New-York tribune., 1901-05-10

Delaware and HUDSON I14
General Eectric 22o 200 80
Manhattan ................ 1915 50 -3s3s
Kansas s2i'laSi ana Texas preferred. -. S g q
MsSsoyr1 MISSOURI FeSnf central iss 14o ID
ontario ana western e.. INN. 33ss . ss
Pennsylvania NEUTRALITY-SUSPICIOUS. l44's ISIS -
S:s5ssE5 Fss,as' rs @ g ss, s
IsssS.r Eata8 rfsas p7ss5rr:a :::::: 'ls s 4
Do preferred ....... e5s 90 -26lA
In the course Of the panic Wall Street was
flooded with all kinds Of absurd and improba bic
rumors. It even reported that the firm OF
J. P. Morgan G. Co in trouble, and it was
said that A. A. Housman dead at the very
time when Mr.. Housman appeared on the floor
Of the Exchange with S1.OO0O0o TO lend. Old
houses whose resources are enormous said
10 have failed. In one case where $4,000 shares
Of stock We're 10 be delivered TO house OF well
known repute ii was said that the delivery
would not be accepted, the firm simply did
not have the money TO meet it. The delivery
was made. however, and check for S3,2G0,000
was promptly rendered in payment.
RUSSELL SAGE'S HARVEST.
While rumors Of all kinds were going the
rounds and while the panic at its height,
Russell Sage sat in his office lending money at
from 40 to GO per cent and telling all his friends
Il told you So" Russell Sage did a good days
business and to intimate friends he willing
TO admit that he simply making money be-
cause other people were foolishly losing it.
In the afternoon. when call money loaned as
high as GO per cent, Mr.. Tappen president Of the
Gallatin Bank, called a conference of leading
bankers-excluding the National City Bank in
teres.s-and five minutes after they had assem-
bled il was announced that $4,000 900 had been
subscribed to meet the requirements Of the stock
market. The fact that the National City Bank
did not take part in the conference caused con-
siderable comment and it was said in quarters
not favorable TO this great institution that mar
ket reasons connected with the fight for the con-
troll Of the Northern Pacific were responsible for
the failure of the bank 10 take part in the con-
ference. J. P. Morgan Co independently
loaned from S5loo0o00 to S11.0o0000 at low
rates.
Pale faced speculators who watched the tick
ers and blackboards in brokers' offices free
IN their denunciation Of the methods employed
by substantial interests in the railroad control
fight that precipitated the panic. II may as
well be said however that, despite the Northern
Pacific corner the stock market in weak
technical condition and ready for decline. The
break might have been postponed. but il in
evitable. While the crash under full steam
the scene on the Stock Exchange was one almost
impossible to describe. More members OF the
board were present than ever before recorded
and more excitement, more bowling, shouting
and turbulence were noted than in any preceding
day known in Wall Street. Thousands OF men
and women were called to Wall Street by tele-
phone, telegraph and afternoon extras and at
times the crush Of interested spectators in the
Produce Exchange gallery great that
further admittance was refused Hard luck
stories were heard on every corner and in every
off Of unSl lost nd
IN some cases millions won were freely circu-
lated, but Of course, in ali cases exaggerations
were intense.
Chicago houses We're heavy sellers throughout
the day Reports from Chicago and other finan-
cial centres indicated conditions Of acute alarm
while cable dispatches reported panicky dealings
the London Exchange. Capel Court rivalled
New-York in scenes Of excitement. The unprec-
edented situation was presented of Northern
Pacific selling for 130 in London and 800 in
New-York. and even after the close of the Lon
don market curb dealings were conducted in the
same erratic fashion. When Northern Pacific
sold for 5000 cash a broker the local Ex-
change said: 1t is cold -blooded murder. How
the shorts are sweating blood." And one broker
gave this advice to his customers:
Gentlemen. this is very dangerous market
Rease trade as little as possible ana pTefera6y era 8
The higher Nipper goes the nearer we get to
~
don't know what is going 10 happen. and neither do
you. ! would rather buy stocks five points higher
than buy them w. In this kind OF market /
think the best thing to do is TO let il alone The big
millions you and outclassed. Let US stand
from under. If they oont settle that Northern
Pacific deal they will break the Street with
stocks fifty points lower.
Within a half hour the prediction had come
true.
HOUsMAN LOOKS FOR RECOVERY.
A. A. Housman, who sold 100000 shares OF
stock Friday. said. after the worst breaks
yesterday, that he considered the market as
having turned. and looked for sharp recoveries.
The Wormsers thought that the movement was
not large in view Of the recent advance. James
r. Keene would not talk for publication regard
ing the market. Mr. Keene has been big bull
Northern Pacific. but he has not been re-
sponsible for the corner in the stock. Brokers
acting for Mr.. Keene said that they would not
require deliveries OF Northern Pacific due to
them
While stocks on the Exchange were declining
similar conditions prevailed in the outside mar
ket, where Standard OH was the feature. Open
ing at 500 this stock sold down 10 1921 and
then 10 GOO but supporting orders carried the
price back 10 80 the closing quotation
Brokers clerks were busy a good part of
Wednesday night in sending out calls for mar
gins. which IL known would be needed in
yesterdays market. Fortunately these demands
were met. There We're. OF course many in
stances where customers We're simply unable TO