The sun. (Wilmington, Del.) 1897-19??, 1901-05-11
RECOVERY IN STOCKS.
Northern Pacific Settlement Ends the
Panic on Change.
COURT ORDER A FEATURE.
Injunction Proceedings Threatened
the Great Financiers Who
Were Fighting For the
Control of "Nipper."

New York. May 10.-The opening OF t
the stock market was again awaited |
with keen interest not unmiXed with
some anxiety. although there was a
universal feeling that the worst was .
over. This hopeful feeling was OF
course, due to the report that the cor
ner" in Northern Pacific had been bro
ken.
Two more Consolidated Exchange
firms have suspended namely. Jack
son Bros. and L. T.. Hilton 4 Go.
The London market opened with wild
fluctuations. st. Paul opened Mt 100
and advanced sharply to li5. 2olaabove
tile New York parity. Louisville and
Nashville was "a better. Atchison y
higher and Union Pacific 2a. North
ern Pacific was quoted al l3t. After
the first furry prices receded slightly,
the tone becoming quiet
The local market opened rather quiet, |
but well above the close. The impor-
,ant gains were "A in 81, Paul, . in Tn |
ion Pacific. Atchison 81 lpreferred ~. !
Louisville and Nashville !. Delaware
and Hudson 9ia Amalgamated Copper
3. Rock Island T. Erie >. American To
bncco &. United States Steel IA lpre-
ferred 2i1. Peoples Gas 30, Metropoli-
Inn >. while Northern Pacific opened at
100. the price agreed upon for settle
! mcnt. The only decline of consequence
was ~. in Southern railway common,
the preferred advancing rs.
| Following the opening burst OF
strength some stocks began to react at
the end of the first few minutes Of
trading.
1 some sharp Declines.
I here were some sharp backscts, run
ming to /, points in Delaware and lind-
son. ; in ST. Paul, Tobacco and Hook
ing Valley. 4 in chesapeake and ONO
and Union Pacific, 3'il IN Consolidated
Gas. 3 in Louisville AMI Nashville. : IN
Rock Island. Northern Pacific prefer
rcd. United States Steel and .htchison
preferred Meantime there We're ad-
yaiices in General Electric of 10. Lack
: awanna So. Sugar q. Illinois Central.
Kansas and Texas preferred, St Louis
Southwestern preferred and Metropoli-
tan j. New York Central IA and other
I SHOCKS less aIlptlHiS.
Northern Pacific sold rs high as ltal
: for cash. Prices continued 10 ti,ctliate
irrrgularly. hut over Il lcSscning range
ana were generally higher on small
volume Of dealings on the official an
nounceinrnt that MI clearing sheets
= lave gone through the Stock Exchangt
clearing house perfectly and that III
\ checks were lionoretl.
VI 10 noon the market continued
!, somewhat irregular but the tone be
!. came comparatively quiet. and price,
!; were for the most part well sustained
There We're some additional declines
Northwest falling 57s. the preferred ~
and Chicago Great Western preferre
A IA. There were also sharp advance
i. in New York, Chicago and st. Loui
second preferred Of $ points, Hockin
Valley IA. International Power q, Grea
Northern preferred ! and Chicago Tel
). minal Transfer preferred IA. Nortl
rln Pacific sold rs high as 2on for cas-
" in spite Of the terms to the shorts.
lis Union Pacific continued to aarant
at to il point - above the previous clio
he ing and led a strong upward NOV
ment throughout the list. Missouri II
nj citic rose II points. which wiped o.
ca the nct loss with 3 points to spar
~ Net gains in st. Paul We're IL in 60
solidated Gas III, in I.ackawanna l3l
IL New York. Chicago and st. Louis 81
80 ond preferred l2la, Kansas and Tex
Iia preferred y, Sugar s. st, Louis Sont
ut western preferred s Peoples Gas
il and numbers of the trunk lines. Sout
westerns and high priced specinlti
lat, from 4 to over points.
ur- These gains We're not fully held. Il
| there We're occasional relapseS Of 81
w, eral points where the rise had be
Y, most buoyant. hut the lmdertone of I
=, market continued strong and coniide
\. y. Iniunctiog Order.
.lnb II has become known that counsel
Iay. certain brokers obtained injunction
inc pcl,s to restrain J. l.. Morgan X Go. Il
psn Kuhn Loeb X Co. from enforcing
axe liNcries Of Northern Pacific stock
VIII brokers caught short in the squet
H. Counsel for the brokers took the y,
-" ton that the two contesting intert
We're fully aware Of the crisis
was coming. Herbert X. I.mburs
one Of the attorneys who obtained
re- order from Justice Gildersleeve in
supreme court. said:
The proceedings We're based on
Grid thoo.y INN ~ tha tnna th.. Mai,
up sold Northern Pacific short to deft
~. ANTS the latter knew that they ha
NM corner on the market and that I
ley. held all tile available stock, so tina
na'' would he impossible for the plaii
does to deliver 10 them any such stock.
was asmuch rs MI the stock outstant
US OF and available was already in the
as9'G PENDANTS possession, 0ur theory
:, III that such u contract was one WI
~ the law would not countenancr
stion which not only could not be enfor
but would be enioined by the court
nw q Mr.. Limhurger added that inasn
ham MS the Banking houses had agree
ana allow the shorts to cover their ii
cts as ar;os ~ geo !, share tba III inn,
/, a aa'a papers would in all probability nc
pynr needed.
50 an The defendants in the suit, in
IL ton to the broker Whose counsel
Safly tanned il and the two principals
I and toned above, We're Messrs. Hali
! "a and Hill, Rudolph Keppler. presi
She Of the Stock Exchange. and the
ever Exchange itself.
most
me in T,..rh.;. cons.
l 4;