Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-10
Wall STREET. WAS 4
SWIRL Of EXCITEMENT.
Continued from First Page.


aroused. 1t only means retaliation OF
disastrous nature, (which can be avoid
ed by checking reckless ambition and
leaving the great railroads OF the coun-
try free from alliances and open to ali
their connections. Further unifcation
of great railways and forming Of trans
continental systems will be dropped
now, or such plans will be recognized,
forcing competitive building on gigan-
tic SCALE"
At o'clock semi-official announce
ment was made that the Gallatin Ma
tional Bank would lend $16 G00,000 at
6 per cent, acting for the associated
banks of the city.
James Stillman, president of the Ma
largest deposits of any financial institu-
ton in the United States, declined to-
day to discuss the general financial stu
alton.
Il sever talk for publication through
the press" he said.
There is a general feeling of unrest,
said the interviewer, "and a word from
one in authority would be reassuring.
IF | had anything to announce" Mr.
Stillman replied, II would prefer to
write it, and | have not The time now.
Anyhow the situation is note serious
enough for that"
NEW YORK, May 9-The threaten
Ing condition of affairs which developed
in the stock market yesterday and to-
day is one of the seyerest twists ever
experienced by Wall street. The cor
ner in Northern Pacific was the i'm
polling cause Of the crisis, owing to the
threat contained in the ruinous terms
forced upon the shorts in that stock
that disastrous Liquidation would be
forced at other points. Strenuous ef-
forts were made by the most powerful
financial interests in the country TO
avert the threatened trouble and almost
unlimited supporting orders were piac-
ed in the market for the opening in
the anticipation OF the heavy selling
which was to come. Reassuring ex-
pressions were disseminated from the
principal parties in interest to the
Northern Pacinc controversy, designed
to dissuade alarmed holders from pre-
cipitate selling Of their stocks, but all
these precautions proved unavailing IN
face of the unmistakable index afforded
by the price of Northern Pacific that
the corner in that stock was intact and
therefore that the bitter controversy
over the control of the property was
still unsettled. When Northern Pacific
began selling at zoo and 300 and 500
and even as high as TOO, ON regular
transactions, and at LOCO for cash, the
appalling possibilities OF the forced COW
erlng of the largest Shortages at those
terms weakened the whole market and
prices crumbled away with the utmost
violence during the second hour.
The volume OF the blocks unloaded
and the reckless disregard of the price
which they brought were without pre-
cedent in the memory Of the Oldest
trader. Before any check had come to
the tremendous liquidation, Delaware &
Hudson had lost 50 points, Manhattan
80, Union Pacific 3S. Rock Island 3512,
Atchison 3215, st. Paul 301a, Missouri
Pacific 80, and long list of other
stocks from to 80 points. The pre-
dominance OF the Northern Pacific cor
ner on the situation was demonstrated
by the quick rally in the market when
announcement was made that the con-
tending interests in Northern Pacific
would not require deliveries of stock
to-day. Pretty broad intimations were
also thrown out that such delivery
would not be required SO long as present
conditions last. fhe exemption Of
Northern Pacific from the usual clear
ing house requirements of delivery still
further allayed apprehension. The quo
tations of the stock fell back to 300,
both for cash and on regular transac-
lions, after these announcements and
there was q scramble to cover on the
part OF the professional shorts.
There were large numbers of par
gain hunters also in the market The
combined effect Of this buying was re-
dected in rallies extending in Delaware
& Hudson to 55, Manhattan a. Rock
island 80, Atchison 80, United STATS
Steel preferred 90 actually carrying the
stock 21a points over yesterdays close,
Missouri Pacific Is, Louisville %, Anal
gamated Copper q, st. Pau q and a
large number of other stocks from to
20 points. This rally was not fully
held. the market became much quie-sr
during the latter part OF the day, but the
extreme feverishness and nervousness
continued Even the actions OF the
bankers by agreement in iending s1e,-
000000 on the exchange at 6 per cent
failed to relieve the close from such
very erratic movements and renewed
bad breaks in prices. The extension Of
shrinkage in the value of securities and
the corresponding increase in credits
made money very stringent and sixty
per cent was bid at one time by those
seeking accommodation. The action of
the associated banks forced the rate
down to six per cent The feverish tore
of the market at the close and the fact
that the controversy which has precipi-
tated the trouble was still unsettled,
left the feeling of uneasiness retaining
large force in the financial district
Selling of bonds to protect stock hold
ings made that department of the mar
ket weak in sympathy with stocks.
United States new As advanced a on
the last call.
Quotations closed bid: