Waterbury Democrat., 1901-05-09
ALL IS CONFUSION
Wall Street Presented a Wild
 Sight To-Day
THE STOCKS ROSE AND FELL.


 of the Worst Kind May Follow.
 New York, May 9.-At one o'clock the following failures were announced on the stock exchange: w H. Brewer, 50 Broadway. J. T. Lee, 62 Broadway, S. s. Field, 6G Broadway. Reports were in circulation that several big stock concerns were pinched and would go to the wall but these reports were denied. One thousand dollars was loaned by one prominent broker at SIX per cent. The banks are holding on to the money preferring to deal only with their own depositors-
 New York, May 9.-The great excite ment and heavy decline in pracIlca.lliy aH securities except Northern Paclnc which began on the Stock exchange vesterday afternoon continued today From the moment of the exchange opening the trading was furiously ac- tive and for the first half hour at least, apparently without support, although Northern Pacific rose higher and high CT on the bidding of the frightened shorts. This stock rose rapidly rom ITO to 190 md then almost without q pause the advance kept on untlI ae I0:35 o'clock 300 was paid for oOO shares for immediate delivery. At the same time 100 shares for tomorrow s delivery were sold for 230.
 All this time as fast as Northern fa- cine went up other stocks were going down. The opening declines in New York Central, Missouri Pacific, Lou 5sville. AtchisOn ranged from to D poiuts and it seemed for a time as 1T orders were being given to sell without regard to prices This wildness was unfnterrupted until about 10:4O, when 1t seemed that for the moment at least there was disposition to steadiness-
 The steamships Majestic and Sery1a, which arrived from Europe last even ing. had in their mails large blocks or Northern Pacific common for the ac- count of arbitrage houses which were delivered to them in the early mail this morning. The stocks were made ready for instant delivery on the exchange, but apparently they were not a drop in the bucket for the frantic demand for the stock was not affected All in- 1erest centered on reports that confer snees were being held to patch up a truce preliminary to q permanent basis Of agreement between the rival inter esfs fn Union Pacific and Northern Pa eific It was generally accepted by the street that the Burlington deal would go through. but that it would be arranged on some basis satisfactory to the n-Loeb- Hartman people.
 Indeed. it was said that the Harri- man syndicate was in position to die tate terms. but that 1t did not wish to proceed arbitrarily in the matter. It was denied by Kuhn Loeb X Co and their associates in the deal that they had any desire to squeeze" the shorts, all of their buying having been done simply to secure Northern Pacific stock for voting purposes and not as speculative maneuver.
 The most prominent figures in the financial world were vltally interest. ed in the outcome of the unprecedent- ed situation disclosed by the Hartman challenge for control of the Northern Pacific and throngs crowded the of fees of J. P. Morgan x Go, Kuhn, Loeb & Co. the First National and the National City banks eagerly awaiting news. There were many conferences Of various financial leaders throughout the morning.
 The trading in the Northern Pacific became so wild and excited toward Il o'clock that prices changed rapidly 9 and 90 points at a time. A sale at 530 was recorded, and almost immediately another one came out on the tape at TOO. This was for to-morrow's deliv- cry, and not q cash sale, as some of the earlier ones had been, thereby in- dicating a belief on the part of the purchaser tliat the short commitments were so large that the stock to come from Europe would afford little or no relief The great excitement in the stock this morning and the frantic eff forts to buy would seem to show that the short sales were much larger than was supposed on yesterday.
 Wall Street, II a. m.-Supporting or ders brought about sensational rallies in some stocks, including in Union Pacific, 4 in Rock Island, 8 and in the Atchisons and pointssin the steel stocks and other international shares. Meanwhile prices of various other stocks were forced down from l to 3 points and eventually the entire mar ket crumbled away again. Northern Pacific sold at 230 the regular way Simultaneously with purchase at 300 for cash and on next sales at 32U reg ular and 400 for cash. At Il o'clock the market was with a definite tone, some stocks following up in the face Of the demoraIiZation in others. U. $. Steel preferred fell 51z Burlington held well at last nights parity.
 New York. May 9.-shortly before il o'clock all support seemed to be withdrawn from the stock market and prices began falling many points be- tween sales. Union Pacific went down rapidly and 4,000 shares of the stock were sold at S5. The same moment 1000 shares of Missouri Pacific were sold at 97. Peoples Gas of Chicago. Brooklyn Transit, Amalgamated Cop per. tlfe Atchis0ns and St Paul fell off and sensational declines, the like of which had not been seen on the street for many and many year. St Paul sold down to 145. Missouri Pacific to S3, Erie to %, U. $. Steel preferred to S9. Atehison preferred to S, Southern Pacific to 45. Western Union to ST, and then almost immediately Amalgamated Copper fell to 96. Erie to 27. Atchison common to 57. Union Pacific to S6, Rock Island to JAS. Missouri Pacific to 8S and Louisville and Nashville to go. Then the tape recorded the sale of lS00 shares of Union Pacific at 30.