The Savannah morning news., 1901-05-10
A PANIC ON 'cHANGE.
Ocontinued from First PAGE,


.art or a compromise between the con-
o5ino interests as to sharing the bene-
~ the Burlington deal, which is ex-
ia n he in the form which the COM
p'roy,ise will take Incidentally, the settle
Pnt Of the terms on which the shorts
it1 he allowed to cover is, of course of
sat Importance. Clear 'intima tons were
conveyed to-day, apparently on authority.
nat the figures at which Northern Pa
iAc sold to-day, were. far above any
rms which it would be thought of ex-
ing from the shorts to the final settle
oent The probability tonight seems to
- mat 200 represents about the figure
,bich will be demanded.
where Does the Loss Fall
The strong rally in the stock during the
,.+ter mart of the day did not serve to
nntirelv alleviate the nervous fears preva-
en- in the Wall street district. Rumors
-,ere very persistent that many prominent
,,ouses had been compromised seriously by
.be violent slump in prices. All of these
,aciAc rumors were empha tically denied
81 the direct authority of the parties af-
ts,ted. But so violent a collapse in prices
- occurred to-day necessarily involves
anormous losses somewhere. The extent
If the decline was far in excess of the
ordinarv margin demanded by brokers,
,,bich is 10 per cent, indicating that they
we're unable to save themselves from
considerable losses in addition to those of
tbeir speculative customers. The stua-
ZION was still felt to be sufficiently serious
after the closing of the days market to
Constitute the heaviest moral pressure
,,non the great financial interests,
whose conflict precipitated the crisis,
~ adjust and compromise their differ
ences and confidence in the future is
based upon strong hope that some means
of doing this will be found.
Can Settle for $3.50 n Share
New York, May 9.-Jacob H. Schiff re-
f,sed to see reporters at his residence to-
night concerning the stock market but
series of questions were written out and
sent to him with the request that he an
swer as many of them as consistent with
his interests These questions covered the
ground as to whether any permanent
nlan of settlement or an agreement be-
tween the opposing interests in Northern
Pacific affairs had been reached, and if
he anticipated any change in the stua-
tion when the stock exchange opens to-
morrow morning.
Mr. schiffs written answers to the
questions follow:
LAS far as the stocks coming to Kuhn,
Loeb & Co., are concerned which the
PARTIES owing delivery have declared
themselves unable to procure from any
other source, they have been notified
that they can close their contracts at
$50 per share"
Mr.. Hill Bought No Stock.
James j. Hill, president of the North
ern Pacific Railroad, took dinner with his
son at the Metropolitan Club this even
ing. When seen concerning the struggle
in the stock market. he said:
when 1 have spoken at all 1 have tried
10 make people understand that l have
had nothing at all to do with these mar
ket transactions. I have been busy all
day long buying locomotives for the road
have not been in the street, and l have
neither bought nor sold share of North
ern Pacific stock"
At the waldorf
New York, May 9-The lights of the
Waldorf-Astoria were the camp fires to-
night of hundreds of the soldiers of
finance. who were on the firing line in
Wall street to-day, and as they sat in the
CHEEKY glow they nursed their wounds
and counted their dead. The casualty list
was a long one, but the night had more
cheer than the preceding one.
There was no wild scramble for over |
night loans of Northern Pacific stock, and |
the new day seemed to be fair in prom
Use There was intense relief at the |
promised succor of the Northern Pacific
shorts. 1t was accepted as q. fact that
Kuhn, Loeb & Co. and j. P. Morgan |
would settle for $3.50, and believed that
the action of those two great houses
would fix the price for everybody. The
price, it was generally agreed, was fair |
one. The rumor that J. p Morgan & |
Co. and ]. j. Hill were after all on top in
the fight to control Northern Pacific stir
red the crowd, but the chief concern was
for the future of the market. AS to the |
latter a very hopeful view generally pre-
vailed. John w. Gates dispensed cheer.
The medicine has been hard to take"
he said, but it has done good There |
was too much speculation and you had |
to be checked There will be heavy buy |
ing orders and the market will promptly |
rally. This Northern Pacific settlement
will clean things up
James r. Keene was in evidence early
and dozen men credited him with the |
statement that the Northern Pacific
stocks should have paid $1,000 per share.
he declined to talk for publication, how
ever.