The daily morning journal and courier., 1901-05-10


 every quarter,
 The importance attached to the Northern Pacific episode was made clear by the eagerness of all classes to learn all developments concerning 1t and the immediate effect of any a1- nouncement regarding it upon the stock market. The upward shoot of. .$l,000 share was the cause of the greatest de- moralization in the market, The ail- nouncement later in the day of the measures for the relief of the shortages and the relapse in the price of the stock to 300 allayed the demoralization almost immediately.
 Announcements by J. P. Morgan & Go. and Kuhn, Loeb & Co.,, who, respec- lively represent the two contesting par ties in Northern Pacific, that they would not require deliveries of the stock to- day meant respite of one day at least from ruin for the shorts in the stock Later in the day Street & Norton an- nounced that they also would not re- quire deliveries of the stock. It was significant also that although the par ties to the contest for control showed their willingness to relieve the shorts by remitting the requirement to deliver stock, these failed to come to any mu- tual agreement to loan the stock, such as was proposed by one party last night. The surmise seems warranted from this unwilingness of either party to let any of their stock get out of their hands even to relieve the shorts, that there was continued doubt in the minds of both as to where the actual control Of the property lies.
 The hope of relief from the conditions prevailing on the stock exchange to-day centered in the possibility of settle ment or a compromise between the con- tending interests as to sharing the ben efits of the Burlington deal. which is expected to be in the form which the compromise will take. Clear intima- tions were conveyed to-day, apparently on authority, that the figures at which Northern Pacific sold to-day were far above any terms which 1t would be drought of exacting from the shorts to the final settlement
 Rumors were very pesistent that many prominent houses had been com promised seriously by the violent slump in prices. All of these specific rumors were emphatically denied on the direct authority of the parties affected. But so violent collapse in prices as occur. red to-day necessarily involves enor- nous losses somewhere. The situation was still felt to be sufficiently serious after the closing of the days market to constitute the heaviest moral pressure upon the great financial interests, whose conflict precpitated the crisis, to ad- just and compromise their differences, and confidence in the future is thus 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 as to the Northern Pacific, the central fig ure in the fierce struggle. It was an- ticipated that there would be an agree ment for settlement with the shorts, but it was evidently not finally conclud- ed Shortly after the market closed 1t was semi officially announced that basis of settlement had been practically agreed upon and that 1t would be clinched before nightfall. At 5 o'clock, however, Kuhn, Loeb & Co.,, whom the street accepts as masters Of the sltua- tion announced that nothing could or would be said as to the stock tonight. There was a spirit of compromise and conciliation in the air, but until 1t should bear the fruit of definite settle ment the situation in Northern Paclhc was felt to be a menace to the whole market. Kuhn, Loeb & Go. and the men enlisted with them in the Harri- man syndicate seem disposed to req sonable peace, and on the outside the strongest influences of the financial world are moving determinedly for truce that will protect the market, avert panic and restore confidence.
 In addition to an arrangement with the shorts 1t is believed that the settle ment of the fight will also involve the future relations of the Union Pacific, Northern Pacific, Great Northern and Burlington. Men close to the Harri- man. Kuhn, Loeb & Go. group insisted that the deal for the sale of the Bur- lington to the Great Northern would be carried through Granting that Harri- man, Kuhn, Loeb & Go. and their asso- ciates are dominant in Northern Pacific, Fit Is assumed that they will claim and win a voice ill the future of Burlington. It is believed that the settlement with the shorts in Northern Pacific will be
 made at 200 or under Kuhn, Loeb & Go. say they deprecate the policy of the third interest in taking enormous prof it's from the shorts. A settlement With the shorts would clear the situation materially, but there would still remain the greater problem in railroad politics of the future of the road itself, On that point the following statement from a member of the Hartman syndicate is significant:
 Northern Pacific is in control of Kuhn, Loeb & Go. The only thing that can affect this control will be the pos sible inability of certain people to de- liver the stock to them. J. r. Morgan & Go. are in the same position"
 The struggle of financial giants which broke the most remarkable movement that American stocks have ever had dates back but fortnight. D. H. Har- riman and his associates, so they re- late the story in the street, discovered that brokers representing J. F. Morgan & Co., were buying Union Pacific. Har- riman at once began increasing his own holdings, buying on a market that rap idly advanced, and when sure of control n Y,roYNocitipi1 for some haSiS