Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-10
FORTUNES MADE AND LOST.
Special to the Register

Special to the REGISTER
NEW YORK, My 9-Fortunes were
made and lost on Wall street to-day al
most in the twinkling of an eye. The
situation was almost without precedent,
and Uncle Russell Sage is vindicated.
With money at an extreme of sixty per
cent. and prices tumbling at a frightiuI
rate the conditions were extraordinary
and the street was filled with rayia Z
maniacs who literally fought with eacn
other over particular stocks, or were
driven to a stage bordering upon frenzy
by the conditions. Old brokers say it
was the fiereest day ever seen on the
street, the breaks in many of the i'm
portant stocks being something awful.
Everybody wanted to sell at the same
time, and pandemonium ragged until a
combination of big men came to the
rescue, when there was sharp rally.
Money rates scared to sixty per cent,
although loans were made at times AS
low as twenty-five per cent There is
a promise that the banks will come TO
the rescue tomorrow with twenty FIVE
millions of six per cent. money, and if
that plan is carried out the market will
become decidedly better.
The slump was something awful.
Atchison went from the opening of "A
to 43, and preferred from SO to 70;
American Tobacco from 119 to 80: Cop
per from 116 to 80; B. r. t. from IS
to 681a B. & o. from 1011a to "a; Bur
lington from 1913 to ITS, and so on down
the list of both railroads and indus
trials, while Northern Pacific, opening
at los, went up like a rocket to 1000,
at which actual sales were made, with
others at III and slightly lower. There
was a gradual decline, however, and the
closing was $50. AT the close OF the
market one broker gave his check for
100000 for the loan of 100 shares over
night
The secret of to-day's fight appears
to lie between Keene and Hill. The
Keene and the Morgan int. ests are
credited with cornering Northern Pa
cific, and in retaliation, during the day
]. J. Hill and his friends raided United
States Steel, and the Keene interests
had to drop their programme and come
to the rescue, which accounts for The
rally towards the close. 1t is reporter
to niEbt that during the day l<eeDe
loane.l 14e, 600 shares of Northern Pa
ciac last night ae terms whicl net'ee
htm Millions.
The fall in United States Steel was
one of the most noticeable among the
industrials. Common opened at As and
went to As for few brief moments,
and then broke away by leaps and
bounds to "a, with late rally to 401a.
The preferred opened at 94%. went TO
9S, and then dropped to 50 with a
rapidly that made a good many peo-
pies heads swim; and Republic, open
ing at 81. went with a thud to 80, rail-
lying, however, to As at the close Even
staid old Western Union dropped Z
points. and Wabash preferred Went
from 50 to "a with dull, sickening
thud
Millions were lost and won in The
game in few hours, and men who
were rich this morning are poor to-
night. 1t has been computed that TIE
loss in values on stocks since last Sat
urday are in excess of $3.50. 900 900.
with the certain end not yet in sight.
These dispatches have advised caution
for week past. 1t was never so nee
essary as now. Until the situation
clarifies itself, the best thing to do is
to do nothing except in the direction of
protecting interests at stake.
The Wall street Journal says:
Nothing could well be more surpris-
ing than that the greatest bull market
on record should, we'll along in the
fifth year of its duration and in the
eleventh month Of an almost uniter-
! rupted rise, create close corner in a
\etock having a capital SO large as to
wake the idea Of corners practically