Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1902-11-11
MORGAN's REPORTED ILLNESS
Thi. Seems to Have Been the Pri-
mary Cause of the Rnid-Thcre
Wa. n Great Deal of Money Lost In
the Street.

NEW YORK, November 10.-(Special)-
Only the prompt actions of three big IL
nancial institutions prevented dis
astrous panic in Wall street to-day. IneJ
loaned s15,0oo.ooO to s2o,ooo,ooo at current
rates, 51s and per cent. AS it was, the
bulls count their losses by millions.
The prime cause of tho decline was the
inability OF spectators to obtain money
to finance new operations or to support
their commitments. The weakness OF the
market lay in Wall street itself. OUTSIDE
all conditions favor the market,
One of the contributing causes OF the
slump was the broadly spread report that
j. p. Morgan was seriously Ill. This re-
port was authoritatively denied at MS
office. Mr. Morgan is not at all ILL.,
Another rumor started by the bears
was that one of the biggest operators IN
the street was hard pressed. This fumor
lacked confirmation.
Other contributing causes were heavy
selling by London and the attitude OF the
National City Bank. which is controlled
by Rockefeller interests, as indicated by
Vice President Vanderlips pessimisuc
speech made in the South.
The big london houses jumped into
the market as heavy sellers. In very
short time after the opening, London soid
here more than $4,000 shares Mr.. Van
derip's speech was taken to be an author
itative utterance by the City Bank, itself,
Of which II. H. Rogers and William ROCK
efeler are on the bear side OF the mar
ket John d. Rockefeller and his son.
John D., Jr., are on the bull side and
traders argued from this split in the Stan
dard Oil forces a conclusion which BODIED
no good.
A sensational feature of the downward
tendency. which caused more alarm than
Ill the various rumOrs, was the tact tnat
big bankers and speculative leaders stood
aloof and let declines proceed unchecked
This was in accord it was said, with their
newly outlined policy Of letting the mar
ket seek a lower level in order to tide
over the present monetary emergency.
Immediately at the opening, values be-
gan to crumbIe and for the greater part
of the day the selling pressure was terri
tic Values were lost sight Of in an earger-
ness to sell. and losses were heavier in the
list taken as q whole. than any day
since the panic day of 1901 The story OF
the slump in one stock was the history
of tho days transactions of nearly all.
/ Railroad stocks as firmly entrenched as
St Paul, with the backing of john l..
Rockefeller and his associates. and OF
Union Pacific. with the support of Edward
H. Hartman and the Kuhn Loeb con-
Southern Pacific. Atchison and Read
ing scored recession of 3 points.
PENNSYLVANIA and Baltimore and OHIO.
and Gould stocks resisted pressure for
awhile, but finally the general demorallza-
ton reached them and their losses were
from to 2lA points.
Louisville and Nashville, in which one
of the specula tors said to be in financial
stress was largely interested, touched 10
OH the slump, but reacted over a point
later.
The reported illness of J. P. Morgan
caused raid on the shares of the United
States Steel stocks. Preferred stock was
singled out as a special target and from
the opening was pounded hard. Absence
of support from the Steel pool gave
strong point to the report that James
R. Keene. who has been acting for the
pool. had reversed his market position and
was now bear. As the firm of Ialbott
j. Taylor and Company was one OF the
heaviest purchasers OF Steel, TINS 1act
set that rumor at rest.
There was heavy selling by Western
houses, and rumor said that John w.
Gates and his party had been forced to
liuudate after months of heavy buying.
+ w Savin broke the price OF copper
by heavy offerings and was distinguished
as heavy seller ali around the room.
Toward the close OF the market there
was no further good absorption of stocks
which added to the list of those in which
losses We're wiped out
The whole level of the market showed
substantial! recovery from the low point
The bears covered extensively and rumors
of the settlement of the Chicago yard
mems dispute helped the market
There was slight dip in the last halt
hour. but the market stiffened again.
Sugar jumped to more than a point over
Ia st weeks close The closing was dull
and steady.