Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1901-05-18
WALL STREET IN A
FRENZY OF EXCITEMENT
Climax Of the Corner In Northern
Pacific, Unprecedented Figure
Of 1000 Being Reached.
HILL DENIES THAT he IS SHORT

HILL DENIES THAT ne IS SHORT
Declares ne Has Neither Acquired Nor
Disposed Of Any N. r. Stock In Six
Months-Never Had Control Of the
Road and Dossn't Want H.
New York, May 1.-THE great ex-
element and heavy dealings In practi-
cally all securities except Northern
Pacific. which began on the stock ex-
change yesterday afternoon, continued
today. From the moment OF the ex-
changes opening trading was furiously
active and the first half o was ap-
parentiy without support. although
Northern Pacific rose higher and high
err on the bidding Of the frightened
shorts. This stock rose rapidly from ITO
to 100, and then almost without pause
the advance kept on until at 1880, 300
was paid for 500 shares for immediate
delivery. At the same time 100 shares
for tomorrow's delivery sold for $50.
Trading became so wild and excited
toward IL O'Clock, that prices changed
rapidly, 25 and 40 points at a time. One
sale at $50 was received and almost i'm
mediately another at 700. This was for
tomorrow's delivery and not a cash
sale. as some earlier ones had been,
thereby indicating a belief on the part
OF the purchaser hat the short com
mitments were so large that the stock
ers last evening would afford little re-
lief.
Goes Up to $1,000.
Shortly OTTER IL o'clock Northern Pa
cinc sold at $1,000 a share for cash. All
his time other stocks were going down
and after IL o'clock all support seemed
withdrawn from the market. Prices
began tumbling in a sensational man
ner, the like of which has not been wit
messed in many years. Union Pacific
sold at 80. Missouri Pacific SO, st. Paul
145, United States Steel preferred 80,
Atchison preferred s.. Southern Pa
cihc As. Western Union 81. Amalga-
UlaIeQ SOppcI %, Il 90 ~
Rock Island 14S. Louisville and Nash
willie 80.
Great interest centered In the reports
Of conferences being held to patch UP
a truce preliminary to a permanent
basis OF agreement between the rival
interests In Union Pacific and North
ern Pacific. 1t was generally accepted
by the street that the burlington deal
would go through, but would be ar
ranged on some basis satisfactory TO
the Kuhn-Loeb-H Hartman people. In
deed II was said the Hartman syndi-
cate was In a position to dictate terms,
but It did not wish to proceed arbi-
trarily in the matter. 1t was denied
by Kuhn, Loeb q Co. and their asso-
ciates In the deal that they had any
desire to squeeze" the shorts, all their
buying having been done simply to Sc
cure Northern Pacific stock for voting
purposes and not as a speculative
maneuver.
struggle of Financial T1tans.
The most prominent figures in the
financial world are vitality interested
In the outcome OF the unprecedented
situation disclosed by the fight OF the
Hartman people for control OF tie
NOTLneTH IdCllIy dhu tiloiiBo 10
the Offices Of J. z. Morgan & Co.. Kuhn.
Loeb & Co.. and the First National
and National City banks eagerly
awaiting news. There were many con-
ferences Of various financial leaders
throughout the morning.
Efforts to arrange a conference be-
tween the conflicting interests were
resumed this morning and while no
definite steps have been taken, II
seems certain there will be a meeting
and with II peace.
Kuhn. Loeb q Co.. who openly de-
clare they have a majority OF North
ern Pacific stock. said today their poll
cy is a conciliatory n and they have
reached out with all the strength OF
their position and influence In an effort
TO protect instead of crush. The offer
to loan Northern Pacific stock to shorts
made by Morgan & Co.. yesterday was
renewed by Kuhn. Loeb & Co.. today
and a readiness was indicated tc
lend in proportion to the respective
holdings. The latter feature Of the
offer would, 1t Is known. force Kuhn
Loeb & Co.. to advance the greater
number Of shares. 1t was stated by @
man close to a successful interest In
Northern Pacific that the members OF
the syndicate deprecated the course
OF the third large interest In the stock
in taking enormous profits from shorts
and that one of the motives In seeking
an agreement was to defeat the specu.
lative pool.
Not to Force settlement To-day.
At 11:4O the statement was made
that Morgan & Co.. and Kuhn, Loeb &
Co., had Just agreed not to enforce dc.
liveries OF Northern Pacific stock to.
day. With this announcement came
q rally In prices throughout the gener,
al list.
The panic which swept over the ex,
change during the second hour car,
ried prices with a whirl from 10 {,
nearly so points below last uignt'i
level. The last figure was for DELI war,
and Hudson, which dropped SO points
Liquidation had spent some OF IL!
force toward moo with the
mcnt OF the agreement above mentioned
ana just before IL o'clock there wer.
rapid and violent rallies throughout tn,
list ranging from 10 to SO points. tn
latter In Delaware and Hudson.
At noon the assignment OF Charles r
Sickles, a broker, was announced.
Can Settle ut 100.
At the stock exchange ~clearin:
house II was said that h balance o
Northern Pacific common to be deliv
cred was 80. 900 shares. practically al
Of which Is to be delivered at $50. TIL
largest single lot was 5000 shares by
large international banking house. an'
there are several lots Of from 1000 L
1000.
The floor of the exchange at tn
opening showed the most excited throni
brokers have seen in years. Anon,
those present were many members wh'
are rarely seen In trading crowds. Tn
opening was chaotic. The n desir'
seemed to be to sell. sell, anything t
anybody who IA willing to take stool
and give money for It.
When 1t appeared that h corner
operators were determined to hnv'
their pound of flesh from the peopi'
caught in their ret, everybody felt h