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STOCK PANIC
IN WALL STREET
Bitter Stress Developed by Hie
Second Hour ot Tratllno on
Stock Excliiinae.
BANKS TO THE RESCUE
They Come Forward with $10,000,
000 and the Promise to Increase
the Amount if Necessary The
Losses Fall Principally Upon the
Margin Speculators. Who Are
Wiped Out Many Women Buyers
Furnish the Sensational Scenes of
the Boy Remarkable Rise of the
Northern Pacific.
Ill rvln-.be Wire fioni Tlir Woi laird Pi.v.
,W York. May it. -Hitter stress ilo
Viloped In Willi street hy tile second
lioui- in" trading- on tin- stock exchange
Indny. The violence of the commotion
lmd spent iniieli of Its I'oree. lit leiist
for the time Ileitis:, when the elinlr
tnnn's gavel fell, announcing the dose,
of I lie day's proceedings. The disuni
ties were groat, mill tile Meld of biittle
mis strewn with the wounded and
iiniylie with the dying. Hut of iictiuil
I'ntiilltieu none was teenrdod of Import
once (lilting the dn. Dating tile
liei'jlu nf the panic, Illinois of Insol-
moles were linndied about rapidly,
hut no conlirnintlons could lie had of
those intimations of lluiinclnl wreck.
Those against whom I lie Illinois point
ed refused even to show any sign of
distress anil professed themselves ready
to meet all obligations. In more, than
one Instance I ho answer to these
rumors was for a representative of the
house to go upon the stock exchange
ami place loans to a law amount, as
iinllcatiii!. the abundance of resources
at hand. Hut notwithstanding these
and similar devices for keepins' up
credit anil oonlidenoe. the fact was too
obvious from the crash of values on
the exchange tbat credits and borrow
ing power were shrinking at too pro
dislous a rate, not to leave the mind
of the u hole tinanclnl world in a con
dition of intense strain. Hut the indi
cations at the close of the day wore
stiong that the principal damage had
been wrought upon the speculative
i laps, or upon holders of securities on
miirKlii for whatever purpose. The
banks have lieeti so well protect cd by
t event extensions of the margins ox
ai t I'll in the market value of collateral
over the amount of loans placed that
tlio had little to fear short of an ab
solute wiping out of market values.
The shrinkage of collateral made it
Pessary for the banks in ninny cases
to exact additional collateral during
the day, and this added much to the
distress for a time. Hut in the late
dealings the principal banks In the
lin.iiiclal districts agreed to form a
pool and raise a fund to loan on the
stock exchange with the rate down to
i! per cent.
Banks to the Rescue.
The bid for money had been run up
lo sixty per cent, and was threaten
ing to keep alive the panic. The dozen
banks quickly came to an agreement,
to raise $lfi,OiiO,(no, with Implied will
ingness to increase the sum If neces
sary. There were very heavy loans
placed also by Individual batiks, rang
ing in some oases to $2.i,fliil,000 and
$!. 0,000.1.01). Through the early pari of
the ilny hankers enacted the market
rate for loans. Hut with the growing
need to suppress the panic, they of
fered the rate down to six per cent,
old customers of the hanks wore not
charged over six per cent, at any
time, hut when outsiders came in ask
ing for now loans the law of supply
and demand was allowed to run Its
force.
The state of excitement was every
apparent till through the ilnnnclal dis
trict (luring the period of the panic,
hilt there were few sensational scenes,
.Vow and then a white-faced woman
would poor from a cab outside a brok
er's office and would bo driven off in
a fainting condition after receiving a
message from the Interior, Wherever
any near approach could bo made to
tho ticker or to a hoard on which
tho quotations wore posted there worn
great throngs of excited spectators
scrambling for n vlow of tho course
or the market. Hut the real stress ot
the occasion came upon men who worn
shut up in either their private olllces
or those of brokers, or who worn
struggling and even lighting ,m the
floor' of tho exchange. In tip. broker
ntricps sat many men who wore re
duced to absolute ruin a a result of
fifteen minutes proceedings oil tho
Stock exchange. Homo of these lmve
been made opulent within a few weeks
past as a result of tin. unparalleled
rise of prices. With Hie trin- gain,
hllng spirit they have replaced all
their winnings in new veuttiies on
anch successful turn. Today's drop,
therefore, wiped ihoni all out. Hut
tho glittering attraction of this mar.
kol has brought into it a i-oiislanily
Increasing assortment of more staid
and Inexperienced spectilatnis, men
ind women who Imvo hi ought lung
"landing hordes front secret places and
from savings bank deposits with the
determination to make one successful
Mloke and then retire with the pro.
"nuls. Tho demonstrations from this
class, which Includes many women
peculators, furnished the hysterical
scones and sensations of the day.
Rise of Noithern Poeiflc.
There was a strong feeling this
morning before pioceedlngs had com.
iieni-cil on the stock exchange that a
initio could be averted only by tho
trongcsl measures and with this
uvist dllliculty. The fuct wu up.
parent tl'at tho corner In Northern
Pm-llle was still unbroken. The ex
cited bidding last night to secure tho
clock for delivery today made that
very apparent. The first attempts to
avert the panic were devoted to cir
culating reports that the conference
la twoon the contending interests In
Northern i'.icllle continued hi one
form or nnolher throughout the night
bad resulted In- a compromise which
would free the shorts 111 the market
Horn their compromised positions. The
efforts pioveil utterly Ineffective ill
face or the first qlintiil lolls for North
i ni Pacific on the (ape. The price paid
for the stock ran up quickly to Sl'iih
per share and thou to $::ihi. to $r.im. and
i von to $700 per share on regular trail
factions and Jl.uno per share for cash.
Ruin for Short Interests.
The cash price paid meant that un
fortunate shorts who wore tumble to
bonow the stock Inst night for de
livery today had to pay whatever cash
price the engineers of the corner chose
to ask for It. The figures Indicated In
these opening transactions meant ruin
for it very large outstanding short In
tel est in the stock. Tho perception of
this fact was the principle Impelling
cause in producing the demoralization
in the stock market. The concerted
effort to support the market by buy
ing all stocks which might lie offered,
which Is always the most effective,
manner of dissuading poisons from
selling, and which was undertaken, ac
cording to the current belief in Wall
street, by some of the most powerful
lapltalists lu tho country, was swept
away like a whirlpool under the del
uge of offerings which came upon the
market. As prices began to go down
the disposition to buy decreased and
the determination to sell seemed to
grow in geometrical ratio, as a falling
body gains in velocity the farther it
falls.
Such a shoveling out of slocks as
occurred during the second hour of to
day's stock market was never fi-on be
foio. After a sale bad been made at
a fixed price a broker would throw in
on additional block at anywhere from
ii to 10 points lower, without stopping
to demand any intermediate price for
his olferhig. The extent of the decline
during the half hour was as great In
some oases as has taken weeks to at
tain on the advance, although all ob
servers have agreed that the rate at
which prices have been going up has
exceeded any piovious experience. The
figures alone siifllce to indicate tho
proportions of the drop. In Delaware;
& Hudson the extreme decline was .jfl
points, Manhatttan !!S"S, Ttoek Island
.15'.b. Union Pacific :W, Atchison 3!'(.,
Atchison preferred 2Si. St. Paul 50'j.
Missouri l'aclllc JJ; Southern Pacific
2H"i. rutted .States Kt"el preferired
M'... while a range of .1 to ::0 points will
cover the collapse In nearly every ac
tive slock in the exchange, in the out
side market, the stress .of the demand
for funds was shown hy the perpen
dicular drop hi the price of Standard
Oil of 171 points over night.' The stock
sold at ("0, compared with S2I lasL
night. The same urgent need was re
fleeted lu the bond market where all
grades of bonds were oi'feied on a de
clining scale. The sacrifices there
were naturally much less than in the
stock in the afternoon market.
Bargain Hunter Appears.
Alter the turn in the marketko.ime,
which it did about noon, it was notice,
able that the selling of bonds still con
tinued and tills was explained as being-
due to a wish to secure-(funds to
buy stocks at the attractive level of
prices to which the market had fallen.
In fact, the bargain hunter was on
hand and alert and oven in such a
scene of disaster as that presented
there aie those who reap thfbouelit,
The drop In prices carries .stocks of
many substantial properties down to
a level at which the current rate of
dividends paid upon them and well as
sured, niako them attractive Invest,
moots.
It was a very notable fact that
throughout the most acute period of
today's disturbance there was nothing
heard to indicate doutit of the sound
and piosperoiis conditions of Industry
and business at largo in the country.
The stock market collapse was attrib
uted oNclllsiVCly o over speculation
and an over extension of credits used
In holding stocks which It was not de
signed to keep, but to sell at a higher
price. The shock which caused the col
lapse was tho Northern 1'noHlo corner,
without dispute The harm which
might result ftoni the Northern P.i
clllc episode was by no means so great
in any one's mind as to justify the ex.
tent of the collapse In price. Hut the
delicate situation of the mnikoi, duo
to the over extension of speculation,
made H vulneiable to this shock. The
decline oinv In force, gained i-iiniula-il-e
.strength. Speculators' margins
weie wiped out and brokers had to sH
the seclllltles placed Willi them as col
lateral to save themselves from loss,
thus adding to the weight of the sell
lug. The shrinkage in the miiiket value
of securities plaovil with bankers as
collatetal nmile It necessary that they
should demand iucicascd collateral or
call the loans with which speculators
wile holding stocks. With their cred
its thus i educed, further sales of
stocks had to bo made, nnd o It came
i i cm every quarter.
Noithern Pacific Episode.
The Importance attached to the
Northern I'ai-lllc episode was made
clear by rbo eagerness of all classed
to learn all developments concerning
it. and the immediate, effect of any
announcement regarding it upon the
stock market- The upward shoot to
$l,onn a share was the effective cause
of the greatest ilciuimilUatlon in tho
market. The announcement later In
the day of the measures for tbu relief
of the shortages and the relapse In tho
price of the stock to 300 allayed the
demoralization almost Immediately,
Announcements by J, P. Morgan &
Company nnd Ktihii, t.oeh & Company,
who respectively represent the two
'contesting; parties In Northern l'aclllc,
Hint they would require deliveries ot
tho stock today meant a respite of
one dny at least from ruin for the
shorts In tlte stock. This llrm hits
been credited with acting for .lames
15, Keene and bought Mo.uno shares ot
Northern Pacific on Monday lust, limn
ing L'oo.oofl shares that night nnd call
ing in the greater part of It the next
day, thus disclosing the corner In the
slock. The theory that Mr. Koone's
cainpnlgn had been directed towards
a squeeze of the shot I was somewhat
shaken bv this leniency towards his
clients. It was significant also that
although tho parties to the contest
for control showed their willingness
to relieve the shorts by remitting the.
requirements to deliver stock, they
failed to come to irny mutual agree
ment to lend the slock, such as was
proposed by one parly InMt night. The
surmise seems warranted from this un
willingness of either party to let any
of their stock got out of their hands
oven to lelleve the shorts that there
was doubt In the minds of both as to
where the actual control or the prop
erty lies. Kepresentntlves of both par
ties made emphatic claims today, the
one that tiie.v had maintained the
control, and 'the other that they had
secured It.
Hope of Relief.
The hope of relief from the condi
tions piovnlllng on the stock exchange
today centered In the possibility of a
settlement or a compromise between
the contending interests as to sharing
thy benefits of the Hurllnglon deal,
which is expected to be hi tin; form
which the compromise will take. Inci
dentally the settlement of the terms
on which the shorts will be allowed to
cover l. of course, of great Import
ance. Clear intimations were conveyed
today, apparently on authority, that
the ligures at which Northern Pacific
sold today were far above any terms
which ii would he- thought of exacting
from the shorts to the final settlement.
Tho probability tonight seems to lie
that -JdO represents about the figure
which will be demanded. The strong
rally in the stock during the latter
part of the day did not serve to en
tirely alleviate the nervous fear preva
lent in the "Wall street district, tumors
were very persistent thai many promi
nent houses hud been compromised
seriously by the violent slump In
prices. All or these specific rumors
were emphatically denied on the direct
authority of Hie parlies affected. Hut
so violent a collapse in prices as de
clined today necessarily involves enor
mous losses somewhere. The extent of
the decline was far in excess of the
(it dinary uiaiBin demanded by brokers,
which is ten per cent., Indicating that
they weie unable to save themselves
from considerable losses In addition to
those of their speculative customers.
Tile situation was still foil to be suf
ficiently serious after the (-losing of
the day's market to constitute the
heaviest moral pressure upon the great
financial interests, whose conflict pre
cipitated Hie crisis, to adjust and com
promise their differences, and confi
dence In the future Is based upon a
strong hope that some means of doing
this will be found.
The Northern Pacific Corner.
Night closed upon the eventful, try
ing day, without definite settlement iis
to the Northern Pacific, the central
figure In the tierce struggle. It was
anticipated that there would be an
agreement for settlement with the
shorts, but it was evidently not finally
concluded. Shortly alter the market,
closed it was semi-otlicially announced
that a basis or settlement had been
practically agreed upon and Hint it
would be clinched before nightfall. At
.1 o'clock, however, Kuhli, l.oeh Co..
whom Hie street accepts as masters nf
the situation, announced that nothing
rould or would be said as to the stock
today. There was a spirit of compro
mise nnd conciliation lu the air, but
until It should bear the fruit of de
finite settlement, the situation in Pa
il lie was felt to bo a menace to the
whole market. Kiihn, T.oeb & Co. and
the men enlisted with them in Hie
llarrimau syndicate, seem disposed to
a reasonable peace and on the outside
the strongest influences of the financial
world are moving- determinedly for a
truce that will protect the market,
avert panic and restore confidence. In
addition to an arrangement with tho
shorts It is believed that the settle
ment of the fight will also involve the
future relations of the t'nlou p.i
i Hie, Northern Pacific, flroat Northern
and llurllugton, Men close (o the llar-rimnii-Kuhii,
l.ocb & Co, group In
sisted that the deal for the sale of
the Httrllugtoii to the (ireat Northern
would bo carried through, (irantlng
that ilarrluiau-Kiihn.I.oeb & Co, and
their associates are dominant In North
ern Pacific, It Is assumed that they
will claim and win a voice In the fu
ll in- of Hnrlingtnii, It Is believed that
tho settlement with the shorts In the
Northern Pacific will bo made at L'hi
or tinder. Kuhn, I.ueli ,t Co, say they
deprecate the policy of the third In
terest In taking enormous profits from
the shorts and their friends avow re
gret that outsiders suffer. A settle
ment with the shorts would clear the
situation materially, biit there would
still i omnia the greater problem in
I a II load politics, of the future of the
road Itself.
On that point llm following state
ment from a member of the llarrliuaii
syndicate Is significant:
Northern Pacific Is in control of
Kuhn. l.oeh ,tr Company. Tho only
thing that can atfect this control will
bo the possible lnalilllt. nf certain pen.
plo to deliver the stock to them, J,
P. Morgan & Company are lu the same
position."
The .sii-uggte of financial giants which
inula- the most remarkable movement
that American stocks have over had
dates back but a inrinlght. K. II.
llairiniun and his associates, so they
relate the story lu the street, discov
ered that brokers representing .1. p.
Morgan it Company were buying
Northern Pacific, llarrimau at mice
began liu leasing Ills own holdings,
buying on a market that rapidly ad.
vniu'cil and, when sine of coot rob sub
mitted u proposition for some basis
of agreement as to the control of Bur
lington, just acquired by the (ireat
Northern and Northern Pacific. That
offer was rejected. On Monday lust
there began a sensational movement
lu Northern Pacific and the public yut
tlte first Intimation of the battle fur
supremacy. Street and outsiders took
till the stock they could gel, seemingly
without icgard to price. Much of the
stock sold to them was for short ac
count and could not he delivered. It
developed finally that there were large
Interest In the property, two seeking
Its management and the third a specu
lative profit. Hoth the llarrtmau syn
dicate and the Morgan-Hill Interests
claimed control and the predicament
of the shorts was made worse by the
fear of both the ilnrrltnan and Mor
gan syndicates to lend the stock to
the shorts. It wn-'S this fear that led
Kuhn, I.oel) ,fc Company, of the liarrl
man Interests, to seek an understand
ing with Morgan & Company as to the
lending of stock to the shorts. To
have loaned without an understanding
was to court the danger of losing the
stock and possibly the dearly pur
chased opportunity to control. The
shorts learned yesterday that they
wore severely cornered and made fran
tic ( fforts to secure stuck. The move
ment for their relief began last night,
lit the failure of the loaders to agree
left them In desperate straits. Theie
was some consolation lu the extension
or time for delivery, but that, after
all, was merely deferring1 the reckon
ing, Kuhn. l.o.-b ,C- Company this
morning renewed their offer to loan
the stock they hoid. but It was stated
tbat the Morgans for some reason did
not care to enter the compact. The
icekoiilng i to come tomorrow, and,
despite the promising- features of tho,
dosing hours today, a doubt lingers
as to the effect of the Northern Paci
fic situation upon the whole market
tomorrow.
Wall Street Banker's Views.
A banker, who participated in Hie
movement to relievo the market, this
evening made this statement to the As
sociated Press:
"We loaned $1,000,000 lu the street
after 10 o'clock today, some of it as
low as ii per cent., and feel that the
crisis Is over, f don't believe that a
single large house will go-down. There
have boon tremendous losses. Thou
sands of accounts, representing mill
ions of dollars,' are wiped out. lint the
banks are firm .and the large operators
are. I think, capable of caring for
themselves. You see,, they have been
taking large profits and are capable or,
standing up. At present rices I feel
that stocks are a good Investment, and
look for heavy buying orders. A good
day and the market will be steady
again. Tile batiks acted together to
day, but there was no conference or
agreement about It. A"o placed about
$U!,00O.0Oi) in the aggregate, and the
moral effect was good. Wall street
could not stand many days like this,
but as It Is. the storm Is weathered
and the situation will improve from
the opening tomorrow."
An industrial loader made this .state
ment to the A-isociatcd Press:
"I believe the worst of the storm Is
over. There have been conferences of
Importance among the large financiers
and It has been decided that every man
of standing- in the street shall bo pro
tected. I had thought there would be
fallui es, but there are inlluencos strong
enough to avert them at work, and I
am sure now they will succeed. 1 look
for buying orders and a rally in the
market. There will also bo peace
among the Inloiests now at war."
The Failures.
The failures announced to-day af
fected only Hie smalller brokers. The
ilaliilitles of Chas. K. Slckels S Co.
aie placed nominally at SO,ni0, but the
assignee rays this is merely a lough
guess and he says the firm will soon
be on its feet again. The oilier I'ail-ii'-es
were of smaller Ilaliilitles and so
far as known none of the larger
biol-;ei- firms have admitted they are In
trouble.
To-night an individual who has been
parly to conferences relating- to the
strained condition In "Wall street this
week, made statements and explana
tions which give to the contest In "Wall
street a different construction than
was gonerallly accepted down town
to-day. lie said:
"To-morrow morning fCuhn, l.or-b &
Co.-'will Issue a notice saying they will
b-l oiit thilr Northern Pacific stock to
slants at $i:.0. Positive statement Is
elude to-night that to-morrow J. P,
Morgan & Co. will, notify shorts that
they will be released of short obliga
tions to Morgan & Co. on the basis
of SIM,"
Uncle Russell Talks.
Itussell Sage, when seen tonight at
his homo and asked his opinion of the
stock market, said:
"I have been associated Intimately
Willi transactions In AVall street for
half a century and T can say truly that
the last two days have been tilt: most
remarkable. 1 have over seen, Klo
tltlous and Intlatcd values have pro
vailed, and the smash that was In
evitable has conic. I knew It would
come, and predicted It. Trite, thou
sands will go to the wall, hut that is
only an Incident in tin. fight.
This whole thing got its oilgiu In
an attempt to divert traffic from Us
natural and central source toward the
west, In Oinahu, to the Northern route,
an unnatural route. Today was iib.-o-lately
unprecedented hi tho history of
the financial world.
However, I do not nntielpatn soil
litis lesults. Hy tomorrow things will
have begun to settle and Hie general
common sense of people win put tilings
to rights, The prosperity of the coun
try Is too great to permit of this crash
infecting Us seriously."
IN PHILADELPHIA,
fly lAilusbc War roiu Tlic Ai-oiIjIi-iI Pi1,'.
I'lilliili'lplii-i. M-0 a. - Til'- l':il i-te.k iiuiI.i
all .In- elite I uf tin- luiiiil.y cihIuioii ui I ln
iav Veil, liiaikit t'Hl.i to a limio in1 Ut i V
ii'ia. CmiiIIiIiii. Mini-nil in iI.l- (.'Mlieiiii'iil iiihI
Im.i1 i.,ni' lui) to Ik1 -iililUi-il In piuti-u mir
Kin ell llii" Nw VulK !', 1,'it I ln mi n,
vi.i' nut luiii1 Jl"l outtiil'' nt I nihil (ia-. Im-
ii'ti'im-hl. thiili I'lul.r lw uilii,, tin- iii.nl,, i
,il tlic I'lul ui llic iliy u-i. I'U I. Hilliin a point
ui me oi l-i.l nilil' li'V.-l.
Oik- miuII Hun g t into illliuiili.t iml lu.l in
i.iiK'inl Iiii.Iiiim. 'IIii'H' win- mum iuiis .loilr.-.
iilli.il of tnull loiliini". iiiliij; nude in a li-it
lliiii-, lull few (oiilil In' i xilnmed,
A joun;! Iiuili M-ill-i'il into tlic liliit.ruiip "linn
nf Nullum Mail.io.l & I'd. ami olli-ir.l lu ill
H'i .liili-.i nl Niiltlnin Pacific wlii Ii In. Ii.iij
pnulMxCil n'liu) linii' jx al ff.'.'i j flu ic. 'k
oiler wj inl.iitly Jii'iptt .1 umt llm m-IIii. vdiii'n
1'jinc nitlilii'M by tin1 linn, iru-iii-il ;HII in
i'jiIi lull-, a Hit piulU uf ?'!7,jihi.
DAY'S WORK IN
LEGISLATURE
The Presmie Isle Bill Is Defeated
l)U the Lank of Onlu
Five Votes.
BOGUS VOTES ALLEGED
Mr. Anderson. of Washington,
Claims Thnt He Did Not Vote, Al
though His Ballot Was Recorded.
Senate Bills Passed Finally in the
House Mr. Koontz Introduces a
Ballot Bill School Term Measure
Definitely Postponed.
Hy bxdioiu" Wire fioin Tin' Aisocljli'J KicM.
Ilarrlshtirg. Pit.. May 0. The roll
call on the final passage In the house
yesterday of the presituo Isle bill was
Investigated at today's session and
showed that of the 100 members re
corded in the affirmative four had not
voted, and that the vote of another
wus not recorded, Tlte bill was then
reconsidered and beaten by !)S to 02,
10.'! votes being necessary to passage.
The measures gave to the city of Krle
the land and water front on the south
ern shore of Prosque Isle bay and on
the shores of the peninsula forming
the northern side of the bay.
The liKiulry was started by Mr. An
derson, of Washington, who stated be
roie the reading of the Journal that he
had been creditably informed that he
was recorded as voting for the bill,
when, in fact, he was not In the house
when the vote was taken, lie asked
that his vote be stricken from tho roll.
Speaker Marshall ruled that the roll
having been verified and no objection
being made at the time, there was no
way of correcting it or changing the
result.
Messrs. Tlocht and Siiulbb, of Herks,
and Hesselbarth, of Allegheny, stated
that they were recorded for the bill
and that they had not voted. Mr.
Hiermau, of Lebanon, explained that
he voted for the measure and that his
vote was not recorded. i
Mr. Corny, of Luzerne, said enough
votes were in doubt to change the re
sult, and moved that approval or the
Journal be dispensed with for the pres
ent. The motion failed hy a vote of 73
ayes to 7S nays, after which tho jour
nal was approved. The vote by which
tho bill passed was then reconsidered
and the measure voted down.
Governor's Objections Sustained.
The objection of (iovernor Stone to
the bills relating to the election of
councllmen in the borough of Ihin
more and granting a pension to Char
les 11. Hyatt were sustained.
The juvenile court bill passed final
ly. The bill provides Ihut the judges
in oyer and terminer, jail 'delivery
and quartor session shall designate one
of their number to hold a child's court
for the trial of Juvenile offnrters. A
Jury trial may be demanded, but In
the absence of this demand the court
can assign these infant malefactors
to the care and oversight of "proba
tion officers," to be appointed hy the
court and to serve without pay. They
have the right to visit the child in Its
home or while in the care of any char
itable society or family to which the
court may send a child. Over twelve
years the court can sentence to the
House of Refuge and under twelve Hie
child is to be placed on "probation"
under a care which may extend from
placing it In a family 'or In the care
of a society to leaving the child at
home subject to a visitation,
Senate bill providing that vinegar
made wholly irnni grapes, apples r
other fruits shall not be required to
contain an acidity of four per cent, also
passed finally,
Bills Passed Finally.
The following senate bills passed
finally:
('uiifinili? on niiih.ni-, minis Iumiij; jini-ilir.
Hull uf tho ildiMlllts nf Kli-lnliillir, mi'r In iil'I'T
ami iliirit n inurlK.in'i' ci' u public or piijli .vile
fur tlm i.i,miiciii nf ililils or for iiiIht piiipnii's
nt any UinU lyliiir partly In tn m ihiv i-oim.
tii- iliUildl by (ninny liiii-i,
IMi'iiilini; to iitiii ot tin' m-iiuhI .nnl tliinl
il.iss (lie :ul of .M.iy 'Jf, P7, iiuilinriinic I In!
illy of I'IiIIjiIcIi-IiI.i to :iijro)iinti nnl nii.ic
1 1 an 0il .iniiii. illv fur tlm -.iiiipiiii iiinb in.iin
Ii l, .mi i"1 i,f i-.ii Ii i'niiii.iny uf tin- ii.ilinn.il ii'l.lnl
u-ilr- ami nil iiiini.' .in nmni l.iillilliif., 1.1010'-)
ui- rpiaitcrs witliln tli.n ilt.t, in inlilliieii in I lie
.nniiiul .ipmiil,ilimi l.t 1I111 i-ui,I.iiiiii.
The sonata bill repealing the third
provision in Section i of the Act of
Match "i, 1814, regulating tho proceed
ings n trespass and tiover, which pro
vides that if the ilauuiges so found by
the justice of tho peace, aldornion or
refotees shall nut amount to more than
SI, the plaintiff or plaintiffs shall not
icfover more costs than damages, was
defeated.
These senate bills were also defeated i
'Hie -n-natc bill 'iiitlimbiin: rum ts nl iunirv
iiv.Alun.-i tu ta.ua liiitii Hi oiuo-. ai iii.iil, wliult'
ju or by Lrcwvih Inr .1 Imiisei' inilml tb.ui
mil' li-Ji- ill ia-i'-i wlii'le It i- ili-i'iiiiil eii'ibint
ur ili'..iialilf In itju;;i ill- did :u liU'.i by inlc
ur sliuiiing niiliT (el- IwiiIiik IIiciim.
I'm; Mini," lli. il l-rii'.illi-i1 lnn lour ur mule
jn.li;,-- n llic Mipi-iiui- unlit jii- u Ii- 1I1. lid
I'm- tin' .iiiii- ui in ui miiii" .nnl ulii'iifM'i' ,itii-r
tin- In l Muiiihy of Jjiiu.11.1, tin1 1, inn r nu-u'
luiluo "I (In leuu -in " '" 1 In lid Mi fin1
-JIIU' trill! uf tt'iviti' r.U Ii i-li-i lei1 n i Mili tuf
a iiuny piioin Ui dun niic -h llii.ro oi
jinlm.i i lie 1 lu.i, 1.
The Night Session.
Ibvuuto of Iho small aileiidauce at
tonight's session of the house the order
of business, which was senate bills
011 third reading, was dispensed with
and the calendar of .-ocond reading
bills, exoopj. appropriation bills, was
taken up for consideration. Mr. Illiss,
of Helawdie, loporlcd from the rules
coniinlllee a lii-olllliuii. which u:i
adopted, making bills on first and
second reading the order of biPdnes.s
lor tomorrow's session,
.Mr. Knoutis, of Somerset. Introduced,
by request, a ballot bill amending the
present ballot law so as to pruylda
for the printing of the ballot a1 now
THE NEWS TIllS MORNING.
Weither Indicatlohs Todays
SHOWCIta.
(HiPr.ll-t'niMt.illili'it Slntk I'.inlc on Walt
MicK.
Wnik nf tl.n St.dr l.rsl.l.dnr.
Spnil.li HlutCM sliol.
tli'iicral ("iiliiunt.ili- l)ii.utiiiriil,
hull-Ihft I'.iliel uf .hnum fur tlir Sew
I'cilout CnuM.
Jiiiliri' IMivmiM' Opinion on l,.nl.,in.inm
TuniMiip liiilctitnlniw.
P.llloil.il.
Nutc iiinl (V.111111111I.
Local Solltllor Witleti (iiir Howell Aihni",
l.ecnl Wiinn 'I'line in Srlut f'uiinill.
Hi purl, of the (limit Jury.
I.01 .11 Cnn1l1l11.1l ion uf I, ou. tut. llm U.lnilf.H"
tun is.
Itti'ksuii Wi)d, (iMiil Hi" Mitfliiiiir P.i.i-.
Lik-jI Vt"t Si r.iulur, .mil Siiiiiilli.in,
(Si-iirr.il-N'nilliciW-iii Pi'iiinjli.iiilj,
t'ir..iiii-ijt iiinl (-uniiuciii.it,
I.11C.1I- -lnilinlri.il .iml l.itioi.
printed In party columns, so that tin
voter may detach the column ho de
sires to vote and may use stickers 011
uny of the regularly nominated can
didates. The ballot must be sealed
and the number concealed. The voter
Is required to destroy the remaining
unused .portion of the ballot and de
posit It lu a box to be provided for
that purpose. The bill provides also
for the Xew Jersey ballot box sys
tem. The bill reducing the minimum
school term from seven to six mouths
was indefinitely postponed. After
passing several bills on second read
ing the bouse adjourned until !( o'clock
tomorrow morning.
FLURRY iSToNDON.
No Such Panic in the Memory of the
Oldest Stock Broker Throgmor-
ton Street Impassable.
Hy i:ili.lii' W.'ic from tlir V-ii-iilil tVc.-.
London, May fi. Not In the memory
of the oldest sto.'k inoker In London
has tlior'- boon such a. panic as pre
vailed this afternoon in Americans.
After the closing of the stock exchange
liindreds of dealers endeavored to
struggle Into the narrow confines of
shot-tors' court, where outside dealings
are done, hi efforts to raise or reduce,
as the case miulit lie. Americans to
Xew York parity. Suddenly there de
veloped a terrible slump In I'niou Pa
cific, which was knocked down 0
points In as many seconds. St. Paul
suffered almost as badly.. Large and
small brokers rushed to the scene un
til Throgmorton street became impas
sable. The ruin poured down, hut the
kxellod crowd paid no heed to it. Par
ties formed themselves into flying
wedges In endeavors to force their way
Into the center of snorters' court, at
which spot tlie principal dealing was
done. All sorts of conditions and prices
were shouted at the top of tho opera
tors' voices. Down, down, went
Americans. The leading houses sent
utgent orders to buy or sell, but found
It almost Impossible to have their or
ders executed. Itallroads of every de
scription were quoted at rock bottom
prices, and steel and oilier securities
fell in sympathy. Then, without
rhyme or reason, a reaction sot In, t'p
and down went Americans. After
about half an hour of tills panicky
speculation a 11101 e reasonable fooling
prevailed and stocks rose to within a
few points or their price when the
stock exchange closed. Hut long after
tho usual hours hundreds of stock
bickers, most of them drenched to the
skin, traded in -Hie hope of getting
clear before to-morrow's opening,
PRESIDENT M'KINLEY
AT LOS ANGELES
The Excursionists Are Greeted with
Enthusiasm Everywhere A
Floral Parade.
By Ksilioliv Wire from 'Iho .el,ilc.l Peru.
Los Angeles, Cal., May 3. After
breakfast at the home of (ionerul Har
rison (liny Otis, President .McKlnloy
and Ills party wore today escorted In
carriages through the parks and llm
resident section of the city.
Shortly after II o'clock tho party
took position at the head of the llor'al
parade, In carriages beautifully decor
ated with national flowers, .and the
glittering pageant began to move.
The weather was not all Hint could
have been desired, but in spile of this
the parade was one of Hie most beau
tiful I'vov held in Southern California.
Tho streets along tho Hint of march
were thronged, and everywhere the
presfdotit and his party wore given the
most enthusiastic greetings,
Later In the day Hie ptesldeut vis
ited the Soldiers' homo at Santa .Mon
ica, and was given an enthusiastic and
cnidlal reception by the veterans, Tho
president delivered a short ilddiess,
which was frequently applauded.
HARTLEIN WANTS TO MARCH.
Advises Miliars to Pay No Attention
to Reports That the Tramp Has
Been Abandoned,
Hy llvln-in: Wire limn Tl." Mm fat oil IVf.v
Slwinnlilil. Jljy . "nli-Liiy I ii urge llailli'ili,
Of Pblllil X11. II. linl.l.V b-.lloil -III ultli-i-ll bull,'
liu lii .ill luilni-i .ithNiui: lluiii 10 pit mi -il-Kl.iloii
lu n-iioiit llm il, in lui tliu piuiin.i-il
lioj.ii'ii ut Il.111i.bu11: iuii t'.iiiloiuil, -ml !(
int.' ll'.u -nill tin1 -Ml' MH.1I1 i.i-.r ilu lull
ii-puiiii! i.tiui.itil.i li il..- 1, i in 'Hie en niin-"
,'lnt iiiir-in jih liuw-ino!1 it-iu t-nttoi . iImiu,
ilu- nun -lionlil in' 11 jili m mi 1 i in. mi ..i-icit
in 11,1-bth"-.
Commencement nt Lancaster.
lii C'.l lu.it. Wlr 11,1,1 Th,- A.ii. Ijtlll Pilot.
I.iiu.i-li 1. Ml.i 11. 'Iliv 'uininftui-uiilil im ii'
nf llic Ill loi, 11.1I Tlit-uln-;uii iili.Hil.i 1 uri linlcil
li-iiitiln, ullli ll'.r jl.uli'Jli-'li ol u rlii-", 111
Itttlity-lltv, Tln'.c wi H'Jil b II till H'uli Pi'
1.1-itu. Citu-.i-.i-iu.,: -bii.u II. .K-IUj. ii'inii' Hill;
Win. il. M-lnb'. I If Mum tit l!ilK II. Ibll'u.
I..iin.i-lii: ):ilji.li i: lui-zi-i-. JK Vb.lwil-. .in.l
Win. I' ( tall., li.iti.ulii1.
THE SPANISH
RIOTERS SHOT
General Weylcr Orders That Grlci
0! " Death to Spain " Be
Met with Bullets.
TROUBLES AT BARCELONA
The Strike Continued Anarchists
Arrested Prisoners Set Fire to
Barracks nnd Escape Garrison Re
inforced. By Kjci-Ii-j-Iw Wire Imin Tli .Wodilril I'nm.
.Madrid, May !i. Llesplje the doclnr.
lug of martial law at tlarcolotin, riots
Incident to the tramway strike con
tinue, lielnl'orceuieuts have boon sent
to the place, and the authorities thorn
have been ordered to take seven; meas
ures to suppicss the dlsordeis. It Was
iiillolally admitted 'this morning that
the insanities lu the eonttlct between
!ne rioters and tho authorities yester
day wore twonty-nlno killed and 11110
hundred wounded,
A lunula r ol' prisoners early thl.1
ininiiinR- set lire to the barracks In
whlei they were confined, and lu the
confusion made their escape. A proc
lamation posted today prohibited
(.-roups of more than throe person;!
from assembling In the streets. Tlm
situation is grave. The garrison num
bers C,000 men.
Advices from llilbao say there Is
great agitation in the mining region.
More than a hundred arrests of an
arehls'ts, Socialists, K.xtremo Catalan
tts have been made in Barcelona.
Tweiity-ono notorious anarchists, In
eluding Chiefs Hnfarlill and Foncu
hertJi. have been imprisoned on hoard
the warship Pohiyo.
lieneral Woylor. minister or war, lias
telegraphed to the captain general of
Hrrcolona: "You will reply by anna
to (-very cry of 'Death to Spain.' "
Tiie latest dispatches say order has
been lestored. Troops occupy the sub
urbs of Harcelona, whore the majori
ty or the factories are situated, and
work hi them has been resumed.
The cabinet has decided that all tho
agitators are to be tried by court mar
tial. The foreign anarchists will be
expelled from the country.
The government will present to tho
eortes a bill in Hie InteresLof tho
working classes, but there will bo no
(ompi-omlno with tho Catalans or Sep
aratist tendencies.
WILLIAMS TO RETIRE.
Office of Second Vice President of the
Jersey Central to Be Abolished.
Hy fixelusite Who hum Tin- Aqwriatrrt I'rcsi.
Xi-ii- oik, M.iy u, Toiuuiimv (lie nunu.il nnvr
ins: uf Hi" -locliliolili'H of Hi,, lriti.il lliilron)
nf Xi-iv .lowy will lie lif-til -it llinr nflici'. ,'n
,lir.-i'.v City lu 1I10I ilhri I01-. The i,w bo.inl
will in.i-t in'l UoiiiIj. at tlirlr nftin'-, in tint
ilty In i-li'U i'flii'i..
. M. William.-, M'loml vue iirIilctit nr tint
rr.ilin.iil, I1.11 noiilli-il tli tn.iti.mi niciil 1 11.1t Im
wilt not In- 11 1. 1 in I ill.) 1 1' for ii-i'lictiuu Iw .111-1)
of hi, ,1. -Unite intention In 1.1I11-. .Mi, i.
li.mis uill tliui oliw 11 pel ind nt' thiily ti'.irt
nf -nt lie in Ilie (Vllllll It.lilli'.iil of -Now .!i'i.y,
Il i .inl M1.1l. upon .Ml. Williams' i( tin ni.nl
I In' nftii. Of M'l-nllil tii" H(,iil,llt uill hi- .lliut-
1. Ix1'!.
EPISCOPAL CONVENTION".
Sessions at Philadelphia Come to nr
End Delegates Selected.
By Km lu. he Wile Item 'I lie ...oi utcil Pics".
Phil.nli'lplil.i, M.iy n. Tin- ll.di aniuitl imi
Million of flic I'lolr-unt Kpbr(.it cliuiih ot
In" ilioio.-i' of tVnn.yltJiii.L iiniml today, Almn'-c
lh" la-t .if. of Hie ion 1 nt ion anil one of the
luifcl iiiil'ult.iiit Mils the I'lritioii uf il. locates ni
the lrirnii.lt ycte-ial (.01111 ii'iiie of llic iliuuli,
Willi Ii will be I11I1I ill Sin ri.lln-'i-io lieu II.--tnliri'.
Kudu (li'imiiM weie i'Ici tfil, lour ili'isy
linn ami loin- l.ivnu 11, a. lotlous:
nilK.MUl'll Itl't. V. It. ItOllilll'. Ilpv. 1 s,
'iltioirinl. Itev. Iniiii Pillion ami tor, P. He
Moll IViTy, l..i,iiui'ii llnnlaiiil Kt-tn-i, I'lain l-i
A, Lewis, .1, Y,iii;;li.iii Miiukk ami luc-i;,'" (',
Tliuiii.i.-,
TUBE WORKS CLOSED.
1
Strike of 1650 Men May Wipe Out n
Bending: Industry.
fly i:.rh!ivc Wile floltl T
'lie Asocial nl I'.om.
.-nil of 1 1n- .-till,.' e
,s nf the Itr.iilin;.- h,-n
thi-i i-M'llilil. .liiilli'-.-. I
;nl,ili. tlii-ir lisiit t-i
; liirir lusty .11 lion.
In-. of hi the,, ol -1
Iti'.iilini,-. May n. A-. :i i
luVI incii at Hie tube Willi,
loiiipany, the iii.iii.iuiau-iil
tin-in an opt u li'li-r line
-pill Mull., bat icn-i'ltln:
'Hie ininiiliiv n-airl-s the
i, i, in laillifnl mi ii aril tl
l.ie...ll I lot linpfi that I
imiiloyiuiiit on ti'iiu-, il
'lt'lllllll".
'I'lii-i i-i aurpiul .14 mi n
hi-.' plant imli-liiiiii It ami
of tint i imiiuiiy, whiili nil
It Kit kiiii Inilos hi
lu-y may i(-pilily lini
iiicly ah-f.utoi,v 14
in (lie i'Iumiis of tli
.1I-11 lite oilier liiilli
ploy Mm nidi.
APPORTIONMENT BILL.
Will Inciease the Membership of tin
House from 204 to 207.
R,-' KmIihIio Wiic fiuui Tlio Awtclatril Vtfa.
Iliiiidiun:, Mat a.-'fio lalal-illW' app-ntloii.
liu lit bill wa-i I oil. i; niioili'il l'iiui the It I
uniiniilt'i'. Il iuii-.i-r the mi lulu li-hip nf .l,
liulv-e ll-lll 'HI In -''17..
'the l.iuil.il.i- lo. .il ..li.iti bill w.i. al.)
IhhIikIiI mil nf (ninuiill--i-. h lb will be ri -l )
111.' Iir.l time l.-llli'lio. .
Tltree Hundied ou Sttike.
Hy Kmlii.lte Wire from The Asjotlatiil l'if.
j.ilnn. M.i.i Ii.-The iiiiin)iw of (lie Kher.
tale (ullioiy uf Ii. II. M.ill.le ,V ( u., .ihoin .:im
in iiiiiiilni-, uinl on i-iiiUe i.hI.h, Thr nun tl-iuu
thai iiiik nf llu-ir luiiuliei u. ii-i h.ilftil ullliou;
ijit-i- I i.i die ii'iup.in.i ami il.it My I lit1) w 1 1
Iml li'.tlllle ttulk llllltl he l- lelll-tiili il.
Mv, Morgnn in Pails.
In KmIu-oc Wiie hum 'I he ,...oii.iii'il l'icJ.
i l.lh II..III.. I'lJIIl.-. Mlt II. -.1. l'llll.)ll
MilC.iU till hen I.I I'.lli- nil. etilllllli,
-f -
-f WEATHER FORECAST.
- - - - 4-
f Wi.liluiii.n. M..j ", lui. a. I for Pri- -f
ilai ami Sipinli.t: Kolein IViin-.tltaiiH -f
lniui. 1'inl.i.t s..iuiii.it. piilly
il-iuil.. 'bilil.t !i...tii-; ii''i -a-l in
- n-'iil-.i-t nt. ni . -f
HHt tHHHttHtt
tl
....' ,sHM ,tj ,