New-York tribune., 1901-05-09
BROKERS CROWD WALDORF.
WAITING THERE FOR THE OPENING OF
THE LONDON MARKET.
EXCITING SCENES IN THE CORRIDORS
RUMORS OF SETTLEMENT WITH THE
SHORTS IN NORTHERN PACIFIC.


There was great excitement in the corridors
and restaurants of the Waldorf-Astoria from
sunset last night until early this morning. The
buzz Of the Exchange was there. and the excite
ment ran higher with each hour until shortly
after midnight when report went round that
a settlement with the shorts had been made. A
little later disturbing rumors came in from Lon
don, and the agitation burst loose again.
At midnight the cafes and rear corridors of the
hotel were crowded with brokers. financiers and
I'll sters. Soue, seated at tables. attempted TO
take the situation calmly Others, growing i'm
patient. rushed 10 and from the telephone
booths, where they communicated with Western
houses. Champagne was in greater demand
according to George the head bartender. than
any time since the housewarming when the
hotel was opened.
We're going to stay here until ( o'clock to-
morrow morning" said Of the shorts, who
was smoking cigarettes furiously. Not one OF
this crowd is going home until he hears how
London opens. II the market drops over there
there is no telling where some Of us will be left
Another broker said that the suspense
due to waiting for word from Mr. Morgan.
Morgan could settle the whole thing" he
added. This fight has been among the small
fellows while the big man is away
In far off corner of the cafe. seer through a
swaying cloud Of cigar smoke sat John W.
Gates For nearly an nour he was in earnest
conversat ton with Max Pam, his counsel. Mr..
Gates watched every move of his companions
face as If trying to recall something he had for
gotten.
When approached by number of newspaper
he said:
Nov you've cornered it. It's day of cor
ners isn't it?"
rs it true" it was asked, that You have been
squeezed to-day"
DO I look like it?" was the evastve answer.
Then you deny the report that you went
short GOO00 shares of Northern Pacif1c?'
when I'm pinched never squeal," was the
answer and if I pinched to-day I won't
squeal.
AT any rate" he added, IF 1 was, il is not
matter for the public, but for my heirs"
But you postponed your trip abroad?
Yes. l had planned to go to-day. / put II
off for week because of business with a Chi
cago friend. Nothing to do with Wall Street
In spite of Mr. Gatess denials the report was
persstently circulated that he was badly snort
and waiting with the rest TO hear what
would he the opening London price
1t reported that there was conference
in Mr. Morgan's office at $50 last night between
the conflicting interests. AT this time IL was
decided to let in the arbitrage brokers who were
short in Northern Pacific. because they were not
able to get it here from England Sat lou, or the
closing price. The other shorts bid 23l 1t was
said, to get stock for tomorrow, but were even
refused at this price. 40
The conference was then adjourned until 10
o'clock last night, when another meeting was
called at the Waldorf-Astoria. Those present
included James r Keene. and representatives
of the Hill-M Morgan interests on the one hand.
and the Hartman Rockefeller faction on the
other At a late hour it was said that an agree
ment had been made with the shorts. but the
terms could not be learned. According 10 the
best of information, the figure was close 70 z2o
A great number of the shorts repeatedly
gave currency to the rumor that the tumble
yesterday on the Exchange had been preclpl-
tated by John D. Rockefeller. According to TINS
story Mr.. Rockefeller had taken this action 10
protect certain firms who were badly short. To
one such firm he lent fifteen thousand shares or
Northern Pacific at 21b per cent a day, II was
said, and to another six thousand shares. He
then had instructed his brokers TO give in their
orders simultaneously, which had resulted in the
slump. Mr. Rockefeller then said to have
jumped into his automobile and started for Tar
rytown. not waiting for train. This was at 10
o'clock
The general feeling was that the market would
open this morning with a still greater slump;
the only stock likely to remain at all firm it
thought. would be Northern Pacific. 1t
believed. however that after the first hour
the market will rally
Among the late arrivals at the Waldorf-As
toria was Senator McCarren.
Heard you had SI50,000 in the late
ket?" asked a friend
Well. you put it at that" said the Sen
ator.
Did you lose anything the squeeze to-
day?"
mot in the squeeze, But 1 wish 1 had
back what 1 lost on that horse Hesper this
afternoon"
MICHAEL HEuMANN's Dun Building RES