The times. [volume] (Washington [D.C.]) 1897-1901, 1901-05-04

| nent. A rally was begun before O'Clock,
but the small gains were not well held,
and, for the most part, the closing was
| not far from the bottom level for the day.
The break was directed from the inner
financial coterie in Wall Street, with as
| much certainty if the millions of dol
lars involved were the pawns OF n chess
game. 1t has been evident to the bank
ing and railway clique for several days
that the boom must be stopped. The peo-
pie outside of New York familiar with
market movements have been as sure of
this as the Rockefellers themselves. ex-
cept that there was no way for an outsid-
er 10 predict the exact day of the climax.
suddenly yesterday morning the banks
began to call in their loans and to refuse
loans on doubtful collateral Alarming
stories Were sent ont regarding The out
look for today,s bank statement. 1t was
said that the indications were for loss
OF S5,0OO.O00 or 5000 900 in cash This was
the signal. After a high opening like
that of the preceding days of the week.
to give the public confidence there was
sharp decline. This was followed by
another rally and the public decided that
the break was over. Then began the final
stump and it came fast and furious. Mon
ey was loaned on call on Thursday at 3
ana per cent. Yesterday the rate began
to creep up and before O'Clock it was at
per cent. This marked the worst of the
day.
Many people of experience believe that
May will be remembered as the culmi-
mating day of the greatest bull market
Wall Street has ever seen, the great boom
of 1900-19O1. From end to end of the rail-
way list there has been the most absurd
of imitation. the capitalization of the
widest dreams of prosperity. Stocks that
a year or two ago We're selling at 50 to so
share and considered dear at any price
have been advanced to $50 and $50 Stocks
that have not paid a dividend for many
years have been bought eagerly above
par. Stocks that have paid dividends with
fair regularity have been doomed up to a
level where the investor would only real
lze per cent on his money. That a tum-
BILE and big one is due and is necessary
II grave financial disaster is to be averted
no conservative man can doubt. 1t may
be stated very positively. however, even
after the break of yesterday. that such a
radical recession as would be good may
not come at this time. The Morgan
Rockefeller coterie have it in their power
10 avert a smash, or even to continue the
boom II they see fit. in the same sure way
that they were able to put on the. brakes
yesterday and move prices down 3 to 10
points If there is support from these
people at the opening today the panic will
be averted and the level may be let down
gradually or held up as they see fit. On the
other hand. without the support of the
will get new Roadway as the day pro-
crosses. A vast number of vast fortunes
are in the hands of a very few people to-
day to do with as they see fit.
The news yesterday aside from the
money situa alton was meagre. and there
was nothing unpleasant. 1t is as certain
that the break if 1t comes will come from
the insiders. irrespective of actual bust
ness developments. as it is that the re-
cent boom has been without warrant in
business conditions. tbs railway earn
ings statements received were good. Lon
don and the continent of Europe were
heavy sellers of American securities. but
this has been the case for several days. |
A large part of yesterdays sales origi- |
mated on this side. il. the offices Of the |
same people that pushed up money -ates. |
A few railway consolidation rumors were !
denied yesterday. and taken in connection |
with the money furry. this fact undoubt- |
edly acted as a cause of selling. Whether |
these denials are true or not they are as |
potent when people want to sell stocks |
as they are fruitless when prices are ad- !
vancing. But many of the recent stories |
have been of the fimsiest character that 4
would fool no one an instant except in |
bull marker. President Cassatt came out |
with a statement denying that the Penn |
-
Hartman stated officially that he and his |
friends are still holding the control of |
the Union Pacific.
The worst breaks of the day were in |
Atchison common. Union Pacific common. |
and Rock Island. Atchison went off from \
90t4 TO soy. and recovered only TO S27s at !
the close. Rock Island went off from 1922 |
to 16l, and recovered TO 1921. Union Pa |
cifc which was at 1873 on Thursday. open
ed yesterday at l2Slz. and sold off immedi- |
ateIy. getting as low as 12l. II recovered |
to 122Is St Paul tumbled from 1924 to 175 |
and recovered points. Baltimore and
Ohio opened up points overnight to
Il4lz and then dropped to 107 II got back
spurted up to 115k early in the day. and
then tumbled to 10SS., closing at 1894. New
York Central. which went above 10 on
Thursday, dropped yesterday to 1e0h and
only a point. Pennsylvania
sold ex-dividend down to Isl and recovered
x of point at the close. Northern Pacific
broke from lis to 100 and recovered TO l99.
The industrial list was weak with
he railways though the breaks here |
generally were not so large West
srn Union went off from ssi2 to
So and failed to recover at the close. |
Tennessee Coal and Iron broke to 50 and
ecGvered to 81. Amalgamated Copper was
weak. and closed below 12o, practically
II the bottom. Sugar after squirting up
owest Of the day. The steel securities
vent of sharply, the preferred to SO and
he common to 81. They recovered some-
What before the close.
Atchison common sold a year or two
Jack at 10 and only six gears ago at 81.
asst September it sold < 70 Less than
month ago it sold at 81. In three weeks
advanced 20 points TO 99i4 yesterday.
n two days it advanced II points. The
took has been put on a 3 per cent divi-
end basis and the affairs of the com
ANY in a prosperous condition. 1t
: not necessary, however, to tell conser-
'ative people that such price as 80 is
n absurd one for 50 green stock. 1t |
would probably go back to 30 or 40 as
quickly as il has advanced if failure !
n the com crop should occur this year
New York Central at 40 pays the inves-
pr dividend of per cent on par or less
han 3 per cent on his money. This com
any is one of the best managed in the
World and the family behind il is one of
he most powerful in the world, but for
oh - ]