Show 4PANKCNAMERICANS Not in Memory of Oldest Stock Broker Has r Such a Break Occurred in London 5 as Yesterday I There Was a Slump in Union Pacific of Twenty Points in as Many 1 i Seconds St Paul FoIlowcd Throckmorton Street Became Impassable With Excited Brokers Rout Continued for Half an Hour Then Reaction Set in and Prices Soared 5 London May 0Not in the memory of the oldest stock broker In London hag < there been such a panic as prevailed pre-vailed this aflernoon In Americans After the closing1 of time stock exchange hundreds of dealers endeavored to struggle Into the narrow confines of Snorters court where outside dealings are done In efforts to rise or reduce as the case might be Americans to Nets York parity I SLUMP IN UNION PACIFIC Suddenly there developed a terrific slump In Union Pacific which was knocked down 20 points In as many sec ontls < St Paul suffered almost as badly bad-ly Large and small brokers rushed to the scene until Throckmorton street berime impassable The rain poured down but time excited crowd paid no heed lo It FOOTBALL TACTICS ADOPTED < Parties formed themselves Into flying wedges in an endeavor lo force their way Into the center of Shorters court at which spot the principal dealing was donfi All sorts of conditions and prices were shouted at the lop of the operators opera-tors VOlco Down down went Americans Ameri-cans The leading houses sent urgent orders lo buy or sell but found It al ii + executed Bails of every description were quoted al rockbotlom prices and steel and Olher securities fell In sym paihy REACTION SETS IN S Then ithout rhyme or reason a reaction re-action set In Up and down went Americans After about half an hour of this panicky speculation a more reasonable rea-sonable feeling prevailed and stocks rose lo within a few points of their price when the stock exchange closed But long after the usual hours hundreds hun-dreds Of stock brokers most of them drenched to the skin traded In the hope of gelling clear before tomorrows opening open-ing OPINIONS OF FINANCIERS J Picrpont Morgan Jr said lo a jeprgfientalive of Ihe Associated Press So far rs PknoW there was no reason for this panic except utter hack ot Information In-formation regarding time conditions of the railroad market In America I do not apprehend any serious results I FEW FAILURES EXPECTED Mr Brown a partner In the firm of Speyer Brothers said II cannot be called anything but a panic Still I do not expect failures except possibly a few small ones The crowd Is too terribly excited to transact many dealIngs deal-Ings and not much stock has changed hands There is no earthly reason for lodays scene except the endeavor to keep pace with New York which is being be-ing done In the dark and led to a panic such as we never had before The rise that came to an end was only to be expected but the affair will hurt Americans Amer-icans here and It will probably be some lime before a feeling of security is thor oughly reestablished REFLEX OF NEW YORK A represenlative of Sellgman Brothers said The market here is only a reflex of New York Without accurate knowledge knowl-edge of the conditions there It is im possible to say what will happen here AVe are quite in the dark but do not anticipate any serious results PANIC ON GLASGOW EXCHANGE Upon receipt of the Wall street quotations quo-tations a panic seized the Glasgow stock exchange and a wild scramble was witnessed the brokers scrambling to rid themselves of their holdings of stock In the street Chicago Milwaukee Mil-waukee St Paul which had closet UillC1llY UL aoo uroppeu 10 110 uui nCtcrward rallied Union Pacific which opened at US dropped to US There were other falls of less magnitude magni-tude and great apprehension exists ar to the outcome of the settlement which will commence next Friday i COMMENT FINANCIAL PRESS The Financial Times commenllng1 on the situation thinks that the comparative compara-tive absence of feverish excitement In London until after the closing hour affords reassuring evidence that the London stock exchange is not deeply committed with Americans although there Is no doubt that some Individuals Indi-viduals have been badly hit In such wild markets says the Financial Times the Jobbers are Wisely refraining refrain-ing from committing themselves except ex-cept on a very wide margin which in many cases has been absolutely refused re-fused CONSOLIDATION CHECKED One point comes clearly out of the hurlyburly That is that the consolidation con-solidation rumors and belief In community com-munity of interests in railroads will receive a severe check Yesterdays experiences would more fittingly be embraced between the covers of a Jules Verne romance than In the records of ordinary life and If the alleged new day In American railroad rail-road affairs Is dawlnlng II Is dawning through stormy skies When professional profes-sional operators with ample means at their disposal are being ruined it be imooves tile general speculator to stand aloofEXTREME EXTREME UNCERTAINTY Time Standard In Its financial artile says the position may be summed un as one of extreme uncertainly rather than of actual alarm Not only Is the situation In New York imperfectly understood here continues the Standard Stand-ard but there must also be uncertainty uncer-tainty as to time extent of tIme recent rise in prices which has attracted buyers on tills side The Chronicle in its financial article remarks that the gamble was not extended ex-tended to bonds and thai the latter show few signs of business |