Albuquerque daily citizen. [volume] (Albuquerque, N.M.) 1895-1903, 1901-05-09
STOCKS PANIC!
Rapid Decline OF Ger
tain Stocks.
Unprecedented Sales North
ern Pacific Shares.
Union Pacific, Atchison and Others
Take a Great Tumble.
LOCAL STOCK QUOTATIONS.

| Toward IL O'Clock prices changed
rapidly 25 to 30 points at time. A
sale at $3.50 was recorded and almost
Immediately another came out on the
4 tape at 500 for to-morrow's delivery,
thereby indicating the belief OF the
purchaser that short commitments
were so large that stock to come from
Europe would afford little or no relief.
Great excitement and frantic efforts
to buy would seem to show short
sales were much larger than supposed
yesterday.
At 1925 Northern Pacific common
! sold at 500 for cash. At this time
/ the market seemed to have a better
tone than at any period during the
day and price changes between sales
were not so wide as they had been
during the wild furry Of the earlier
part OF the session.
Even Standard oil declined to $3.50
a share. a drop OF III points from
last nights close.
| The announcement was made by
representatives OF j. p. Morgan Il Co.
and Kuhn, Loeb a Co. that settle
ments with the shorts would not be
made at today's prices for Northern
Pacific, but at what would generally
be considered fair market price.
| About 2:10 Northern Pacific sold at
5000 for cash.
THE CAUSES.
| New York, May 9.-Shortly after
II o'clock all support seemed to be
withdrawn from the stock market.
and prices began falling many points
between the sales. Union Pacific
went down rapidly, 1900 shares sold
at IS. The same moment 900 shares
OF Missouri Pacific sold at 81
Peoples Gas, of Chicago, Brooklyn
Rapid transit, Amalgamated Copper.
Atchisons and St. Paul made sensa-
tional declines, the like of which had
not been seen In years.
st. Paul sold down to 145, Missouri
Pacific to SO, Erie to 29, United States
steel. preferred, SO, Atchison, prefer.
red, S5, Southern Pacific As, Western
Union 81, Amalgamated Copper SO
Erie 27, Atchison common 57,Union
Pacific SO, Rock Island 14S. Missouri
Pacific 8S. Then the tape recorded
the sale of 800 shares of Union Pa
cific at so.
At 1l:40 the statement was made
that j. p. Morgan q Co. and Kukn
Loeb & Co. had just agreed not to
enforce deliveries of Northern Pacific
stock to-day. With this announce
ment there came rally In prices
throughout the general list, Atchison
common selling up to 61 II, preferred
to 80, Manhattan 100, and others In
smaller proportions.
II TEMPORARY RISES.
New York. May 9.-Just before IL
J o'clock there was a rapid sensational
/. rise in United States steel to 45
: Manhattan got up to 1O5, Southern
Pacific 36h, Amalgamated Copper
,1O7. Atchison preferred 80, and Others
, rose a point or two at a time.
WHAT HILL SAYS.
} New York, May 9.-The most prom
) inent figures in the financial world
were vitality interested in the outcome
of the unprecedented situation dis
closed by the Hartman people fol
control of the Northern Pacific anC
throngs crowded the Offices of j, =
Morgan 4 Co., Kuhn, Loeb 4 Co, ant
the First National and National Cit,
: banks eagerly awaiting the news
There were many conferences of va
, rious financial leaders throughout thu
: morning. 1t was learned up to l,
O'Clock that no compromise had beer
| agreed upon, but the situation wal
more hopeful than it had been. Ef
forts to arrange conference betweei
;. conflicting interests were resumed
l this morning, and while no dehnit
A steps have been taken 1t seems Ger
= tain there will be meeting and Will
e it peace. Kuhn, Loeb AZ CO., wh'
lopenly declare they have maJorit
lof Northern Pacific stock, said to'da
!, their policy is conciliatory. The one
to loan Northern Pacific stock to tn
shorts made by j. p. Morgan * CO
yesterday was renewed by huhn, Loe
& Co. to-day, and indicated read
ness to lend in proportion to respe'
Tive holdings. II was positively state
during the morning the deal will
;, through, but it is felt that condition
OF its new ownership will vary mi
'terially from those in view when th
-. Great Northern first submitted its o
= fer.
o President J. j. Hill, of the Grei
d Northern road, made this statemei
to-day: Il never bought or sold
l. share of Northern Pacific stock G
5. the floor, and what is more, In s.
months | have neither acquired NJ
gotten rid of Northern Pacific stoC
, or any other stock. When the Il
OF the battle lifts and the air become
clearer as | believe II soon Will, pc
pie will see many things in mu'
lclearer light than they do now.
- I'VE never had control OF the Mort
ern Pacific road; we don't want CO
% troll, we are not trying to get contr'
y and under the law we could not
q ltain control If ever we got II.
y Money is being forwarded to NJ
Y York largely by bargain hunters frc
g all over the country who wish to
q cure cneap stock.
q WILL DELIVER TO MORROW.
x New York, May S.-United stat
g steel was taken in almost unlimlt
Y amounts, the recovery carrying 1t
4 points over last night.
g Northern Pacific almost disappear
z from the record after the announ
* ment that ii delivery would not
. demanded to-day, which was the
Y fective cause Of allaying the extre
* nervousness.
u At o'clock the failure Of w.
Y Brewer and j, T, Lee were announ'
x on the Consolidated exchange,
q Rumors circulated affecting
q credit OF several stock exchaI
x houses were Officially denied.
g A clearing house notice was s
Y out at l30 saying that all trans
x ltions in Northern Pacific conn
8 would be ex-clearing' house until
q lther notice. This means that sell
x OF stock will not be called upon
y deliver II at present
Notwithstanding Kuhn, Loeb 4
W . l.. 4 Il.a.