panicky as a hysterica SAVED BY THE BANKS Relict Camo to Money Market ftt Critical Moment New York May brokers on the stock exchange were at their vits end and almost frantic after fruitless efforts to obtain money In the loan crowd and after several of the banks had called their re- let from the stringency of the money market came through the concerted action on the part of fifteen banks whereby was quickly loaned to brokers at Interest ranging from 50 to GO ner cent This proved a on a financial boiler that was then under every pound of steam that it could stand to the inch No better way can be conservatively used to express the situation at noon On the one hand the brokers were con- fronted with calls for loans they had made at several banks on the other hand a market that threatened them with financial disaster and a total Inability to secure new loans even at the unprecedented offer ot 75 and SO per cent for the accommodation Frederick Edey of H B Co hurried into the loan crowd on the stock exchange and made a fruitless bid for money There came no response to his repeated offers save the uproar pf voices in the Northern Pacific corner where brokers were almost beside themselves with excitement It was then that Mr Edey hurried from the floor down the narrow stairway and into the street and to the office of J P Morgan where he lost no time in one of the partners Bacon Mr Bacon it Is absolutely sary that some of the banking inr come to the relief of the money market at said Mr Edey between his for breath Unless loans are made at once tho will critical and there is rio telling what the end will be Go and see Mr Mr Bacon replied referring to James T Woodward president of the Hanover National bank and a member of the clearing house committee All replied Mr Edey I will but I do want to know of a building that one of the large uptown They've got every cent mine m there and she pointed to the door of a well known trading room You've got to support her companion But when I'm out I'm out and thats the was a veritable bedlam Immediately day This announcement effectually following the close of the stock ex- disposed of the rumors current there was a mad rush for j that certain houses would be Snorters Court Men of millions and unable to meet their obligations on the seedy shilling speculators yesterday's contracts reet became so in the rush until Throgmorton street became impassable The rain was pouring down in torrents but the speculators paid no heed to it The cry went up that there had been a terrific slump in Union which had been battered down twenty points at one blow Parties formed themselves into Ing wedges in endeavors to force their way into the center of Shorters Court at- which spot the principal dealing was done All sorts of con- ditions were shouted at the top of the operators voices Down down went Americans The leading houses sent urgent orders to buy or sell but found It.almost im- possible to have their orders ed Rails description were quoted at prices and steel and other securities fell in sympathy Then without rhyme or reason a reaction set in Up and down went Americans After about half an of this panicky speculation a more reasonable feeling prevailed and rose a few points of their price when the stock exchange closed But long after the usual hours dreds of stock brokers most of them drenched to the skin the hope of getting clear before this morning's opening J Morgan Jr said So far as I know there was no reason for this after- panic utter lack oT in- formation regarding the conditions of the railroad market in America I do not apprehend any serious re suits MUCH TODAY The Market Jias Calmed and Prices Trading became so feverish that it was very hard to follow the price changes but there was a notable absence of the rush to sell which was the distinguishing yesterday morning teen minutes later the market was much quieter with prices holding steady Flurry Over In London London May panic in Wall street has the American section here The market opened this morning with wild Americans led by St Paul showed of 1 to -0 points After first lurry prices receded slightly the tone be- coming quiet There was a more reassured feeling evident as the more on and no of ment A MINISTER Church aa of His Operations Chicago Harris for several years until Recently to l recently of the Congregational church Milburn 111 has been suspended bj the ministry for six an Investigation of charges made his former parishioners who declare they are out a- hundred dollars which they intrusted to tin minister for that ari said to have turned out much you contribute toward a the present fund relieving gency Two million dollars Mr Bacon replied That was all Mr Edey de- sired and hurrying to the Hanover National bank he soon had dent Woodward's word for a 000 contribution Then Mr Edey went to the Gallatin National bank where he sought the aid of D Tappen chairman ot the clearing house committee and president ot the bank Mr Tappen the brokers on the must have financial re- Almost formal New York May feeling in Wall street this morning is much calmer and more confident as a re- the terms of settlement of- the shorts on Northern Pacific r and the measures taken by the banks was at one time a lawye in Chicago and a member of th board of- trade Harris sa no blame attached to him that th funds were RETURN TO CHINA he might do the best he could to In- crease them and that the going wrong ol various enterprises in the money was sunk was no fault of IS FILLED to insure against a dearth of able funds Recoveries in shown in the London market lor Americans also reflected returning confidence and the passing of de- moralization The opening here was nevertheless watched for the indication of yesterday's damaging shock Opening prices surged upward all around the only exception being railway which ran off Northern Pacific sold at 150 for three hundred shares compared with last night effecting the agreement with the shorts St sold at- compared with last Delaware Hudson rose IVP CT Burlington S American Tobacco S 7 Missouri Amalgamated stocks as Rock Island way United Ohio Pennsylvania St Southwestern preferred TUe British Parliament Generous to Now Monarch London May civil list were accepted yesterday by the house after an agreement had been reached between the two front in lect Adverse criticism was consequently restricted to Irish nationalists who had representation on that radicals who sion of la the teen -30 managed the that settlement ot the crown Department Officials Mission Really at an Washington News H longer minister to called at he state department yesterday -n earch of news about his official ure but unable to obtain any Acting Secretary The ab- of the president and the of state the national cap- tal will prevent Mr Conger from just stands in his job In eas t a month He busied himself over dispatches received from and Secretary Squires of the legation since he rom and explained thac lie vas trying to inform himself about had that he might of current affairs at the Chinese capital until he gets ready return Mr Conger is quite positive that he vill start for in July the Iowa ion does not assemble until August of course the president amends the orders under is his present vacation Nobody n Washington doubts that the dent will make the amendment just soon as returns to on He will not permit Mr Conger 0 start back for Pekin at least un- the Iowa convention has ad- and will be rejoiced if the republican delegates nominate the Minister for governor The wise ones the thru longer will to Mr Conger declines positively discuss either his ot ning governor of Iowa or any matters relating to China I have said all I ewe to about the political situation in lie said have defined my position clearly and my friends know what It That you will accept the it Is tendered but you will lot be a was suggested the minister That is exactly my position re- plied Mi Conger i Must Pav Cable j Ferdinand W Peck lately general of the Paris exposition will have to foot a of for cable tolls which was Incurred through Mr Peck sending a of congratulation to President from Paris last November t appears from the evidence on record n the office of the comptroller of the on Nov er Peck and his start indulged in a banquet and that during the course of the function it was suggested that a message be sent to Mr congratulating himself upon his re- flection Mr Peck embodied his in the following President Our entire at Thanksgiving meeting greet the president their honored chief day They fuel that they have son for thanks that he is again to preside over the destinies of the tion PECK Commissioner Peck had the sage charged against the account of the ii-as equivalent to having the ment pay the Fred Erackett secretary and disbursing ruled that the message constituted a obligation for which Peck was responsible Mr Peck in his capacity of er general promptly overruled ett but that official declined to mit the matter to rest and ted the to Comptroller for decision Mr Tracewell today handed down a decision in which he Mr Peck in this summary The law does not provide for the payment of such messages and that is all there is to Mr be called upon to burse the exposition fund balance to the extent of Tho Maryland Census Scandal The census scandal in Maryland caused by the efforts of bosses in certain counties to pad the returns to secure additional representation in the state legislature has been sifted to the extent causing the director of the census to eliminate names from the original lists a prepared.- The population of Maryland now stand officially at Superintendent condemns the work of the padders by saying the greatest laxity was shown in severa districts in not counting people in their districts the tion showed number of ple not enumerated at the time and place Five census em- ployes have been indicted for thL part they took in the fraud and i was believed that others were to be indicted until Senator McComas came to Washington and intervened witi the president have the against his followers stopped Too Good a to Lose 1 The efforts of the National Civi Service Reform association to bring Indian agents into the classified ser ice by exploiting scandals in whiel the agents have been involved am proving that a majority of their num ber are incompetent are not to be successful The agents are a present appointed by the and by the senate Th positions are confined to the Indian territory Oklahoma and wester states and territories and are re as the choicest bits of ail thi patronage at The ap pointment of an Indian agent carrie with it a great dear of patronage which is rich in ties and results The agent has com- plete control of traders whose ness is profitable He also has many appointments as a rule and these are dictated by the senators who stand sponsor for his own ment It is not believed that the senate will consent to placing tin agents in the classified service Cor any will resist all at- s a Reason For our underselling all competitors in Cedar ids WE Having a buyer in the market always on the lookout for our buying more merchandise other clothing houses in the city combined buying everything for CASH enables us own our goods at prices below what others do who buy only in small tities We can therefore sell goods at lower prices than others The only way you can meet our prices elsewhere is taking an inferior quality of merchandise Sale of 500 pairs Men's Odd Trousers 500 pairs Men's All rou- A A sers quality at V-v 700 pairs Men's Cassimeres and Striped Worsteds in good dependable makes Q C quality V A 600 pairs Men's Fancy Worsteds or good All Wool Cheviots all sizes up to 50 you can not match these at less than where our price WILLNER BROS Second LAWN ELECTRIC HOSE and other brands of Al quality E FAWCETT South Second Street THE QUEEN OF FLOURS IS MADE IN CEDAR RAPIDS FOR SALE BY ALL GROCERS AT PER SACK ANCHOR MILL CO S B Beatty UNDERTAKER And licensed Air modern equipments desired We also PICTURES FRAMES and A worth delivered for every dollar thit office Open Of fie Old Temple Abandoned May A director Wannam Watch he the was -not been subjected to the payment tempts to do so company The officers of Watch have the promoters of the that pany become a party to any of Krebs Bros Co WHITE BRONZE i Statuary AND GRANITE MONUMENTS Statuary fences asr lice 110 Masonic Temple in privy purse in have declin trust movement so the
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