Daily new dominion. [volume] (Morgantown, W. Va.) 1897-1906, 1901-05-10

UUU,UUU Loaned on FFiValc HGSouHl
at That Rate-The Situation Thurs
day Was Due to Struggle For Con.
troll of the Northern Pacific, Large
Blocks of Which Stock Were Under
Speculative Control by a Third
Party-Each Side Was Afraid to
Loan to the Shorts.
New York, May 10.--Last night
closed upon the eventful trying day
| in the stock market without definite
settlement as to the Northern Pacific
| the central figure in the fierce strug
| gle. 1t was anticipated that there
| would be an agreement for settlement
with the shorts, but it was evidently
not finally concluded Shortly after
the market closed ii was semi-olii-
cially announced that a basis Of set
tlement had been practically agreed
upon and that Ii would be clinched
| before nightfall. About O'clock.
| however, Kuhn, Loeb & Co., whom
| the street accepts as masters of the
| situation, announced that nothing
| could OF would he said as to the stock
| that day. There was a spirit Of com.
| promise and Cancellation in the air,
| but until it should bear the fruit Of
| definite settlement the situation in
| Northern Pacific was felt to be men
| ace TO the whole market Kuhn, Loeb
| IL Co., and the men enlisted with them
in the Hartman syndicate. seemed
| disposed TO a reasonable peace. and
/ on the outside the strongest influences
| of the financial world were moving
| determinedly for a truce that will pro
| tect the market, avert panic and re-
| store confidence. In addition to an
| arrangement with the shorts, Il is be
| leVed the settlement of the fight will
also involve the future relations of
| the Union Pacific, Northern Pacific
Great Northern and Burlington. Men
| close to the Harriman-kahn, Loeb &,
| Co. group insisted that the deal for
| the sale of the Burlington to the
| Great Northern would be carried
through. Granting that Hartman
Kuhn Loeb & Co. and their assoei.
| ates are dominant Ia Northern Pa.
citc, it is assumed that they will
claim and win a voice in Burlington
future. 1t is believed that the set
tlement with the shorts in Northern
Pacific Will be made at zoo or under.
| huhn, Loeb & Co. say they deprecate
/ the policy OF the third interest in talk.
ing enormous profits from the shorts.
and their friends avow regret that
/ outsiders suffered A settlement with
the shorts would clear the situation
materially, but there would still re-
main the greater problem in railroad
/ poIltleS of the future of the road If.
sell. On that point the following
statement from a member OF the Har-
r1man syndicate is significant:
Northern Pacific is in control of
Kuhn, Loeb & Co. The only thing
that can affect this control will be th5,
possible inability of certain people Ia
deliver the stock to them. ]. p. Nor.
gan q Co. are in the same position
Some Details Of the Market.
New York. May 10.-The threaten
ing condition Of affairs which devel-
oped in the stock market Wednesday
eliminated Thursday in severe
twist in Wall street. The corner in
Northern Pacific was the impelling
cause of the crisis, owing to the
threat contained in the ruinous terms
forced upon the shorts in that stock
that disastrous liquidation would be
forced at other points. Strenuous eff.
forts were made by powerful financial
interests in the country to avert the
threatened trouble. and almost unlfm
tied supporting orders were placed in
the market for the opening. i'm antici-
/ patton OF the heavy selling which was
to come. Reassuring expressions
We're disseminated from the princi-
pal parties in interest to the North
/ ern Pacific controversy, designed to
diasuade alarmed holders from pre-.
cipitate selling Of their stocks. but
all these precautions proved unavail.
4 ing in face of the unmstakable in.
deX afforded by the price Of Northern
Pacific that the common in that stock
was intact and therefore that the bit
/ ter controversy over the control of
/ the property was still unsettled
When Northern Pacific began sell
| ing at 200 and 300 and see and even
as high as 700 on regular transac-
tons and at 1000 for cash, the ap-
! palling possibilities of the forced GOV.
ering Of the largest shortages at those
/ terms weakened the whole market.
and prices crumbled away with the
utmost violence during the second
hour.
Reckless Regard of Price.
The volume of blocks unloaded and
the reckless disregard of the price
which they brought were without
precendent in the memory of the old
est trader. Before any check had
come to the tremendous liquidation
Delaware and Hudson had lost 50
points, Manhattan SO. Union Pacific
/ 38, Rock Island 3512. Atchison 324b
st. Paul 3oh Missouri Pacific 80 and
Q long list of OTHER stocks from 5 to