New-York tribune., 1901-05-04

one Of the contributing causes to the break
was the rumor that President Mckinley had
been shot in New Orleans. The report came
from Baltimore. Washington and other Southern
points and spread about the financial district
with great rapidity The sca.e Lasted only
short time, but responsible for heavy sell
ing. The decline was helped by large Hqutda-
tions assisted by local interests that have all
along been opposed to extreme advances. Three
other reasons for the sudden break were: Call
money rose as high as ~ per cent during the
day. many speculators feared an u "avorabe
bank statement to-day, and some OF the banks
called in their loans. The total sales were With
in a fraction of touching the 100000 mark.
The days trading opened with sales of 2S,0OO
shares Of Atchison common. at Sol2 to -.
pared with 81 AT Thursdays close. Baltimore
and Ohio common followed with rush order of
5000 shares, three odd points above Thursdays
final score Buyers Of ST. Paul stock We're
| compelled to wait until II o'clock before the
tape recorded the initial sale of 1900 shares.
| from 1888 to 1857, gain Of 3l2 Other big ad-
vances by noon were in Baltimore and Ohio.
43s in Missouri Pacific. 6$l in Rock Island and
in Denver and Rio Grande
The Of buying orders. that easily alb
sorbed heavy realizing sales brought on great
confusion. Messenger boys clerks and brokers
jostled one another fercely. Nearly every one
looked tired and thoroughly weary of the pro-
| tracted bull market and prayed for q cessation
in the avalanche of orders. The purely specu-
lative element was largely made up Of Western
men. Wall Street is full of Westerners many
of them having been here for several months.
They are apparently arriving almost daily. some
of them from distances as far off as San Fran
cisco All Of these men have plenty Of money
much of which they made in the stock market
the latter part of last year They are crOwdirg
the brokers' offices and the wire" houses which
have branch offices here. Some of the Chicago
and other Western houses that formerly dealt in
wheat and grain have abandoned those branches
of business altogether for the stock market.
Many of them trading in from 10000 to
! 10000 shares a day.
Combined with Eastern speculators, they
swamped the commission houses with business
yesterday Specialists refused TO execute any
but stop orders Many of the brokers quit
business altogether during the day. that they
could execute orders which they had received
prior to the opening of the market
Everybody in Wall Street is working over
time. Accounts of brokers with their customers
! are several days overdue, and monthly state
ments for April will not be forthcoming in most
cases for another week at least There was
more talk of railroad combinations and deals,
but none had the stamp of official authority. One
of the later dealt with the absorption
of the Toledo. St. Louis and Western road by
Lake Shore interests.
Both Amalgamated and Anaconda Coppers
were inclined to heaviness on denial of the re-
port that the law suits in which these
Germs are involved had been abandoned Steel
shares seemed TO nave felt the effect of the last
fortnights liquidation. and were the weakest of
the prominent stocks. The report that the un-
derwrting syndicate had unloaded its stock had
a very depressing effect them
The break in the bull movement. in which the
stocks that had enjoyed the biggest gains of the
day were the worst sufferers. did not last long.
There a quick recovery of from l to ,
points, the latter in Union Pacific
More talk heard of the local banks using
repressive measures to stop trading the
ground that the speculation had gone already
too far we'll known banker, when asked If
these rumors were well founded replied:
THE banks will act individually in the matter.
Personally, I believe Wall Street has become
crazy. and needs TO be brought back TO more
conservative way of thinking. The money rate
is advancing, and loans being called In.
believe the plungers viii take hint from these
facts"
Bank clearings yesterday were S464, CSC, ,332.
the fourth largest sum recorded. Clearings
PENNSYLVANIA RAILROAD OVER THE
or