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Newspaper
Atlanta Constitution
Location
Atlanta, Georgia, United States of America
Date
May 10, 1901
Page
8
London press reports a historic panic as American securities collapse in New York and London trading rooms. Union Pacific and St Paul plummet while rails and other issues fall. a later rebound narrows losses before close. Financial papers warn of continued uncertainty ahead of settlement.
The nightlong chaos in stocks and bonds pushed prices down sharply as shorts faced ruin on Northern Pacific and other issues. Dealers reported unprecedented drops, lenders loaned $1,000,000 after 10 pm, and bankers vowed steady support while suggesting a revival of buying when prices stabilise.
Rumors sweep West End clubs as British speculators retreat then rush back into shares. An American arriving from the continent is quoted on Northern Pacific at 1% in New York and 123 in London. A young dealer briefly collapses, offering stocks below quoted values, while exchange chatter builds toward another feared Black Friday.
An industrial reader predicts the worst of the storm is over and a rally may unfold as large financiers pledge protection for traders. Four failures are announced on the Consolidated Exchange, with Charles St. Sickles reporting liabilities of $30,000 and details on the others not released.
Crowded brokers and sightseers watched a volatile market with Northern Pacific stock surging while other stocks declined. Analysts cite a corner, new interests linked to Vanderbilt, and insider purchases tied to a Burlington deal as reasons for the rise, with debate over Vanderbilt’s control and mortgage approval.
Case brought by Jadoas' Pharmacy Company against Retail Druggists' Association Wholesale Druggists' Association and Proprietors' Association faces delay as evidence before the commissioner is incomplete. Judge Lumpkin will hear tomorrow with the possibility of postponement to next week and an additional hearing slated for tomorrow afternoon to receive more testimony.
In a courtroom yesterday Emma Thomas swore out a warrant against Charles Hightower for assault and battery after he had issued the warrant against her. The justice discharged Thomas as the aggressor, while Hightower was jailed on the same charge with a $290 bond.
General Weyler ordered troops to fire on those shouting Death to Spain as unrest erupts in Barcelona and mining regions. Anarchists and socialists face internment aboard the warship Tayo, with many injured and over a hundred arrests reported amid factory clashes and troop deployments.
Melbourne May 9 the first federal parliament opened at noon in the exhibition building before a crowd said to be 12 000 strong. The royal party entered to the national anthem as the earl of Hopetoun led prayers and the duke of Cornwall and York delivered a long address urging union and imperial welfare. A king Edward telegram extended best wishes. Members took the oath and prepared to elect officers.
The market eyed a near settlement as Kuhn, Loeb & Co and the Hardman group urged a truce to avert panic. Talks hinted at future ties among Union Pacific, Northern Pacific, Great Northern and Burlington with possible Burlington sale to Great Northern. High finance warned that control by Kuhn, Loeb & Co could hinge on stock delivery constraints. Time stood at the Metropolitan Club as Northern Pacific's president dined with his son.
Reports from a turbulent trading day recall the clash over Northern Pacific shares. Investors gauge Morgan Stanley and Kuhn, Loeb moves while Lloyd Morgan and J. P. Morgan prepare actions to release shorts at 50 dollars, offering relief but hinting at future market shifts.
Atlanta man F A Powell of Powell and Co harness makers reports a manganese discovery on his Calcutta mountain holdings between Spring Place and the Tennessee line. A railroad by the Dalton and Blue Ridge line is being built through the property, with efforts to purchase land, and rumors of gold and silver in the Calcutta mountain region. The Alacully Land and Lumber Company reportedly owns about 10 000 acres nearby.
Willie Viola M Mayes three year old daughter of L G Mayes fell from the central railroad over West End street car track embankment injuring her left thigh and bruising her face and body. Accompanied by an older sister she was walking toward Peters street when the accident occurred attracting the attention of nearby children and family.
report notes a child injured and resting after an ambulance from Grady Hospital, while Governor Candler refused to pay $50 reward for John Jones, escapee from Burke County jail. Attorney General advised no payment for a dead arrestee. Rewards offered for two other fugitives, Moss Leader and Wesley Hunter, with details on their crimes and dates.
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