Custer weekly chronicle. [volume] (Custer City, S.D.) 1890-1931, 1901-05-18

stocks and stand from under, lest worse
should happen. They had hoped before
the opening OF business that some an
nouncemcnt might be made that the
Northern Pacific spectators (shorts)
might escape on agreed terms. but the
hrst sales Of stock dispeiled the illus
lon.
E~xcitemeut Begins TO Abste.
After noon there seemed to be more
steadiness to prices. Then came the
oficial announcement on the a py
Street & Norton. that they would not
demand delivery today OF the $4,000
shares Of Northern Pacific common to
them. This announcement was FOL
lowed by another rally In many stocks.
At12:30 O'Clock Northern Pacific COM
mon sold at TOO for cash. At this time
the market seemed to have a better
tone tina at any period during the day
and price changes between sales were
not SO wide as they had been.
Standard OIL declined to $50 a share, o
drop Of III points from last nights
close.
New York. May s.-At 1 o'clock the
failures of w. II. Brewer and j. I. Lee
were announced on h Consolidated
exchange. Rumors were circulated
affecting the credit Of several STOCK
exchange houses but they were soor
officially denied. 1t was said many
strong firms were lending available
funds in efforts to check declines OF
prices.
O. Per Cent. for Money.
Banks, on the other hand. became
more conservative and decided TO LOAF
only to their regular customers. Some
borrowers were forced to pay from
ten to sixty per cent for money. The
hopeful feeling was strengthened by
semi-oficial statements that the lead.
ers in the financial world had insisted
that the ACKNOWLEDGEMENTS people
come to some basis OF agreement In
order to relieve the situation.
Northern Pacific almost disappeared
from the record, after the
ment tina its delivery would not be
demanded today. which was the Ell
fective cause In allaying the extreme
nervousness.
There was a transaction in 100 shares
at 500 shortly after / I o'clock. The fea-
ture Of the situation was the closing VI
for the day Of a number Of small brok-
erage concerns, not because OF nnancia
embarrassment, but because they
deemed II unwise to do any business al
ell in such a market as today.
At 1850 o'clock prices seemed fairly
steady. Clearing house notice was SEN
out stating all transactions In Northern
Pacific common would be ex-clearing
house until further notice. This means
sellers OF stock will not be called upor
to deliver II at present
s1o,ooo.ooo offered at o.
After money had gone to so per cent
sent-oflcial announcement was made
that the Gallatin National bank would
lend SIC, 000, 900 on the stock exchange
at 6 per cent, acting for the associated
banks of the city. Morgan g. Co. were
lenders Of large sums today at 6.
Notwithstanding that Kuhn, Loeb &
Co. claim control of Northern Pacih'
II was said at the office OF Morgan &
Co. that that Arm has contracts for de
livery Of stock sufficient to give them
majority. The announcement wa
made by representatives Of Morgan q
Co. and Kuhn, Loeb & Co.. to the effec
that the settlement to be made witt
the Northern Pacific shorts would be a
what Is generally considered a gal
market price, not at today's price.
Galleries Cleared.
For the first time In the history Of tn
stock exchange all the galleries and IN
closures reserved for spectators were or
dered cleared at 2 o'clock this afternoon
The evident desire OF the banking inter
OF the rally. After AIS prices held fairl,
steady. The following was sent out by
news bureau:
"It may be stated authoritatively that |
the same condition Of affairs exists to
Kuehn, Loeb a Co. will continue tn
agreement not to insist on deliveries o
Northern Pacific common or will adop
measures that will afford similar relief.