Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1901-05-09
FAILURES ANNOUNCED.

transaction In 100 shares at $500 shortly
before ! o'clock.
FAILURES ANNOUNCED.
At | o'clock the failure Of w. II
Brewer, OF 60 Broadway, and j. T. Lee,
OF So Broadway, was announced on the
Consolidated exchange. RumOrs were
circulated affecting the credit of several
stock exchange houses but they were
soon officially denied. Shortly after
o'clock A. NJ Houseman & Co. loaned
81 900 600 at 6 per cent and It was said
that other strong firms were lending
their availabue funds in the efforts to
check the declines In prices The banks
or the other hand, became more con-
sentative and decided TO loan only TO
their regular customers. Some bor-
rowers were forced to pay from 10 to 40
per cent for money. a more hopeful
view was strengthened by semi-oiiicial
statements, that the leaders In the
financial world had assisted, that the
Hartman Morgan Hill people had
come to a basis Of agreement in order
to relieve the situation.
DECLINES AND RECoVERIEs.
The sensational decline of 60 points
In Delaware a. Hudson was followed by
quick recovery Of 80, and United
States Steel stocks seemed 10 hold their
own for Tine. Southern Railroad
sold up TO 26, then reacted to NA
Reading became firm around up to 2Ilz,
Amalsamated Copper around los and
Atchisun preferred at from 80 TO d.
Continental Tobacco kept a firm front
at 46. Atchlson then reeled off to e5ls
Missouri Pacific to 81. ST. Paul TO l40
Steel 20 Al, Manhattan TO 10, Erie to
SO% and other stocks declined some
what M sympathy,
The feature Of the situation was the
closing up for the day of number Of
small brokerage concerns, not because
OF ftnandial embarrassment hut because
they deemed II unwse TO do any busl-
ness at all In such a market as to-
day,
AT 1850 o'clock p. m prices seemed to
be fairy steady, United States Steel
finding support around 40 and the pre-
ferred around 30. At this time there
was some activity in bonds with appar-
emily good absorption Of the Standard
ISSUES.
a clearing house notice was sent out
at 30 o'clock saying that all transac-
lions in Northern Pacific Common
would be ex-clearlns house until fur
;her notice This means that sellers
OF the stock will not be called upon D
deliver It at present
siTXY PER CENT FOR MONEY.
At lao o'clock 60 per cent was bid for
money.
Union Pacific preferred made a
strong rally at SO. American Tobacco
advanced TO no. and Amalgamated
Copper sold at 1921. Twenty-Five hun
dred shares Of Chicago & Alton pre-
ferled changed hands at &C. Western
Union met support at 49, and New York
Central was steady at 145
After money had gone to so per cent,
Il was reported In the street that h
number of bank presidents went into
conference with the object Of making
arrangements to lend $4,000, 600 on the
stock exchange at low rates, j. p. Nor
gan a Co. were lenders of large sums
today at per cent,
Union Pacific preferred could not hold
the rally and II fell off quickly to s7}s.
At the same time the common sold at
92 Notwithstanding that Kuhn. Loeb
g. Co. claim the control OF Northern Pa
cifc II was said at the office of ]. L.
Morgan & Co that that firm has con-
tracts for delivery OF stock sufficient
to give them a majority.
WHEN FIELD OF BATTLE CLEARS.
The Evening Post quotes an eminent
authority of the railroad world as fol- |
lows.
1T will be recognized when the field |
of battle clears, that the balance of |
railroad power must not be seriously |
disturbed Interests at stake are too |
tremendous and too powerful 10 be |
aroused. II only means realization OF |
o disastrous nature, which ,can be |
avoided by checking reckless ambi- |
ton, and leaving the great railroads |
of the country free from alliances and |
open to all their connections. Further |
of great railways and form.
ing OF 'transcontinental systems will be
dropped now, or such plans will be |
recognized as forcing competitive build |
ing on a gigantic scale"
AT o'clock semi-oiiicial announce
ment was made that the Gallatin Ma |
hohoa 'nhh Noulb leul flOtVVO.NVU at o |
per cent, acting for the associated |
banks Of the city.
James Stillman, president OF the Ma.
tional City bank, which carries the
largest deposits OF any financial inst.
tuition In the United States, declined
today to discuss the general financial
situation.
SETTLEMENTS WITH SHORTS.
Announcement was made by repre-
'entaiiyes Of ]. p. Morgan & Co. and
of Kuhn, Loeb & Co. TO the effect that
settlements TO be made with The shorls
would not be made at today's prices
Tor Northern Pacific. Ii was said that
settlements would be made al what
would generally be considered a fair
market price.
About 2l0 Amalgamated Conner
dropped to 1903, D. & o. sold at IS, Union |