The Providence news. (Providence [R.I.]) 1891-1906, 1901-05-09

This stock rose rapidly from 10 20 1870
and then almost without a pause the
advance kept ON until at 1926 o'clock 800
was paid for 500 shares for immediate
delivery. At the same time 100 shares for
tomorrow's delivery was sold at go All
this time as fast AS Northern Pacific
went up, other stocks were going down.
The opening declines in n. Y. c., South
ern Pacific, Lousville and Atchison
ranged from TO points and it seemed
for a time as IL orders were being given
TO sell without regard 20 prices. This
wildnes was uninterrupted until about
loA0 when it seemed that for the moment
at least there was disposition 40 stead
ness.
STEAMERS BROUGHT STOCKS.
The steamships Majestic and servia
which arrived from Europe last evening,
had i'm their mails large blocks OF North
ern Pacific common for the account OF
Arbitrage houses which were delivered tn.
them i'm the early mail this morning Tie
stocks were made ready for instant de-
livery on the Exchange, but apparently
they were not a drop in the bucket for
the frantic demand for the stocks was
not affected.
All interest centred on reports that
conferences were being held to patch up
a truce preliminary TO permanent basis
of agreement between the rival interests
in Union Pacific and Northern Pacific.
IL was generally accepted by the street
that the Burlington deal would go
through but that IL would be arranged on
some basis satisfactory to the Kuhn
Loob-Harrimsn people.
Indeed, II was said that the Hartman
syndicate was in a position TO dictate
terms but that IL did not wish 60 proceed
arbitrarily in the matter. 1t was denied
by khun Loeb Ss Co, and their associates
I'm the deal that they had any desire 20
squeeze" the shorts, all OF their buying
having been done simply TO secure North
ern Pacific stock for voting purposes and
not as a speculative maneuvrs.
The most prominent hrures I'm the I'M
ancial world were vitally Interested in
the outcome OF the unprecedented situa-
tion disclosed by the Hartman challenge
for control OF the Northern Pacific ana
IT .
Morgan & Co. Kuhn. Loeb e. Co, the First
National and the National City banks
eagerly awaiting news. There were many
conferences OF various financial leaders
throughout the morning.
WILD BOOM IN PRICES.
The trading in Northern Pacific became
so wild and excited toward IL o'clock that
prices changed rapidly 2o 10 30 points at
time. A sale at $50 was recorded, and
almost immediately another cams out on
the tape AT 100
This was for tomorrow's delivery and
not "a cash sale as some OK the earlier
ones had been. thereby Indicating a belief
on the part OF the purchaser that the
short commitments were 80 large that the
stock TO como from Europe would afford
little or no relief.
The great excitement In the stock this
morning and the frantic efforts TO buy
would seem 10 show that the short sales
were much larger than was supposed on
yesterday.
Efforts 20 arrange conferences between
the conflicting interests were resumed
this morning and while no definite steps
have been taken II seems certsin that
there will be meeting and with it
peace.
Kuhn. Loeb y Co. who openly dso'are
that thoy have majority of tho North
Cfu lt'luc tioch Salo toonJ tnAt inefr
policy il a conciliatory one and that
they have reached ont With ali the
strength OF their position and influences an
an offort 20 protect instead OF cru0h.
OFFER TO LOAN STOCK.
The offer 20 loan Northern Pacific stock
20 the shorts unade 10 j. r. Morgan a.
Co. yesterday was renewed ~ Kuhn &
Co. today and readiness Indicated 10
IL, a., -. h,T
ings
The later f.aiur. - the orer would. 10
is known. force Kuhn. f.osb a Co. 20 ADJ
vance ths greater number 0f shares. a
man high Ia authority IN The street and
close to the Hartman Kuhn -IOsb group
OF hnsncicrs. said today:
we will continue 90 seek settlement
upon a reasonable basis
we do not wish ~ see innocent men
suffer aud have fo disposition TO dictate
unfair terms. The oher OF Kuhn Loeb &