Rensselaer Semi-Weekly Republican, Volume 22, Number 69, Rensselaer, Jasper County, 17 May 1901 — HOW WALL STREET PRICES YIELDED TO THE PANIC. [ARTICLE+ILLUSTRATION]

HOW WALL STREET PRICES YIELDED TO THE PANIC.

Here are the figures which fell the story of the remarkable ebb and flow in Wall street's angry sea Thursday: Net —Range in Thursday's prices— Thursday’s In Stocks. HlghT Low. Close. tumble, two days. Northern Pacific 1,000 160 325 810 .... Standard Oil S2l 650 ..... 171 .... Delaware and Hudson 165 105 151 60 25 Burlington 193 178 180 15 16% Manhattan 120 83 109% 37 15% Union Pacific 113 76 90 37 33% Atchison common 78% 43 66% 35% 17% St. Paul... 105% 134 141 31% 39 Chicago, Rock Island and Pacific 156 125 135 31 29% Missouri Pacific 103% 73% 95 30% 18% United States Steel preferred 98 69 89 28 9% Louisville and Nashville 102% 76 96% 26% 12% Amalgamated Copper 116 90 105 26 17% American Tobacco 120 99 114 21 13 Southern Pacific 49 29 46 20 9% Canadian Pacific 105% 87 97% 18% 16 Baltimore and Ohio 101% 84 94 17% 12 Consolidated Gas (N. Y.) 210 195 200 157 18% Delaware, Lackawanna and Western. 214% 200 202 14% 24 Metropolitan Street Railway 164% 150 158 14% 9% Chicago and Alton . & 40 27 36% 13 9% New York Central 153% 140 151 13% 10% People’s Gas 111 99 104% 12 11% Wabash preferred 36 24 32 12 10 Erie 35% 24% 32% 11 18% Chicago and Northwestern 200% 190 193 10% 13% Illinois Central 185 125 131% 10 10% American Sugar 145 135 135 10 ■> 13 Pennsylvania 146 137% 142 8% 8% Tennessee Coal and Iron 58 50 53 8 10 Reading 44% 34% 37% 7 7% Western Union 9- 85 88 7 8%

In spite of history and experience, o' warning and prophecy, thousands of mer have overstayed their day in Wall street and have been ruined. For weeks pust disaster has been foretold' for all who continued to seek the hubble fortune in the whirl of Wall street speculation, but like those who tarried in Sodom and Gomorrah, they preferred to wait until the signs of fire actually came. Then it was too late. Like all panics, the cause of this particular one wns accidental. It seems to have been suddenly discovered that two parties of great financial strength were striving for the possession and “control of the Northern Pacific Railway. Each party had in their strong boxes a large

amount of shares, but neither a controlline interest. To secure this they both went into the open market to buy it, with the result that has been seen. The price of the shares went to SI,OOO and fluctuated wildly. Every bid carried with it panic and ruin for the unhappy speculators who were outside the scope of the contending factions. CHICAGO UAHD HIT. Thousand! of Bmall Speculator* Are Buined In a Few Moments. Chicago lay directly in the path of the financial tornado Which broke over New York and received the full force of the terrific “twister,” the equal of which has never been known in the history of La Salle street. -Mushroom fortunes sud- ( denly amassed in the recent phenomenal boom in stocks and other fortunes accumulated through years of toil were swept away in the panic. Chicago stock speculators were generally losers by the crash. Though it is estimated that a man with SIOO in his pocket in the morning might have gone to his luncheon several hundred thousand dollars winner if he had known just how the game was going, no one in Chicago, so far as could be learned, came out of the shake-up a heavy gainer. Tweuty million dollars was sent to New York Thursday *by Chicago banks, who were culled to the aid of Chicago brokers caught in the fearful slump on ’change. Money was sent to Wall street hy the hanks in all the ways known. These were by telegraph, by exchange, and the shipment of currency itself. The rate for New York exchange, which before noon was at 15 cents premium, jumped after noon, when the New York market went to pieces, to 70 cents and 75 cents premium, the latter being 25 cent* per SI,OOO above the cost of flipping currency by express.