Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1901-05-09
The New York Exchange Was the
Scene Of Feverish Excitement
This Forenoon.
STOCKS RACE UP and DOWN
A General Slump or Perhaps Panic is
Averted by an Agreement Not to En-
force the Delivery of Northern
Pacific Stock.

down a1apidly, 1000 shares solid ait 81
At the Same moment LOCO shares o
Missouri Pacific solid ait ~. People,
Ga. of Chicago Brooklyn rapid trans
st. Amaagamaued Copper, Atchisnr
and st. Paul made sensational declines
dha like of which had mot been seen N
mIamy years. ST. Paul solid down to l45
Missouri Pacific SO, Erta 29, UnhNet
States Steel prefenrdd 80, Ast'c(hisom pre-
fernad rs. Southern Pacific As, Western
Union 81, Aannlgamated Copper 96
Erie 81 Atlchison cphnnnom ST. Union Pa
clfic S6, Rock Island 14S, Missouri Pa
cific S8 Then this tape recorded sale
of 1900 shiadas of Union Pacific at 80. AIT
1:4O the statement was made thalt j.
p. Morgan & Co.., and Kuhn, Loeb q
Co. just agreed mott to enforce deliveries
of Northern Pacific stock today. With
this an1noMllcement there came liallly
irl prIces tInrougfhouHi the general hist,
Atchison oomnon selling up ito 81 IL;
preferred 80, Manhattan 100, and Others
i'm SMALLER proportions.
NORTHERN PACdFIc ADVANCE.
New York, May 9-Nonttlhern Pacific
opened ait 40 and Advanced rapidly and
AIT 11:15 spld for 81 600 al share for cash.
Toward II O'Clock prices changed rap
idly 25 amid so points a IA ,tiune. A aa'le
alt $50 was recorded, atld almost imlme-
diately another canlIa out on THE tape ait
700 for tohnorow'k1 delivery Thereby I'M
ufcatdng the beliht of the purchaser THAT
short commitments We're so large that
tihh stock to come from Europe would
afford litItle or MO relfe4f. Grelat excite
ment and frantic effcrts ito buy would
seem TO SHOW that ulle short sales were
much lanlg1er than supposed yesterday
"A STARTLING SITUATION.
New York, May 9.-Tfle most promi-
narat figures I'M THE Financial wonld We're
vi,uaHly inttanestell i'm Nih'e outcome of the
unprecedented sitsMltiSa.4 disclueed NY
the Hartman people for control of the
Northern Pacific, and throngs crowded
thls Offices off J. p Morgan & Co.., and
Kuhm Loe}b & Co.., the FrsH National
bank and the Naitflonal City banks, ca
gerly awaiting THE NEWS. There We're
many conferences of various financial
aenders 'tfaoMghout the morning.
Tit was 1earneh tlhait up to II O'Clock
thIah MO compromise had bsen agreed
upon, but THE siltu ation was more hope
full than lit had beemL Efforts ltn ar
range conferences beitlwelan llhe con-
flictGhg inlterese'ts wene Resumed this
morning, Whi1e MO dleIfi1Ite steps had
beem hakem, lit seems certain There will
be al rn'elating and with lit peace. Kuhn,
Loeb & Co., who OPENLY decllare they
have a n11ajoHity of No11therm Pacific
stock, safd today THAT their policy is
conciliabory. The offer Ito loan No1itlh-
ern Pacific stock Ito the shorts ma'de to-
J. P. Morgan & Co. yesterday was re-
rIawed fby Kuhn. Loeb & Go. To-day and
readiness was fhdieated to- lend lin pro-
poruior Ito respective holdings.
1t IS positively stated THAT the Bur-
qingtom deal will go through, but it lis
felt that thta condEtibms of it's NEW
ownership will vary materially from
Those i'm vi,ew when tlae Great Northern
road first submitted itts offer.
President ]. ]. Hill of the Great
Nhrtherm road, made this statement ito
day: II NEVER bought or sold al share of
Northern Pacific sitock ON the floor, and
what lis more, i'm six months I neither
acquired NOR have gotEen rid of North
ern Pacific stock NOR amy other stock.
When THE fog pf battle lifts amid the
air becomes cleArer, as I believe 1t
SOON will. the people wila sIae many
thingts i'm much clearer Mght than they
do NOW. We newer had contnoa of THE |
Nontthern Pacific rohd; we dom uaaaarf4at
control; WE are not trying tol get con-
trofs and under Etlle law we could mott
retiafn control if ever we got it,"
Money is being forwarded Ito New
York largely by bargaim llumtiers from
ain over the country who, wish to secure
cheap stock.
THE MONEY RATE IS SKY HIGH.
New York, May 9.-Au 1:4O p. M, go
per CENT is Ibid for money.
AT 1925, Northern Pacific comrrlpn
sold ait 700 for cash. AT tihius time THE
market seemed to- have al better tome
Haam at amy period du1fng tfle day and
'the price changes between sales were
mott so wilde as they had BEEN during
the Wild fiurries of tihe ehrlier part Of
the session. EVEN Standard ON declin-
ed to $3.50 "a share, a drop of III points
from last HighE's CLOSE
RELIEF MEASURES.
New York, May 9.-United staAes
Steel was taken i'm almost unlimited
amounts, the recovery carrying 1T 2 1-2
points over last might The Northern
Pacific almost disappeared from the
record ahter the announcement THAT its
delivery would mot be demanded today,
whfclh wats am effectfve cause of allay-
ing extreme NERVOUSNESS AT / O'Clock
the failure of W. H. Brower and J. T.
Lee were announced ON tine consolidat-
ed exchange. RunAors citrcuaated affec-
thing the credit OF several stock ex-
change hOMsess We're officially denied.
A clearing house Notice was sent out
at 1880 saying that ala trankactfbns In
Nontlheru Pacidc common woult1 be ex-
clsaring house until further notdce.
This melams that the SELLERS OF stock will
mott be CALLED upoh to deadver It at nresc-
emit Notwithstanding KUHN. Loeb .
Go. cladsn to romtroA Norf1,nAr,s % o.sAo