The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1901-05-10
STRONG OPTIMISTIC SPIRIT

New York, May "a banker who
participated in the movement to res.
cue the market made this statement
to the Associated Press:
I'VE loaned $4,000, 900 in the street
after 10 o'clock today, some Of it as
low as 8 per cent, and feel that the
crisis is over. l do not believe that a
single large house will go down. There
have been tremendous losses. Thous-
ands OF accounts representing millions
OF dollars, are wiped out, but the banks
are firm and large operators are. |
think. capable of caring for them.
selves. You see they have been tax
ing large profits and are capable of
standing up. At present prices | feel
that stocks are a good investment and
l look for heavy buying orders. A
good day. and the market will be
steady again. The banks acted to.
gether today, but there was no conso.
nance or agreement about it. We
placed about SIG, 900, 900 in the aggre.
gate and the moral effect was good.
Wall street could not stand manv
days like this, but as it is, the storm
is Weathered and the situation will
improve from the opening tomorrow"
An industrial leader made this
statement to the Associated Press:
Il believe the worst of the storm is
There have been conferences
OF Importance among the larger finan-
cial leaders, and it has been decided |
that every man of standing in the
shall be protected. I hau
thought there would be failures, but
there are influences strong enough
avert them at work and l am sure
they will succeed. l look for
buying orders and a rally in the mar
ket. There will also be peace among
interests now at war"
Night closed upon an eventful and
day without definite settle
ment as to the Northern Pacific, the
field in the fierce struggle. It
was announced that there would be
an agreement for a settlement with
shorts, but it was evidently not
finally concluded.
Shortly after the market closed it
was semi-officially announced that a
basis of settlement had been practical
y agreed upon and that it would be
before nightfall. At Z o'clock,
however, Kuhn, Loeb & Co., whom the
street accepts as masters of the situa-
ion, announced that nothing could
II would be said as to that stock to-
lay. There was a spirit of compro-
Mise and Cancellation in the air, but
lnless it should bear fruit of a def.
lit settlement the situation in North
I'm Pacific vas felt to be a menace
o the whole market. Kuhn, Loeb &
TO-, and men enlisted with them in
he Hartman syndicate, seem dis
to a reasonable peace and on
he outside the strongest influences of
he financial world are moving deter
ninedly for a financial truce that will
the market, avert a panic and
estore confidence. s
In addition to the arrangement with
he shorts it is believed that a settle
lent of the fight will also involve the
uture relations of the Union Pacific
Iorthern Pacific, Great Northern and {
he Burlington. Men close to the Har-
iman-Kuhn, Loeb & Co. groups in. {
listed that the deal for the sale of the \
to the Great Northern t
7ould be carried through. Granting S
nat Hartman, Kuhn, Loeb & Co., and |
leir associates are dominant in /
|orthern Pacific, it is assumed that t
1ey will claim and win a voice N /
ne future of the Burlington. q
1t is believed that a settlement
18th shorts in Northern Pacific will S
e made at 200 or under. Kuhn, Loeb l
Co. say they deprecate the policyi
{ the third interest in taking enor- 6
lous profits from the shorts and their
lends avow regret hat outsiders suf- l
A settlement with the shorts
ould clear the situation materially, 4
ut there would still remain the great
It problem in railway politics Of the Z
lture Of the road itself, On that
pint the following statement from a c
ember of the Hartman syndicate is
g%nificant: Northern Pacific is in 3
,ntrol Of Kuhn, Loeb & Co. The only
ling that can affect this control will b
; the possible inability of certain 6
eople to deliver stock to them. j. P.
organ & Co. are in the same posi-
on"