The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-05-10

loans and would lend 81. 100000 addt-
tional at per cent.
At Has the entire list was strong
Northern Pacific sold on the exchange
at 16O, but at the same time Kuhn.
Loeb & Co. were settling at 150
After y o'clock stronger tone de-
veloped on the stock exchange and
Union Pacific went up to 9S1z, Amalga-
mated Copper to III, American Tobacco
to 118 Atchison preferred to 941z, Wa
bash preferred to 36, Rock Island to 100
and Baltimore & Ohio to 80.
To judge by the tape the frantic de-
sire to sell seemed ended. and the be-
lief gained ground that the worst of the
trouble was a thing of the past
MARKET GROWS BUOYANT.
About 15 p. m. the strength through
out the general list became very pro-
nounced and prices advanced all around
rapidly Erie sold at 36, Amalgamated
Copper at 1151k and Union Pacific at 100.
the latter stock showing a rise Of 10
points as compared with the last sale
yesterday. Atchison common recovered
to 72H; Manhattan shared in the rally
and reached 115, Southern Pacific touch
ed 4814 and American Tobacco sold at
121
There was a conference at the Gala
tin National bank between President F.
D. Tappen Of that institution and J.
Edward Simmons of the Fourth Ma
tional. At the close of the conference
Mr. Simmons said the money market
would be protected. The conference be-
tween Messrs. Tappen and Simmons was
equivalent TO a meeting OF Ine clearing
house committee, for Messrs. Nash OF
the Corn Exchange bank and Williams
of the Chemical National bank are both
in Europe.
Yesterdays tremendous business on
the stock exchange was reflected in to-
days exchange of bank checks, which
aggregated $59S,537, 40, and which broke
the record of 1852. .S17, ,205 made on Tues
day last. The balances were $23S73 116,
the second largest on record, and com
pairing with record of $2417O,3SS on
March 5.
After 1870 the market became very
buoyant and under the leadership of
sensational rise in Union Pacific to 112.
p points above last nights close and SO
points above yesterdays low point, the
entire list made rapid progress toward
higher prices Continental Tobacco sold
at "a, a rise Of points over last night;
Texas Pacific went to 455s and St. Paul
to 1874. Union Pacific fell back to los.
Western Union was firm around 93
BROKERS ASSIGN.
New York, May 10.-Elbert Thomas
Jackson and Samuel C. jackson, doing
signed for the benefit of their creditors
Jackson Bros. were members of the
Consolidated Exchange The primary
cause was said to be the failure of their
customers in the city and out of town
to meet calls for extra margins. The
liabilities are under 100000
A RALLY IN LONDON
London, May 1O.-Yesterday's panic In
Wall street thoroughly disorganized
the American section here. The stock
n arket opened this morning with wild
fluctuations Chicago. milwaukee & 81
Paul opened at $50 and advanced sharp
~ to s165, nearly $22 over the New York
parity. Louisville & Nashville's were
67z better, Atchison 6 higher, and Union
Northern Pacific was quoted at 1877.
After the first furry prices receded
slightly. the tone becoming quiet
A more reassured feeling was evident
on and there were no scenes of excite
ment.
Speyer Bros. and the Norgans report
considerable New York buying with
early London realizations, which after
wards were mingled with London and
continental buying
J. Pierpont Morgan, jr.. said to a rep
resentative of the Associated Press:
THE situation looks a little better. I
would not be surprised if the buying
continues, though no one can tell what
tomorrow will bring these days"
Speyer Bros. attributed what realiza-
tions there were to the British dealers
anxiety to get clear before Monday,
which is settling day. and as tomorrow
is a holiday in New York they are anx-
ious to do all they can today.
CHICAGO SENDS MONEY.
Chicago, May 10.-The Tribune says:
Chicago banks shipped $4,000. 600 of cur
rency to New York last night as a re-
suit of the fall in stocks. Urgent de-
raands for margins had been sent from
New York and much of the money was
for this purpose. Some of it was the re-
suit of Investment buying Of stocks and
bonds by Chicago men yesterday.
It was a day Of unprecedented excite
ment in Chicago brokers offices. Thon
sands of small accounts were sold out,
and some large accounts suffered a like
fate. Everybody who could not produce
promptly all the margin demanded was
ruth1essly closed out.
The needs of the situation demanded
the transfer of a large quantity of chi
cago money to New York. Nearly every
bank in Chicago made a shipment of
currency.
More money is likely to go east from
here if anything like the present situa-
ton continues in the east
LONDON DEALER WENT MAD.
New York, May 1O-A dispatch to the
Journal and Advertiser from London
says:
The London stock exchange closed one
hour after the New York exchange
opened, owing to the difference in time.
Hence the full force of the Wall street
fluctuations was not felt until evening
when the cables told of the panic in
New York. Still the exchange despite
its suspense over New York's action,
had the most exciting time of its hig-
tory, interest in everything save the
American stock-shaving ceased. There
was tremendous confusion but compare
lively little business was done. No bro
ker would make prices; nobody would
buy.
But after the exchange closed hund-
reds of brokers and spectators and in
vestors gathered on the curb in Shorters
Court to await news from New York
and to carry business. It was a miser-
able day on change, but in the street,
after hours the scene beggared descrip-
ton. London has never seen the like
before.
The losses in the last few days have
been appalling. So sudden and over
whelming a break in prices has never
before been Witnessed here, and the
panic. increased to a ten-fold degree.
has chilled the health Of those who live
by stocks. The utter helplessness of the
crowd in the street was the most strik-
ing feature OF the panic. The leaders of