Thousands were already face to face with financial disaster, even in those first moments of the alarm.
The hours passed slowly. What was Manchester doing? Her decision was now awaited with bated breath throughout the whole of Lancashire and Yorkshire.
In Manchester, the Courier, the Daily Mail, and the several other journals kept publishing edition after edition, not only through the day, but also through the night. Presses were running unceasingly, and hour after hour were printed accounts of the calm and orderly way in which the enemy were completing their unopposed landing at Goole, Grimsby, Yarmouth, Lowestoft, King’s Lynn, and on the Blackwater.
Some British destroyers had interfered with the German plans at the latter place, and two German warships had been sunk, the Courier reported. But full details were not yet forthcoming.
There had been a good deal of skirmishing in the neighbourhood of Maldon, and again near Harleston, on the Suffolk border. The town of Grimsby had been half destroyed by fire, and the damage at Hull had been enormous. From a timber-yard there the wind had, it seemed, carried the flames across to the Alexandra Dock, where some stores had ignited and a quantity of valuable shipping in the dock had been destroyed at their moorings. The Paragon station and hotel had also been burned—probably by people of Hull themselves, in order to drive the German commander from his headquarters.
From Newcastle, Gateshead, and Tynemouth came harrowing details of bombardment, and the frightful result of those awful petrol bombs. Fire and destruction had been spread broadcast everywhere.
On the Manchester Exchange on Tuesday there was no longer any reason to doubt the accuracy of Sunday’s report, and the feeling on ’Change became “panicky.” It seemed as though the whole of the ten thousand members had made up their minds to be present. The main entrance in Cross Street was blocked for the greater part of the afternoon, and late comers dodged round to the two entrances in Market Street, and the third in Bank Street, in the hope of squeezing through into the vibrating mass of humanity that filled the floors, the corridors, and the telephone, reading, and writing rooms. The attendants found they had an impossible task set them to make their way to the many lanterns around the vast hall, there to affix the latest messages, recording astounding fluctuations of prices, and now and again some news of the invasion. The master and secretary in the end told the attendants to give up the struggle, and he made his way with difficulty to the topmost balcony, where, above the murmurings of the crowd below, he read the latest bulletins of commercial and general intelligence as they arrived.
But there were no efforts made to do business; and had any of the members felt so inclined, the crush and stress were so great that any attempt to book orders would have ended in failure. In the swaying of the crowd hats were lost and trampled under foot; men whose appearance on ’Change had always been immaculate were to be seen with torn collars and disarranged neckwear. Never before had such a scene been witnessed. Lancashire men had often heard of such a state of things having occurred in the “pit” of the New York Exchange, when wild speculation in cotton was indulged in, but they prided themselves that they were never guilty of such conduct. No matter how the market jumped, they invariably kept their heads, and waited until it assumed its normal condition, and became settled. It had often been said that nothing short of an earthquake would unnerve the Manchester commercial man; those who were responsible for the statement had evidently not turned a thought to a German invasion. That had done it completely.
In the cafés and the hotels, where the master-spinners and the manufacturers had been wont to forgather after high ’Change, there were the usual gatherings, but there was little or no discussion on business matters, except this: there was a common agreement that it would, in present circumstances, be inadvisable to keep the mills running. Work must be, and it was, completely suspended. The shippers, who had the manufacturers under contract to supply certain quantities of goods for transportation to their markets in India, China, and the Colonies, trembled at the very contemplation of the financial losses they would inevitably sustain by the non-delivery of the bales of cloth to their customers abroad; but, on the other hand, they also paid heed to the great danger of the vessels in which the goods were placed falling into the hands of the enemy when at sea. The whole question was full of grim perplexities, and even the most impatient among the shippers and the merchants had to admit that a policy of do-nothing seemed the safest course of procedure.
The chaotic scenes on ’Change in the afternoon were reproduced in the streets in the evening, and the Lord Mayor, towards eight o’clock, fearful of rioting, sent special messengers to the headquarters of three Volunteer corps for assistance in regulating street traffic. The officers in command immediately responded to the call. The 2nd V.B.M.R. took charge of Piccadilly and Market Street; the 4th were stationed in Cross Street and Albert Square; and the 5th lined Deansgate from St. Mary’s Gate to Peter Street. Mounted constabulary, by the exercise of tact and good temper, kept the crowds on the move, and towards midnight the pressure became so light that the officers felt perfectly justified in withdrawing the Volunteers, who spent that night at their respective headquarters.