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Cedar Rapids Evening Gazette Newspaper Archive: May 10, 1901 - Page 1

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Publication: Cedar Rapids Evening Gazette

Location: Cedar Rapids, Iowa

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   Cedar Rapids Evening Gazette, The (Newspaper) - May 10, 1901, Cedar Rapids, Iowa                             VOLUME 19--JSTO. 104. CEDAR JOTDAT, MAY 10, iabi 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, -so- turbu- lent that few were powerful enough to .struggle against'-It. 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 ves- sel was hauled off the reef, some- what battered, but to sail .Into calm- er waters. But there were hosts oC victims .in her wake. The full list may --never be known, for in such tragediesxmly the heroes .jell their stories. There were men by -scores -who the -night before were In the full Hush of good fortune, but who went to their couches: last night thankful that they had latt to them on which to rest their-heads. 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 Ilnanclal gains to secure the control of the Northern Pacific rnll- road. The fight -for the control of this property came at u time when the market was ripe for a reaction, but instead -of a. reaction, an abso- lute and unrestrained panic devel- oped, in the course1 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 pro- tected by the large Interests trol of the property, and the brunt of the attack therefore fell on indi- vidual spectators, chiefly those who compose the so-called western con- tingent. Men who made fortunes out of the-steel .merger were heavy sul- ferers, and It was thought that John Gates and his followers figured out losses amounting to millions ot dollars. _ With the advance in Northern Pa- 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 ilrm ot 3 P. Morgan Co. was in trouble, and it was said that A. 'A. House- man was dead at the very time when Mr. Houseman appeared on theiioor of the exchange with to Confusion Was Maddenlnc. 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 -buy a hundred shares of for a cus- tomer who called him to the .en- trance and offered him a certified check for the amount ot the JO-poliu end of it. I've lost and It's-all 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. .mplored a manager, "you might hoar the ciuotations much better." Lot they could not. "Why. everybody'.-; lost." exclaimed one woman to an inquirer. "I guess nobody's made, except the bucket- shops." lief '.'at once or the result ca.nnot be predicted, but is certain, of only .one Mr.' Edey said. "We are' unable, to secure loans on the board at the present al- 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 as- sistance.' "All right, Mr. Tappen said when his visitor had concluded his statement of the- situ- ation, "There shall be 'relief, -and at Mr. Edey left, while Mr.- Tappen went to. a telephone and rang up one bank after anotfier until' the sub- scription of was completed. THE IN LONDON. In ExolUue Soenen FouoV Crash American Stocks. London. May sluggish blood of British speculators was stirred "to an unusual degree yesterday. The oldest trader on the exchange can- not recall any excitement comparing with the crush- In- Americans., For- tunes were swallowed up "In a mo- ment. Ordinarily stolid speculators, accustomed to talcing losses and gains with the composure of the true gambler, became so many maniacs yesterday. Snorters Court.the narrow inclosure where outside dealings are c'ari'led.on, Wabaah- Baltimore, 'and Ohio Atchlson, Brooklyn. Transit rose from' to 4V> points.. T.welve thou- sand shares ot Union..'Pa'clfic. sold at 93 to' 93S compared', with-. 90. last night.. United States'. Steer sold at 45 to 42 compared with .40% laSt night. There were'some tips ajtalin .after, .the opening and Illinois Central- ran do.wn 2'A points..'. In spite' of the better, tone, how- ever the .market, was very feverish and'the price changes after the first wlde: and -erratic..Tnene is much- doubt .'In.1 the. street as to whether the deblslon '.ot holders of Northern. Pacific to'.tie. :'easy with shorts ..meant, more- than. tempor- ary truce conflicting In- terests. Many sold at their Wgh recordrflgures-.recentl.v on the belief that they, would enjoy much, benefit from one'or the Other vast consolidation schemes which the different railroad .managers are work- ing- and some hesitation .to buy is' caused by fear that hostilities de- veloped dying the. Northern Pacific contest might delay indefinitely or prevent altogether the plans 'for ex- tensive combinations of .railroad capi- tal closely centralized man- agement. At about 10 o'clock the..-, cheering news' was given but' that- the stock exchange had ofliclally announced the successful .passing of all clearing sheets and the honoring of all checks given 'by' exchange members yester- Missing had a customer short B 000 shares of Atchlson common, at 88. When he received an -order-.to cover at 72 the price was but. .5, but Mr. Missing walked rather delibei ately into the crowd and said tiui- etly: "What's doing in Atchlson com- mob leaped .at him and one broker yelled: "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 iioor. At the door he calmly asked the price of Manhattan. "It's dropped over 30 calm- ly replied a uniformed employe, who had been watching a ticker the dcor. There was no note of sym- pathy In his voice. Strlokeu Victims. "Oh my God! 'I'm half screamed the gray-haired man. who a moment btfore.had 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 was- 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 -don't 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. ensau Into their broker's office, loked at the tickers, read the story of their own .ruin, then laugh- ingly sauntered out again, with no look of worry on their well-schooled ftlIteSwas a wonderful, study' of char- acter there around the entrance to the exchange and in all the brokers offices The victims accepted the news in a -thousand different ways. "ome did not even seem to care. of the women who have been Jfeny o e SSkfns 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 or- rible than death to the men and wo- men who risk their money on the s lock exchange, and even those who 'toughed did' It to hide the torture brousrtu by the falling prices. Room tradei-K uptown had- the usual assem- bly of feminine patrons. It was- 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 safety-valve on a financial boiler that was then under every pound of steam that it could stand to the -square 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. Holllns Co. hurried into the loan crowd on the stock exchange iioor 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 seeing1 one of the partners. Mr.- Bacon. "Mr. Bacon, it Is absolutely neces- sary that some of the banking inr stitutlons come to the relief of the money market" at said. Mr. Edey. between his casps for breath. "Unless loans are made at once ,tho will become- 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 the.'corridor of a building that one of the large .uptown -hotels "They've got every cent mine m there" and' she pointed to the door of a well known trading room. "You've got a'.husband 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 yes- chanre there was a mad rush for j terday that certain houses would be Snorters Court. Men of millions and unable to meet their obligations on the seedy shilling speculators joined- yesterday's contracts. reet -Tradin 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 Pa- cific, which had been battered down, twenty points at one blow. Parties formed themselves into fly- 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 and-prices 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 execut- ed Rails of-every description were quoted at rock-botton 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 hom- of this.' panicky speculation a more reasonable feeling prevailed and stotks rose tbxwithin a. few points, of their price when the. stock exchange closed. But long after the usual hours hun- dreds of stock brokers, most of them drenched to the skin, traded-in. the hope of getting clear before this morning's opening. J Plerpont Morgan, Jr., said yes- terday afternoon: "So far as I know there" was no reason for this after- noon's panic, -except 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 char- acteristic yesterday morning. Fif- teen .minutes later the market was much quieter, with 'prices holding steady. Flurry Over In London. London. May panic in Wall street has disor- ganized the American section here. The market opened this morning with wild Americans, led by St. .Paul, showed .-advances 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 scenes1- of excite- ment. A S-PJECD.LA.TING MINISTER. Church Now'Out SlOO.OOO aa Itosnl of His Operations. Chicago, Harris for several years until Recently, -pas- to l "recently, -p of the Congregational, church .Milburn, 111., has been suspended bj the ministry for six m'onths .-pending an Investigation of charges made b> his former parishioners, who declare they .are out a- hundred 'thousam dollars, which they intrusted to tin minister for speculations1 that ari said to have turned' out unforlu much you contribute toward a the present strin- 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. Presi- dent Woodward's word for a 000 contribution." Then Mr. Edey went to the Gallatin' National 'bank, 'where he. -quickly sought the aid of Frederick.- D. Tappen, chairman ot the clearing .house, .committee... and .president ot 'the ...Gallatln'. -National 'bank. "Mr. Tappen, the brokers, on the exc'hange must have financial re- Almost formal. New York, May feeling in Wall street this morning, is much calmer, and more confident, as a re- sult'of the' terms of settlement of-; fered the shorts on Northern Pacific, r. and the measures taken .by the banks Ha.1Tis was at one time a lawye in Chicago, and a member of th board of- trade. Harris" -friends .sa no blame attached to. him, ,that th funds were put- intd'-his liands rtha RETURN TO CHINA he might do the best, he 'could to In- crease '.them, and that the going wrong ol various enterprises in wMch the money was sunk was no fault of KISG'S-PUB8JE IS FILLED. to insure against a dearth of loan- able funds. Recoveries in >prices.; shown in the .London market lor. Americans also reflected returning confidence and the passing of de- moralization. "The opening here was nevertheless watched with- anxietj- for the indication after-results of. yesterday's damaging shock. Opening prices surged upward all around, the only exception being Southern- 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 nichf Delaware" and-" Hudson rose IVP CT TnVianrn 9iA, Burlington. .S, American .Tobacco S, Northwestern- 7, Missouri and1 Amalgamated. stocks as Rock Island, Southei way ..United, "SteelVpref Chesapeake'-and Ohio" Louisville.- Pennsylvania, St -Louis. Southwestern preferred TUe British Parliament Generous to Now Monarch. 'London, May .civil list pro- posals were considered-and accepted yesterday by the house of-comm'bns after an .agreement had. been reached, between the, two front bsnches in se- lect -committee; Adverse criticism was' consequently restricted to the- Irish' nationalists, who had declined- representation' on that to.'the radicals, who were'-disposed .expres- sion of -dissent la the .-minority The- businesa-'-'liaS teen -30 .well- managed -'by.: the. "court- that opposition: .new: 'settlement ;ot the crown Department Officials Billeve -His- Mission Really at an Washington News. -May H. longer, minister. to China1 called at he state department yesterday, .-n, earch of news about his official fu-.> ure but -was unable to obtain any i-om Acting Secretary Hilfc. The ,ab- enc-e of the president and the secre- a.ry of state 1'rom the national cap- tal will prevent Mr. Conger from scertalnlng just where-he stands in elation-to his. job In for.-ar- eas t a month'. He busied himself ooking .over dispatches received from lockhlll1 and Secretary .Squires of the merlcan legation since he salli'd' rom Ch'ina, and explained thac lie vas trying to inform himself about I'hat had happened-so 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 Pekln in July, .notwith- tandlng- the Iowa republican- conven- ion does not assemble until August, of. course, the president amends the orders under which.he is aklng his present vacation. Nobody n Washington doubts that the presi- dent will make the amendment just soon as -he returns to Washing- on. He will not permit Mr. Conger .0 start back for Pekin, at least un- 11-after the Iowa convention has ad- ourned-, .and .will, be rejoiced if the republican delegates nominate the, Minister for governor. The wise ones, ibout the department'say thru -Mr. longer will to Peklm Mr. Conger declines positively -to discuss either his prospects- ot run- ning' i'or 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 l.'i, you will accept the nomi- latl'on it! 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 tlj'e Cable Tolls- j Ferdinand W. Peck, lately, commis- sioner general of the Paris exposition, will have to foot a bill of for' cable tolls which was Incurred through Mr. Peck .sending a messag-J of congratulation 'to President Mc- Kin'.ey from Paris last November, .'t, appears from the evidence on record n the "office of the comptroller of .the on Nov. Commission- 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, MoKinley congratulating himself upon his re- flection. Mr. Peck embodied his fe- Icitatibns in the following words: "President, Washington: Our entire itaff at .Thanksgiving meeting greet the president, their honored chief, to- day. They fuel that they have rea- son for thanks that he is again to preside over the destinies of the na- tion. PECK." Commissioner Peck' had the mes- sage charged, against the miscellan- 3ous account of the commission.which ii-as equivalent to having the govern- ment pay the bill, Fred Erackett, secretary and disbursing ruled that .the message constituted a per- !0iiai obligation for which Commis- sioner Peck was responsible. Mr. Peck, in 'his capacity of commission- er general, promptly overruled Brack- ett, but that official declined to per- mit the matter to rest and submit- ted the bill to Comptroller Trace-well for decision. Mr. Tracewell today handed down a decision in which he ivtirruled Mr. Peck in this summary manner: "The law 'does not provide for the payment of such messages, and that is all there is to Mr. be" called upon to reim- burse the exposition fund balance to the extent of S10.3C. 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 Men-lam condemns the work of the padders by. saying "the greatest laxity was shown in severa districts in not" counting people in their districts, -and .the re-enumera- tion showed a.iarge number of peo- ple not enumerated at the propei 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 to- have the crusad; against his followers stopped. Too Good a Thluc 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 presideii and -confirmed by the senate. Th, positions 'are confined to the Indian territory, Oklahoma and wester) states and territories and are re garded" as the choicest bits of ail thi patronage at their'disposal. The ap pointment of an Indian agent carrie with it. a great dear of additlona patronage which is rich in possibili- ties, and results. The agent has com- plete control of traders, whose busi- ness, is profitable. He also has many appointments, as a rule, and these are dictated by the senators who stand sponsor for his own appoint- 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; Rap- ids. WE Having a buyer in the market always on the lookout for our buying more merchandise thanVa'll other clothing houses in the city combined; buying everything for CASH, enables us own our goods at prices -far below what others do who buy only in small quan- tities. We can therefore sell goods at lower prices than others. The only way you can meet our prices elsewhere is jby taking an inferior quality of merchandise. Sale of 500 pairs Men's Odd Trousers, 500 pairs Men's All Wool'f rou- A A sers, quality, at.............. V-v ,700 pairs Men's -Fttfe Cassimeres and Striped Worsteds, in good, dependable makes Q C quality, at...- V A .OtJ 600 pairs Men's Fancy Worsteds or good All Wool Cheviots, all sizes up to 50; you can not match these at less than else- where; our price.................. TIGOLDENTAGLE 'WILLNER BROS 4OI Second A.venuo. LAWN HOSE! ELECTRIC HOSE and other brands of Al quality. E. FAWCETT, 215-217 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 embnlmer. Air modern equipments desired We also PICTURES, FRAMES and MOULpINGS. A dolUr'i worth delivered for every dollar thit office. Open day.nd n.ght. Of fie. pb.iie. Old N.w 186.11OMagonfc Temple. tVatcli.Trust Abandoned. .May A director, "th'e.vjAmerlcan Wannam. Watch he .the -ctvil-Oist was -not serious.aUh'ough- therj'enipire h'ad been subjected, to the. payment tempts .to do so. "company -says': The. officers of .Watch, company- have the promoters of ;the 'proposed- VaJ'ch' ,'that pany become a party to. any of watih- -Companies. Krebs Bros. Co. _ WHITE BRONZE i 'Statuary. AND GRANITE Nt! MONUMENTS Statuary, fences aru! asr tor- lice. 110 Masonic Temple. in .'a-.-lump isurri'' privy '.purse r4Jvil. in have declin trust .movement., so the   

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