Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-10

stock this morning and the frantic eff
forts to buy would seem to show that
the short sales were much larger than
We're supposed on yesterday.
All this time as fast as Northern Pa
cific went up other stocks were going
down. The opening declines in New
York Central Missouri Pacific, Louis
vile and Atchison ranged from to 5
points and it seemed for a time as if
orders were being given to sell without
regard to prices. This wildness was
uninterrupted until about 1910, when
it seemed that for the moment at least
there was disposition to steadiness
Shortly after IL O'Clock all support
seemed to have been withdrawn from
the stock market and prices began fall
ing many points between sales. Union
Pacific went down rapidly, and 1000
shares of the stock were sold at 85.
The same moment 900 shares of Mis-
souri, Pacific were sold at 81. Peoples
Gas of Chicago, Brooklyn Rapid Tran
sit, Amalgamated Copper, the Atchi-
sons and st. Paul fell off, and sensa-
tional declines, the like of which had
not been seen on the street for many
and many year. st. Paul sold down
to 145, Missouri Pacific to SO, Erie to
20, United States Steel preferred to SO,
Atchison preferred to So, Southern Pa
cific to As, Western Union to 81, and
then almost Immediately Amalgamated
Copper fell to SO, Erie to 27, Atchison
common to 81, Union Pacific to Sc,
Rock Island to 14S, Missouri Pacific to
SO, and Louisville & Nashville 80. Then
the tape recorded the sale of 1890
shares of Union Pacific at so.
After noon there seemed to be more
steadiness to prices and Southern Pa
ciflc rose to 3812, Louisville to 81, Man
haitian to LOG. fnited States Steel pre-
ferred to 80, and ST. Paul to 153 Unit
ed States Steel common, aftSr selling at
46, dropped to 40. Chicago, Burlington
& Quincy sold at ITO for 1900 shares
Then there was a rally in Steel pre-
ferred up to SO, Union Pacific following
to 80. Baltimore & Ohio sold at 49,
Missouri Pacific 80, American Tobacco
los, and Missouri Pacific at 95. Then
came an official announcement on the
tape by Street & Norton that they
would not demand delivery to-day of
$4,000 shares of Northern Pacific COM
mon to them. The announcement was
followed by rally in Manhattan to
10S, Steel to As, Burlington to 49,,
Southern Pacific to 431a, Atchison to 63
and Steel preferred to SO. At 1925
Northern Pacific common sold at 700
for cash. At this time the market
seemed to have a better tone than at
any period during the day and the price
changes between sales were not so wide
as they had been during the wild fur
ries of the earlier part of the session.
Even .tandard Oil declined to $50 a
share, a drop of III points from last
nights close.
At one o'clock the failures of w. H.
Bower, OF SO Broadway. and ]. I. Lee.
OF 81 Broadway, were announced on the
Consolidated Exchange. The failure OF
A. F. Fitch was later announced.
Rumors were circulated affecting the
credit of several stock exchange houses.
but they were soon officially denied.
Shortly after one O'Clock A. A. House
man & Co. loaned $1,000 900 at 6 per
cent, and it was said that other strong
firms were lending their available funds
IN the efforts to check the declines in
prices. The banks, on the other hand.
became more conservative, and declined
10 loan money to their regular custom
ers. Some borrowers were forced to
pay from 10 to 40 per cent for money.
A more hopeful feeling was strength
ened by semi-oihclal statements that the
leaders in the financial world had in
sisted 10y
people come to some basis of agree
ment in order to relieve the situation.
The sensational decline of so per cent
in Delaware and Hudson was followed
by a quick recovery of 80 and United
States Steel stocks seemed to hold
their own for time. Southern rail-
road sold to 26. then reacted to 24%
Reading became firm around 271b.
Amalgamated Copper around 10S, and
Atchison preferred at from 80 to 81.
Continental Tobacco kept a firm front
at 46. Atchison then ran eff to 651b,
Missouri Pacific to 81, ST. Paul to 14O,
Steelto Al, Manhattan to no. Erie to
Box and other stocks declined some
what in sympathy.
The feature OF the situation was the
closing up for the day of number of
small brokerage concerns, not because
of financial embarrassment, but be-
cause they deemed it unwise to do any
business at all in such marke. as to-
day.
At 1870 prices seemed to be fairly
steady, United States Steel common
finding support around 30 and the pre-
ferred around 80. At this time there
was some activity in bonds with ap-
parently good absorption of the stan
dard issues. A clearing house notice
was sent out at 1870 saying that all
transactions in Northern Pacific com
mon would be ex-clearing house until
further notice. This means that sell
ers of the stock will not be called upon
to deliver it for the present.
At lao so per cent was bid for
money.
Union Pacific preferred made a
strong rally TO So, American Tobacco
advanced TO 10, and Amalgamated
Copper sold at 109l2 Twenty-Five hun
bred shares of Chicago and Alton pre-
ferred changed hands at rs. Western
Union met support at SIS and New York
Central was steady at las.
After money had gone to 60 per cent
it was reported in the street that a
number of bank presidents went into
conference with the object of making
arrangements to lend SIG 600 00o on the
stock exchange at low rates. j. P. Nor