The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-05-09
HoW IT HAPPENED.
Story of the Exciting Day on the N.
Y. Stock Exchanga.

New York, May 9.-The great excite
ment and heavy decline in practically
all securities except Northern Pacific,
which began on the stock exchange
yesterday afternoon, continued today.
From the mon lent of the exchanges
opening the trading was furiously ac-
tive, and for the first hour at least APP
parently without support, although
Northern Pacific rose higher and higher
on the bidding of the frightened shorts
This stock rose rapidly from 10 to 190
and then almost without pause the
advance kept on until at 1926 o. clock
800 was paid for 500 shares for imne-
date delivery. At the same time 100
shares for tomorrow's delivery were
sold for 230.
All this time as fast as Northern Pa
cific went UP, other stocks We're gbing
down The opening declines in New
York Central, Missouri Pacific, Louis
vile and AtchisOn ranged from to
points, and It seemed for a time as If
orders We're being given to sell without
regard to prices. This Wildness was
uninterrupted until about 1O:40, when it
seemed that, for the moment at least,
there was a disposition to steadiness.
The steamships Majestic and Servia,
which arrived from Europe last even
ing, had in their mails large blocks of
Northern Pacific CON mon for the ac-
count of arbitrage houses, which We're
delivered to them in the early mail this
morning These stocks We're made
ready for instant delivery on the ex-
change. but apparently they We're not
a drop in the bucket, for the frantic de-
mand for the stock was not affected
All interest centered on reports that
conferences were being held to patch
up a truce preliminary to a permanent
basis of agreement between the rival
interests in Union Pacific and Northern
Pacific. 1t was generally accepted by
the street that the Burlington deal
would 60 through, but that it would be
arranged on some basis satisfactory to
the Kuhn. Loeb and Hartman people.
4 f17c, Jeaf 1sl77
cate was in a. position to dictate terms
but that it did not wish to proceed ar
bitrarily in the matter. 1t was denied
by Kuhn, Loeb & Co. and their asso-
ciates in the deal, that they had had
any desire to squeeze" the shorts. all
of their buying having been done simp- /
" to secure Northern Pacific for voting |
purposes, and not as speculative
naneuver.
The most prominent figures in the
financial world were vitality Interested I
situation disclosed by the Hartman
people for control Of the Northern Pa
cific and throngs crowded the office of /
J. P Morgan & Co, Kuhn, Loeb & Co, |
the First National and the National |
City banks eagerly waiting news |
There were many conferences of va |
rious financial leaders throughout the |
morning
source that up to IL o'clock no comprO-
mise had been agreed upon, but that /
the situation was more hopeful than it /
had been
tween the conflicting interests were re
sumed this morning, and while no def /
mite steps have been taken 1t seems GER
tain that there will be meeting and |
with it peace. Kuhn, Loeb & Co. who /
openly declare that they have a ma
jority of the Northern Pacific stock, /
said today that their policy is con-
ciliatory one, and that they have /
reached out with all the strength Of /
their position and influence in an effort Il
to protect instead of crush The offer 1
to loan Northern Pacif1c stock to the l
shorts made by J. P Morgan & Co. yes
terday was renewed by Kuhn, Loeb & /
Co. today and a readiness indicated to
lend in proportion to the respective /
holdings A man high authority in the /
street, close to the Harriman-kuhns
Loeb & Co group of fnanciers, said:
I'VE will continue to seek a settle
ment upon a reasonable basis We do
not wish to see innocent men suffer
and have no disposition to dictate un-
fair terms. The offer of Kuhn, Loeb i
& co. to loan stock to the shorts is still |
open. The FIRMS policy is cOnciltatory.
Tt would protect rather than destroy.~
There are efforts afoot to get the con-
dicting interests together, and We are
hopeful as to the immediate future"
1t is positively stated that the Bur-
lington deal viii go through, burt it is 4
felt that the conditiOnsso of its new own
ershfp viii vary materially from those
in view when the Great Northern first |
submitted its offer.
Just before u o'clock there was a (
rapid and sensational rise in United 4
states Steel to As. Manhattan got up to !
1O5 Southern Pacific to 361z. Analga-
mated Copper to 107, Atchison preferred I
to 80. and others rising point or two |
at a time
In rapid succession came sales of
Union Pacific at 81, then a rally to s.;
Pennsylvania sold at 139 New York
Central 113. Peoples Gas 1031s Atchi- /
son SIS. Erie 251k. Baltimore & Ohio pre-
ferred S615- United States Steel %. Mis- /
souri, Pacific 70. Amalgamated Copper
ccnntfn.,ad On sara-,t1n 1aana