The sun., 1901-05-09

pears TO me to be the outcome OF a specula-
tive craze"
Some OF the business associates OF Mr..
Hill were positive in their statements that
the control of the Northern Pacific had
not changed after all. One OF them de-
scribed the Northern Pacific situation
at the close of business hours In Wall Street
yesterday as follows The Morgan Hill
Interest has held and now holds the control
Of the Northern Pacific Railroad. This
interest actually has majority OF the
stock. in hand and at It's disposition. IL Is
no secret that the Hartman syndloaIe
made q stout fight to. wrest the controi
away from Morgan and Hlll. That syndl-
cate bought quantity OF Northern paclno
stock that on paper figures up malorlty
of the total issue. A great deal OF TINS
stock was sold to the Hartman syndicate
by persons who did not have II IN thcir
possession but gambled on the chance OF
not believe It possible that enough stock
oan be delivered TO Hartman and his friends
TO give them majority,
that each OF the opposing interests mas
control Of the Northern Pacific stock on
paper. that is. they each hold more han
enough, including contracts Tor STOCK not
yet delivered. The contracts represent
the short stock, and the two interests be-
tween them Il was thought. may hold. win
the actual stock, and the contracts Tor
~ delivery of stock. IA much as lOo,WO
3 2OO, 900 shares more stock than Is reaily
b existence. 49,,
ness with the London Stock market have
now on the way here by the transatanuo
steamships about 81, 900 shares OF Northern
Pacific stock, Of which 10000, 1t is stated,
arrived ON the Majestic last night, ana IL
was understood yesterday that kuhn.
Loeb 4 Co had loaned 70 them S5, 600 shares
OF The stock. Isdor Wormser OF | ana 5.
Wormser 4 Co.. whose firm has been re-
ported TO be heavily short OF Northern
Pacific, against arbitrage operations, said
yesterday afternoon:
All the srbltrage houses have bsen
we'll taken care Of because their business Ia
legitimate" s..,.
Il was figured up In Wall Street bank.
ing house Yesterday that the total short
interest in Northern Pacific or the arbl-
traQe houses amounted to between 10000
and so, 900 shares. Before the accountants
set TO work IL was generally supposed mat
this interest was much larger
Successive conferences were neld In r.
H. Harrimans private Office AT 100 Broad
way throughout the day YESTERDAY. hnese
were participated in by Mr.. Hartman.
George j. Gould, Jacob II. Schif, James
Stillman, II. Nick. Twombley. and Daniel
s. Lamont, Vioe-President OF the Northern
Pacific, Col. Lamont also consulted with
James ]. Hill and members OF the firm
of j. p. Morgan 4 Co Although he de-
clined TO say anything on the subject there
IA good reason TO believe that Col Lamont s
position was that of paCliiCator. lhe
Offices Of Kuhn, Loeb 4 Co. and }. r Nor
gan & Co. were open until an unusually
late hour. one of the visitors 10 the once
OF Morgan 4 Co, after q o'clock. beng
George + Baker, President OF the FIRST
National Bank This led 10 report mat
he had been called in as a sort Oh arbitrator.
In the great smash in the stock market
the stocks particularly identified with the
Hartman and Standard Oil interests on
the one side and the Morgan-flill interests
on the other were under especial selling
pressure.
In the early morning trading while there
was evidence of continuance Of the ner-
vousness evinced on Tuesday growing
out of the development Of the Northern
Pacific corner stock prices were fairy
well maintained. Early in the afternoon,
however mass Of selling orders came
upon the market. stop loss orders were
uncovered in all sections of the LIST and
stocks were thrown overheard al any
price that they would bring. Demora'l-
zation ruled in the late afternoon. asN"r-
tions, afterward contradictcd, that mo
Burlington deal would not 60 through and
a sharp advance in the lOanlng rates Tor
money on call helping to cause dcmortll-
zation. This table showing tho highest. i.
lowest and closing prices and IN" net
changes for the day of some Of tho leading
stocks indicates the way prices tlmbleG.