Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1901-05-11
WALL STREET
WAS VERY QUIET
Both the Stock and Consolidated
Exchanges Closed,
UNION PACIFIC DEALINGS
Provoke Much Comment, aud the
"s:reet" " onders IS Railway Giants
VIII Transfer Fight TO IL.

both the stock exchange aud the Com
solldatel exchange closed today and
with practically nothing doing on the
curb, Wall street was very quiet Al
though the exchanges were not open
for business, all OF the larger broker
age houses had their clerks at work
Strengthening out the accounts OF spec
ultors and putting their books In or
der In the rush days Of Monday to
Friday none of the usual making out Of
customers statements was done and It
propably will be late tomorrow nighl
before the balancing OF accounts VIII
be finished.
Many spectators went down town 10
await the bank statement and to get
the London quotations for American Sc.
curities. At . p, m, London's prices
generally showed advances as compared
with the close at New York yesterday,
the extreme rise being Is points In
Northern Pacific. Other stocks gen
orally were up but United States Steel
common was v and the preferred II
uower. Illinois Central showed a de-
cline of IA.
All interest in the financial world re-
mains absorbed in the great contest
for the control Of Northern Pacific
and the riyalies that have been caused
by that battle, Heavy buying In Union
Pacific yesterday provoked much com
ment and to lay the street was won-
deling whether the fight Of the railway
giants was to be transferred to that
stock again. The high price for North
ern Pacific in London today was taken
by many as indicating that buying for
control OF the property was still going
on wherever the seller had the stock to
deliver It. 1t was learned today, also,
that at the time Kuhn, Leob & Co. were
settling with shorts yesterday at 100
share they were paying the same
price over the counter to an who Of
fcred the securities for Instant deliy-
err.
MIR. Hill told a reporter Of the news
bureau tnat there was no truth in re-
ports circulated 10 the effect that he
and j. p. Morgan desired to secure con
troll Of the Union Pacific. There is
nothing in that story" said Hi Hill
NO N. p. IN LONDON.
London, May liza special meetinL
OF the stock exchange committee has
been summoned for Mond1. morning in
the hope Of reaching a ISOLATION Of the
difficulty In which operators and brokers
who have given calls for Northern Pa
clhc for the end Of May and July find
themselves, II developed today that
every share here is held by the Nor
gans and Kuhn, Loeb & Co., ana there.
fore the brokers are unable to secure
a single share for delivery, The situa.
ton has a depressing effect Owing -
the closing Of the New York stock eX-
change Americans We're absolutely
stagnant, awaiting developments. J. 2,
Morgan will be in LonG-n this after
noon and conference will be held. II is
hoped he ana Kuhn. Loeb & co. win
do something 20 relieve the situation
In the meanwhile there Is considerable
anxiety Though The closing of the
stock exchange here was easier quota
tions mostly showed a marked advance.
Northern Pacific common was quoted
at an advance Of 3Oia points, in connec-
tion with the settlement.
representative Of the Hartman
syndicate made the following statement
today: In spite Of all that may be
said and printed 20 the contrary, we
stand on our assertion Of the past few
days that we believe possession Of
Northern Pacific is now held by Kuhn.
Loeb & Co. II may take some
time 10 prove this and Il
is even possible that some le-
gal trick may be devised to wrest con-
irol from us, At this time. however
there Is no doubt In our minds that we
la A fYp fe a..
deal goes-that Is only indirectly in
voved in the Northern Pacific contro-
yersy and we believe 1t will go through
in due time.
At the banking house Of J. p. Morgan
& Co.. no statement regarding Northern
Pacific could be obtained,
MONEY EASY IN LONDON.
London, May ll.-Money was abund-
ant and easy today partly owing to the |
bill brokers indispositiOn TO do busi- |
ness. Fixtures over May II, however, |
were In strong request Discounts were |
firm and were strengthened by the |
quotations at which the treasury bills |
were taken, together with the posi- |
biity OF the withdrawal Of American |
capital from here as the result Of the |
losses in the United States.
Business on the stock exchange was |
more cheerful, In consequence OF the |
improvements IN Americans. Opera |
tors were hopeful that the worst OF |
the crisis was over, Though the fears |
regarding the settlement were not past |
they were somewhat allGyed by the be- |
lief that the difficulties would not equal |
previous expectations, II is thought |
In some quarters that a very small ac-
count will be carried over. owing TO |
the forced closing Of the past few days. |
Americans fluctuated considerably. clos
ing weaker. No further changes are |
expected before the making up of |
prices. fixed for Monday at noon The |
settlement Of mines, though in some |
instances difficult TO arrange was sat
isfactorily accomplished
The plenttude Of money, through free
government disbursements. the ac- |
emulation OF funds preparatory 10 the
settlement and the meeting Of the bal
ance Of the e2iOO0O0 installments OF |
the consol loan. May II, enabled the
market 10 redeem its Indebtedness TO |
the bank. Events In New York and |
the impending Russian loan, however |
frmed discounts. The DEAFNESS OF |
money in New York, combined with |
the panic. Is regarded as an effectual |
stopper OF considerable gold imports
from there. The suddenness and Sc
verify OF the collapse did not permit |
bankers and others 20 take precautions |
and import gold 10 New York from |
Europe 10 meet the certainty OF the
great demand for money had the i'm
mense speculation continued. One ef-
feet Of the panic, the Statlst thinks, |
nrobably will be greatly to diminish the
demand for money In the United |
states and the ensuing accumulation
of cash In banks may dispose Ameri-
can bankers TO leave their balances |