The Providence news. (Providence [R.I.]) 1891-1906, 1901-05-09

$ O'Clock.
WILDEXCITEMENT
CONTINUED from page one)
MORE FAILURES.


At / o'clock the failures OF w. H..
Brower of Co Broadway and ]. T. Lee OF
Sc Broadway. were announced on the
Consolidated Exchange. Rumors were
circulated affecting the credit OF several
stock exchange houses, but they were
soon OFFICIALLY denied. shortly after
O'Clock. A. A. Housman A. Co. loaned
si0oo.Ooo at six per cent and it was said
that other strong firms were lending
their available funds in the efforts Tn
check the declines in prices, The banks.
on the other hand became more conser-
vatIve and decided TO loan only to their
regular customers.
Some borrowers were forced TO pay 10
TO 40 per cent. for money. A more hope
ful feeling was strengthened by semi-of-
fcial statements that the leaders in the
financial world had insisted that the
-.arrima n -Morgan-Hil people come 10
some basis OF agreement in order TO re-
lleve the situation.
The sensational decline OF sixty per
cent IN Delaware and Hudson. was fol-
lowed by a quick recovery OF so and
United states steel stocks seemed 20 hold
their own for a time. Southern Railroad
sold up 10 &c. then reacted 10 2s%. Read
ing became firm around 27is. Amaigama-
ted Copper around los. and Atchison pfd.
at from 90 10 81. Continental Tobacco
kept a firm front at ~. Atchlson then
ran of 10 65A Mo. Pacific 10 ~, ST. Paul
TO I4e Steel TO Al. Manhattan TO 1i0. Erie
TO 3Oz. and other stocks declined some-
what i'm sympathy.
The feature OF the situation was the
closing up for the day or number OF
small brokerage concerns, not because of
financial embarrassment, but because
theg deemed IL unwise TO do any business
at all in such market as today.
AT l:so prices seemed to be fairly steady.
United States steel common finding sup
port around 40 and the preferred around
30 AT this time there were same activ-
ity in bonds with apparently god absorp-
ton OF the standard issues. clearing
house notice was serr out at 1880 saying
that all transactions I'm Northern Pacific
common would be ex clearing house until
further notice.
This means that SELLER OF the stock will
not be called upon TO deliver II at pres
ent.
SIXTY PER CENT FOR MONEY.
at $40 o'clock sixty per cent was bid for
money.
Union rPaciic prefsrred made a strong
rally 20 ss. American Tobacco advanced
TO 1Io and Amslgamated Copper sold at
l0eik Twenty-Five shares OF Chicago and
Alton preferred changed hands at 7e
Western Union met support at s and
New York Central was steady at ii5
After money had gone 10 90 per cent. II
was reported IN the street that number
OF bank presidents went into conference
with the object OF making arrangements
10 lend $iG.000.O00 on the stock exchange
at low rates. =. J.. Morgan Co. were
lenders OF large sums today M per cent.
Union Pacific pfd, could not hold the
rally. and it fell OF quickly TO STA. At
the same time the common sold at 92
Notwithstanding that Kuhn. Loeb e. Co
claim the control OF Northern Pacific and
II was said AZ the office OF J. T. Morgan
a. co. that that firm has contracts for
delivery OF stock sufficient 20 give them
a ma iority
The Evening Post quotes an eminent
authority of the railroad world as fol-
lows: AT o'clock scmi-official an
nouncement was made that the Gallatin
National bank would lend $4,000. 900 at 9
per cent. acting for the associated banks
OF the city.