Day of Panic on Wall Street Brings Market Ruin
The crash driven by over extension of speculation dented confidence as margins collapsed and brokers demanded more collateral. Northern Pacific became the focal point with rumors of a settlement and a possible Burlington deal shaping outlook for the market.
MENTIONED IN THIS ARTICLE
Zose
Northern Pacific
Shorts
Kuhn, Loeb & Co
Harriman Syndicate
Union Pacific
Great Northern
Burlington
Harriman-Kuhn, Loeb & Co
J. P
Impelling cause of Wall Street crisis Northern Pacific corner
Turmoil on May day in New York markets as Northern Pacific corner triggers steep declines. Major stocks such as Delaware & Hudson Manhattan Rock Island Atchison St Paul Missouri Pacific fall sharply while heavy buying and bank actions attempt stabilization. Prices rally briefly on delivery relief but overall market remains volatile with widespread losses and tightening credit.
MENTIONED IN THIS ARTICLE
New York
Wall Street
Northern Pacific
Shorts
Delaware & Hudson
Manhattan
Union Pacific
Rock Island
Atchison
St. Paul
Missouri Pacific
Manhatan
Nock Island
United States Steel Pfd
Louisville
Amalgamated Copper
United States
Atchison Common
Atchison Preferred
Chesapeake & Ohio
Louisville & Nashville
Missouri
Kansas & Texas
New York Central
Southern Pacific
U. S. Steel
TU. SB. Steel
Wall Street Calm After Northern Pacific Settlement
New York May 9. Waldorf Astoria lights served as a rallying point for financiers nursing losses and counting casualties. Trading calmed as Kuhn, Loeb & Co. and J. P. Morgan & Co. reportedly agree to settle Northern Pacific at 150, boosting market optimism and reducing speculation. John W. Gates called the cure hard but effective, predicting heavy buying and a prompt rally with no large bank failures.
MENTIONED IN THIS ARTICLE
E. H. Harriman
J. P. Morgan & Co
Union Pacific
Harriman
Burlington
Great Northern
Northern Pacific
Street & Norton
Harriman Syndicate
Morgan-Hill
Shorts
Morgan
Kuhn, Loeb & Co
Morgan & Co
Morgans
Kuhn-Loeb Group
di Scharge
Morgan- Hill
Wall Street
Jacob H. Schiff
Stock Exchange
Mr. Schiff
Kuhn, Loeb Co
James J. Hill
Great Northern Railway
Metropolitan Club
Omaha
the Tribune
Associated Banks
Northern Pacific Shorts
J. Os. His
John W. Gates
Gates
Elusive comments on markets and rail plans roil investors
In New York discussions touched on railway consolidation as William K. Vanderbilt returned. James R. Keene appeared with investors noting Northern Pacific shorts should have paid 4000 per share, though he avoided public statements. Harriman allies pledged the Morgan‑Hill plan would not be pursued.
MENTIONED IN THIS ARTICLE
J. P. Morgan & Co
Kuhn, Loeb & Co
Northern Pacific
Norton
James R. Keene
Keene
Ehorts
Youngstown
Northern Pacific Shorts
New York
William K. Vanderbilt
Friends of the Harriman Syndicate
Morgan-Hill
London Sees Panic as American Stocks Plunge
London reacts to a sharp global stock slide led by American shares. Union Pacific and St Paul tumble amid panicked trading in Shorters court as London brokers race to manage losses and await New York settlement next Friday.
Also Mentioned on This Page
Btock Exchange
Associated Press
Board of Directors
Kuhn-Loeb
Hill-Morgan
Baltimore & Ohio
Money Market
Prime Mercantile
Sterling Exchange
Canadian Pacific
Canada
Hesapeake
Ohio
Coos
Renedo
Chicago
East Il
Northwestern
Strata
Colorado
Denver
Rio Grande
Éthuidbapac Tome
Valloy
Valloy Eesccdeny
Asenvoeses
Hilinois Central
Iowa Central
Lake Erie & Western
Hasesse
Tee Spepers Cesserekod
Kobieres
Panene Eereresveres
POOR
Oseenreee
Rene
New Jersey
Ontario & Western
Pennsylvania
Reading
St. L. Pana Das
Wisconsin
Anaconda Mining
Tone
Brooklyn Rapid Transit
Ettee
Colorado Fuel & Iron
Sete
Enee A
Continental Tobacco
General Electri
Chettee Peetee
Glucose Bugar
International Paper
Seereeee Lacieuve Gas
Renee
Owen Eter
Howeee
Pacific Mail
People’s Gas
Paneaee
Atessegeens Sneer Do
Pullman Palace
Pereeal Ugar Sree
Tenn
Coal & Iron
Aston
U. S
Cbubom
Eeeec
Esseesees
Brunswick
Waldorf-Astoria
Soldiers of Finance
London
Shorters’ Court
Paul
Throckmorton Street
J. Pierpont Morgan, Jr
America
Brown
Speyer Bros
Saligman Bros
Financial Times
London Stock Exchange
Standard
the Chronicle
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