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

ana bounds-Ebe story of a Day
Long to be Remembered by the
| Spectators and Investing Glasses.
The Latest of the Railroad
Corner.
! NEW YORK, May 9.-Bitter stress
developed in Wall street by the second
hour of trading on the Stock Exchange
to-day. The violence of the connection
had spent much of its force, st least
for the time being when the chair
mans gayel fell. announcing the close
OF the days proceedings. The casual
ties We're great and the field 81 battle
was strewn with the wounded and may
be with the dying. But OF actual IA
taGitiess none was recorded of Importance
during the day. During the heighth OF
the panic, rumors of insolvancies were
banded about more quickly than they
could be reported. but no confirma-
tions could be had of the intimation OF
financial wrecks. Those against whom
the rumors pointed refused even ia
show any sign of distress and protested
/ themselves ready to meet all obliga-
/ tons. In more than one instance the
answer to these rumors was for a rep
| resentative OF the house to go upon the
stock exchange and place loans to a
! large amount, as indicating the abun-
dance of resources at hand. But not
withstanding these and similar
Devices for Keeping Up Credit
| and confidence the fact was too OBVIOUS
| from the crash OF values on the ex-
change that credits and borrowing
| power We're shrinking at too prodlg-
ious rate not to leave the mind of the
whole financial world in condition OF
| intense strain. But the indications at
the close of the day were strong that
| the principal damage had been
wrought upon the speculative class or
| upon holders of securities on margin
for whatever purpose. The banks have
been so a protected by recent extern
sions of the margins exacted in the
market value of collateral over the
| amount of loans placed that they had
! little TO fear short of an absolute wip-
| Ing out OF market values. The shrink
age of collateral made it necessary for
| the banks in many cases to exact adj
| ditional collateral during the day and
this added much TO the distress for a
| time. But in the late dealings the
| principal banks in the financial dis
trict agreed to form a pool and raise
a fund to run the money rate down 70
o per cent on the stock exchange The
bid for money had been run up 10 60
| per cent, and was threatening TO
Keep Alive the Panic.
| The dozen banks quickly came to an
agreement to raise $4,000 900, with i'm
piled willingness to increase the sum IL
necessary. There were very heavy
loans placed also by individual banks.
| ranging in some cases TO SIS 600 600
and s30,000.000. Old customers OF the
4 banks were not charged over per cent
at any time, but when outsiders came
/ in asking for new loans. the law OF
/ supply and demand was allowed To run
/ its course. The state Of excitement was
very apparent ali through the financial
| district during the period of the panic
/ but there were few sensational scenes
| In the brokers' Offices sat many men
who were reduced to absolute ruin as
| a result OF fifteen minutes proceedings
on the exchange. some OF these have
| been made opulent within a few weeks
past as result OF the unparalleled rise
] OF prices. with the true gambling
/
| winnings in new ventures on each sue
cessful turn. To-day's drop therefore
wiped them all out.
| All classes OF employees In the stock
exchange district were under tremen-
1 dous pressure throughout the day.
There was strong feeling this morn.
/ ing before proceedings had commenced
on the stock exchange that a panic
could be ayerted only
! by the Strongest Measures
and with the greatest difficulties. The
| fact was apparent that the corner in
4 Northern Pacific was stiH unbroken.
I The excited bidding last night TO &C.
cure the stock for delivery to-day made
that very apparent The first efforts TO
/ avert the panic were devoted TO cIrcu-
| lating reports that the conferences be-
/ tween the contending interests in
4 Northern Pacific. which continued ir
I one form or another throughout the
night. had resulted 10 a compromise,
/ which would free the shorts in the
stock from their compromised position.
/ These efforts proved utterly Intellectual
In face of the first quotations for
| Northern Pacific on the tape. The
| price paid for the stock ran Up 10 $500
| per share and then 10 5000. to $500. and
even to $7e0 per share on regular trans-
! actions, and $1,000 per share for cash.
/ The cash prlce paid meant that unfor-
tunate shorts who were unable TO Dor
TOW the stock last night for delivery
to-day had 10 pay whatever cash price
the engineers Of the corner ehoge TO
ask for Il. The figures Indicated in the
| opening transactions meant ruin for A
very large outstanding short interest
| In the stock. The concerted efforts 10
| support the market by buying all stocks
] watch mlgat be offered, which Is al
ways the most effective manner OF dis
suading persons from selling and which
| was undertaken. according 70 the cur
rent BELIEF In Wall street by some OF
| the most powerful capitalists In the
country, was
swept Away Like whirlpool
under the deiuge OF offerings which
came upon the market Such shovel
ing out Of stocks as occurred during to-
| days stock market was never seen be-