The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-05-09
WILD DAY ON 'CHANGE.

from his load of stock and stand from
under. lest worse should happen.
They had hoped that before the open
ing Of business some announcement
might be made that the Northern Pa
cific speculative shorts might escape
on agreed terms.
After noon there seemed to be more
steadineSS to prices and Southern Pacific
rose to 3S1a, Louisville to 81, Manhattan
to 1O6, United States steel preferred to so
and ST. Paul to 153. United States steel
common dropped to 40. Burlington sold
at 159 for :. 600 shares. Then there was
rally in steel preferred UP to IS, Union
Pacific following to 80; BaltiTnore &
Ohio sold at SO, Missouri PaEihc 80,
American Tobacco 105 and Missouri Pa
cific at So Then came an official an
nouncement on the tape by Street <
Norton that they would not demand de-
livery today Of $4,000 shares Of North
ern Pacific common to them This an
nOuncement was followed by a rally in
Manhattan to 1O8. Steel to As. Burlington
to 1872, Southern Pacific 1431s. Atchison
to 63 and Steel preferred to 9S.
At 1925 Northern Pacific common sold
at 700 for cash. At this the market
seemed to have a. better tone than at
any period during the day and the price
changes between sales were not so wide
as they had been during the wild ffurries
of the earlier part of the session Even
Standard Oil declined to $3.50 a share a
drop of III points from last nights
close.
HILL MAKES a. STATEMENT.
n y.
signment of Charles H. Sickels, a
broker, was announced.
President J. ]. Hin, of the Great
Northern road, made this statement
today:
Il never bought or sold share Of
Northern Pacific stock on the floor, and
what is more, in six months have
neither acquired nor gotten rid of
Northern Pacific stock or any other
stock. When the battle lifts and the
air becom es clearer, as believe it soon
viii, people Will see many things in
much clearer light than they do now.
We never have had control of the
Northern Pacific road; we don't want
control; we are not trying to get con-
troll. and under the law we could not
retain control If ever we got it.
There has been apprehension that
large funds of money might be called
from New York by the country banks,
but so far there has been no evidence
in support of this theory. On the other
hand, money is being forwarded to New
York largely by bargain hunters from
all over the country who wish to secure
cheap stock.
LONDON MARKET COLLAPSES.
London. May Cuisines on the stock
exchange was generally dull barring
the agitation in Americans. Through
out the recovery seemed lost on receipt
of the New York opening prices, and
they closed weak and unsettled North
ern Pacific common closed at 1872 Union
Pacific was offered at III. Grand
Trunk Inclined higher Kaffirs were ir-
regular, tending downward
On the street Americans collapsed.
The prices obtainable were generally
unreliable The nearest possible We're:
Erie 30 Atchison TO- Northern Pacific
common 125. Southern Pacific 45, Louis
vile 101. Union Pacific common SO. St.
Paul 15S, M. *. a T. 26, Reading COM
mon 19, Southern railway 28, and Nor
folk & Western 4S. United States Steel
corporation declined to 26, but later re-
acted to 81
MONEY GOES UP TO 50 PER CENT.
New York, May 9-At 1 O'Clock the
failures of w. H. Brewer of so Broadway
and ]. T. Lee of 81 Broadway were an
nounced on the consolidated exchange
Rumors were circulated affecting the
credit OF several stock exchange houses,
but they were soon officially denied
Shortly after 1 o clock A A HouSeTnan
& Co. loaned 81, ,000, 900 at per cent and
it was said that other strong firms were
lending their available funds in the ef-
forts to check the declines in prices The
banks on the other hand became more
conservative and decided to loan only
to their regular customers. Some bor-
rowers We're forced to pay from ten to
40 per cent for money. "A more hopeful
feeling was strengthened by semi-Ofhclal
statement that the leaders in the hnan-
cial world had insisted that the Harri-
mani Morgan people had come to some
basis of agreement in order to relieve
the situation.
The sensational decline Of go in Della
ware & Hudson was followed by a quick
recovery of 90 and United States steel
stocks seemed to hold their own for a
time. Southern railway sold up then re-
acted to 24%. Reading became firm
around 271h. Amalgamated Copper around
Jos, and AtchiSon preferred at rom 80
to 81 Continental Tobacco kept a firm
front at 46. Atcbiscn then went off to
6515, Missouri Pacific to 81, St Paul to
140, Steel to Al, Manhattan to no, Erie
to 30% and other stocks declined some
what in sympathy.
The features Of the situation was the
closing up for the day of a number
of small brokerage concerns, not be-
cause of financial embarrassment, but
because they deemed it unwise to do
any busines at all in such a market as
today
At 1870 .. m. prices seemed to be fair
ly steady, United States Steel common
finding support around 40. and the pre-
ferred around 80. At this time there was
some activity in bonds with apparently
good absorption of the standard issues
A clearing house notice was sent out at
1:30 saying that all transactions in
Northern Pacific common would be ex-
clearing house until further notice This
means that sellers Of the stock viii not
be called upon to deliver it at present
At 1.40 go per cent was bid for money
Union Pacific preferred made a strong
rally to So, American Tobacco advanced
to 11O, and Analgau1ated Copper sold at
1O93s. Twenty-Five hundred shares OF
Chicago & Alton preferred changed
hands at 76. Western Union met support
a S8 and New York Central was steady
at 145. After money had gone to SO per
cent it was reported in the street that
a number Of bank presidents went into
conference, with the object of making
arrangements to lend $16.000,000 on the
stock exchange at low rates. ]. p Nor
gan & Co. were lenders Of large sums
today at 6 per cent.
Union Pacific preferred could not hold
the rally and it fell off quickly to S71A-
At the same time the common sold at
%.
Notwithstanding that Kuhn, Loeb &
Co, had claimed the control of the
Northern Pacific it was said at the OF
fice of J. P. Morgan & Co. that that firm
has contracts for delivery Of stock suf-
ff17o-