Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1903-05-26
Western Union, or Gould Inter.
ests, and the Pennsylvania
Railway Clash
STOCKS ARE HAMMERED DOWN
Cutting Down of Western Unions Poles
on the Pennsyvania's Right of Way
Starts War That May Be Disas-
trous on the Stock Exchanse-other
News Notes.

New York, May 26.-That the battle
between the Western Union, or Gould
interests, and the Pennsylvania rail-
| way has been transferred to Wall street
and is to be fought out en- the floor OF
the stock exchange is indicated by the
results of yesterday.
Without apparent cause the stocks
controlled or supposed 20 be under the
influence of the contanding factions
were hammered down, some SO much
as two to four points. and liquidation
was on an alarming scale.
During the latter part of last week,
after the Pennsylvania railway began
the tearing down of Western Union
wires and poles along its line, there
low. These stories were heard on Wall
street and resulted in considerable SELL
ing of securities which might be at
fected by financial war of such gil
gantic interests. The stories brought In
many of the foremost CAPITALISTS of the
country and those in control of the
principal railway and industrial en- :
ierprises.
One of the most persistent stories
was that the Standard Oil interests
so-called because of their large stock
ownership in the Missouri Pacific rail-
road have allied themselves with the
Gould interests and in conjunction with
the Goulds have been conducting bear
campaign in the marke. against Penn
sylvania stock In an en.leavor TO carry
its prices under 100, the price fixed by
the directors for stockholders TO sub
scribe for the pending .ssue of new
stock. This attack was in the nature,
The story added, of revenge for the de-
siruction of the Western Union tcle-
graph lines.
While those on both sides concerned
were guarded in their statements and
made light of the story. IL nevertheless
circulated.
Still another story that had the
standard Oil men hitched to 1t was to
the effect that they had been attacking
the market in order to buy New YorE
Central stock and perhaps increase
their holdings In that company to a
controlling interest.
Panici<y Market.
The market was panlcky at the start
yesterday and except for a slight rally
IT noon Was on the down grade up to
the close. Some securities reached
prices the lowest recorded on chem
since the famous panic of May 9, 1901.
In addition to capitalists referred to
in Saturdays rumors. who We're alleged
To have been compelled to dispose OF
their st. Paul, United States Steel,
Atchison. Union Pacific and other
stocks. new name ives added yester-
day-a man identified with the steel
trust, who also is connected with other
AS If to give color to this.
some of the heaviest liquidation of the
gay came from Pittsburg.
on the other hand, there was evil
dence that strong bear party, in
which are several Pittsburg men, was
1T work trying to depress he entire list,
and it was conjectured that these men
might be accountable for The circulation
of some rumors about capitalists in
trouble.
The apparent failure ot the Pennsyl-
yania Railway Company to float It's
additional stock issues, unaided. coupled
with the alleged failure of the United
States Steel Companys stock CONVEX
sion plan and the uncertainty as to the
last mentioned. in the absence of any
official statement en- the subject, ap
ii was said. to destroy con-
fidence unsettie the market and keer
the public away from it.
Rock Island FRICTION.
Then in addition to these reasons to
account for the slump, i was said that
there had been serious falling out
emong the heads of the Rock Island
system on questions of policy and ex
pediency affecting the management OF
that property. These men are. as is
we'll known, large holders of stocks OF
western roads. One of them, 1t was
said. gave out large selling orders in st
Paul. one house alone ceiling 10000
shares in one day.
In connection with ihis report is
a story of an attempted absorb
ton by the ST. Paul of the Missouri,
Kansas & Texas. with the Rockefellers
In control of both properties No cor
roboration was obtained of the story,
Jul liz l'PoitSb lstiiihk ~ w s'oihS VI
the big men in Rock Island, while not
fully credited, yet received a good dea'
Of attention.
The decline of st. Paul caused a good
deal of uneasiness, and ii did more than
any other one stock to uisettle the 9TH
ar prices, After the decline of more
than six points last week it started a
point lower yesterday and on the second
sale 1000 shares We're poured out at
$50: then ii broke to 149I,. Rock Island
started with 5000 shares at 3SA to 80.
and then went still lower. While United
States Steel common OF eled with $500
shares at 30M to 30&, as against 315s
Losses of one to two points We're made
in other issues, with many thousand
share lots thrown over.
Pennsylvania, New York Central. |
.Atchlson, Union Pacific Missouri Pa
life and Amalgamated Copper We're
among the weak features. The only |
firm stocks during the morning were
Erie and Reading. the former advancing |
from one TO two points Tor several is
sues.
AS prices steadied after the first half |
hour and rallied a point in some cases |
at midday Wall street breathed more
easily.
SOLVE SERVANT PROBLEM.