The times. [volume] (Washington [D.C.]) 1897-1901, 1901-05-12
WALL STREET CATCHING UP
The Bankers and Brokers Have a
Busy Holiday.
y. p. Morgan Reported TO Have Gone
TO London TO Prevent n Panic
There Tomorrow Eleven More
Firms FaiI-Ths Bank Statement.

NEW YORK, May u-By official dec
faration today was full holiday in wall
Street All the exchanges were closed. but
most of their members put in as many
hours of solid work in their offices as they
have on any full business day for the past
three months. The day was spent in set
Ting the various business accounts. With
both exchanges closed here. the bulls and
the bears and the bankers and brokers
gave especial attention to what was going
on in trade.
The course of the London market and
private advices received by New York
financial houses from their London CORE
spcndents led many New York financiers
to suspect that there would be trouble on
the London Stock Exchange on MondaJ-. 1t
seems that the regular fOrtnghtly settle
ment in American stocks in the London
Stock Exchange begins on Monday.
Advices received from London by two
of the largest houses in Wall Street
stated. in substance. that there is big
short interest in trade for its own ac-
count in Northern Pacific. A canvass of
the situation on the London Stock Ex-
change this morning developed the fact
according to advices received by Kuhn.
Loeb & Co, ]. p. Morgan & Co, and
others, that every real share of Northern
]. p. Morgan & co. or by Kuhn, Loeb &
Co.
It seems that so great was the concern
caused by this discovery and so appre-
hensive were many London financiers of
panic on Monday that a special meeting
of the Executive Committee of the Lon
don exchange has been called for Mon
day morning in the hope of making some
arrangements for settlement. Mr..
Morgan will arrive in London today
1t was taken for granted here that as
soon as he reached his London Office a
conference would be arranged between
him and London representatives of Kuhn,
Loeb & Co, to devise a scheme TO avert
possible panic
Confidence was expressed here that with
Mr. Morgan at the seat OF a possible dis
turbance little fear need be entertained
that London would have anything like
such disturbance as Wall Street had on
Thursda,- James J. Hill was asked if he
thought there would be panic in London
and he replied.
Everybody seems to be of the opinion
that had Mr.. Morgan been here there
would have been no financial rumpus last
Thursday. In that opinion l concur. Mr..
Morgan is in London, and l am confident
that IL anything like panic is threatened
over there he viii find way to avert it,
Mr. Hin made this statement jus. as he
itlt llt DHlGt Ol D. l. MOTBdH 70.
Asked If there were developments in the
Northern Pacific situation he replied:
Il know of nothing new. l do not know
who is in control of Northern Pacific. but
l believe they know all about 1t down at
Morgans office, wiT--e other persons are
only guessing. / don't believe they are
dealing down there in any uncertainties"
Many, of the Consolidated Exchange
firms are very sore because they say that
certain stock exchange houses from which
they had borrowed money gave them no
reasonable time to put I'D additional
margin. but sold out their collateral re-
lentlessly.
One case. it was said. may be taken into
the courts This was the case OF a mem
Der of the Consolidated Exchange who
had put up stocks as collateral for loans
with a stock exchange house. When the
panic came the Consolidated man was
sold out He now asserts that he had an
equity of $4,000 in the stock sold. even at
the lowest prices touched on Thursday.
The showing of yesterdays bank state
ment is considered disappointing, but it
is not thought that it will have much eff
feet on the stock market next week, as.
although somewhat unexpected, the
changes are not difficult to account for.
and, Nuriously enough, Notwithstanding
the immense liquidation. an increase of
ss.0O0.000 in loans. The surplus reserves.
therefore, show a decrease of nearly 49,
OGl. co.,
The figures are as follows: Reserves
decrease. 81 So .625; loans. increase, 81. 265,-
500; specie decrease, $3.50. 600: legals. in
crease, Sl4.2 go; deposits, increase, s4,279,-
go; circulation. decrease. Sol 800