The Colfax gazette. [volume] (Colfax, Wash.) 1893-1932, 1901-05-17
Is Seriously Ill.
GREAT DAY IN WALL STREET.
Northern Pacific Sky High and
Other Stocks Down.

New York, May 9.-at Ills this morn
ing Northern Pacific sold on Wall street
at $1,000 share for cash, having rapid
ly climbed up to that price from $l7O at
the opening.
At 11:4O the statement was made
that j. I. Morgan 4 Co. and Kuhn,
Loeb x Co., the latter representing the
Hartman syndicate, had agreed not to
enforce the deliveries Of Northern Pacific
today thus giving the shorts time to
recover from their decentralization. The
stock, however is practically all cornered
by the opposing interests fighting for
the control of the road, and it is prob
able that number of brokers will be
forced to the wall. The intense interest
in Northern Pacific has caused other
stocks to be neglected, and a general
slump all along the line is the result.
The great excitement and heavy de
cline in practically all securities except
Northern Pacific which began on the
stock exchange yesterday afternoon con
tinued today. From the moment of the
exchanges opening the trading was
furiOusly active, and for the first half
hour at least apparently without sup
port, although Northern Pacific rose
higher and higher on the bidding of the
frightened shorts. This stock rose
rapidly from 10 to 100 and then al
most without a pause the advance kept
on until at 1925 O'Clock 800 was paid
for 800 shares for immediate delivery.
All this time as fast as Northern Pa
citc went up other stocks were going
down.
Hartman People on Top.
All interest centered on reports that
conferences were being held to patch up
truce preliminary to a permanent
basis of agreement between the rival in
terests in Union Pacific and Northern
Pacific. 1t was generally accepted by
the street that the Burlington deal
would go through, but that it would be
arranged on some basis satisfactory to
the Kuhn, Loeb 4 Co. Hartman people
Indeed, it was said that the Hartman
syndicate was in a position to dictate
terms, but that it did not wish to pro-
ceed arbitrarily in the matter. 1t was
denied by Kuhn, Loeb & Co. and their
associates in the deal that they had any
desire to squeeze" the shorts, all OF
their buying having been simply to Sc
cure Northern Pacific stock for voting
purposes, and not as a speculative
maneuver.
At the stock clearing house it was
said the balance of Northern Pacific
common to be delivered was $4,000
shares, practically all of which was to
be delivered at 15O The largest single
lot was $4,000 shares by large inter
national banking house.
A man high in authority in the street
and close to the Hartman Kuhn, Loeb
& Co. group of fnancers said:
"We will continue to seek a settlement
upon a reasonable basis. We do not
wish to see innocent men suffer and
have no disposition to dictate unfair
terms. The offer OF Kuhn, Loeb & Co.
to loan stock to the shorts is still open.
The firms policy is conciiatory. 1t
would protect rather than destroy.
There are efforts afoot to get the con-
| fiicting interests together, and | am
hopeful as to the immediate future"
Checked the Advance.
Northern Pacific almost disappeared
| from the record after the announcement
that its delivery would not be demanded
! today, which was the effective cause Of
allaying the extreme nervousness. There
was transaction 10 100 shares at $500
| shortly before l O'Clock.
Shortly after l o'clock A. NJ. House
man & Co. loaned $1,OO0,000 at per
cent, and it was said that other strong
firms were lending their available funds
in an effort to check the decline in prices.
| The banks, on the other hand, became
more conservative and decided to loan
only to their regular customers. Some
borrowers we're forced to pay from 10 to
40 per cent for money.
At 1:40 60 per cent was bid for money.
After money had gone to 60 per cent it
was reported in the street that a num-
Der of bank presidents went into confer
ence with the object of making arrange
ments to lend SIG, 100000 On the stock
exchange at low rates. j. P. Morgan &
Co. were lenders of large sums today at
per cent.
An agreement to settle with the shorts
at $50 was made.
Thousands Were Pinched.
New York, May 9.-Thousands upon