New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-05-14
UNION PACIFIC'S RISE.
SHARP ADVANCE ON HEAVY DEALINGS
IN THE STOCK.
THE LOCAL MARKET HELPED BY MR.
ERN PACIFIC IN LONDON


Stock market interest in the Western railway
situation shifted yesterday from Northern Pa
cihc to Union Pacific, which had a sharp ad-
vance on heavy dealings. Both the Morgan
Hill and Harriman-Kuhn. Loeb parties
tnued to declare the belief that they had
cured control OF Northern Pacific. but there were
no announced developments to corroborate the
assertions of either side. The rise In Union Pa
cihc. which opened wide at from 1141A to 116
scared to 1231a and closed at rs. net gain for
the day of points. was variously regarded by
the Street. some taking it as confirmation OF the
story that the Kuhn-Loeb-H Hartman interests
had carried their point in obtaining a majority
OF the Northern Pacific stock thus strengthen
ing the position of the Union Pacific and enhanc-
ing the value OF it's stock; others believing that
the Hartman party were increasing their hold
ings IN order to render their control unassaiI-
able. and still others seeing in the movement an
eI1ort by Mr.. Morgan and his associates to ac-
qure an important holding in Union Pacific.
with view to retaliation upon the interests
now in control of the property. 1t is generally
agreed that in any case. there will be no inter-
ference with the carrying out Of the Burlington
lease arrangement
At the office of j. P. Morgan & Co II was said
that no word had yet been received from Mr.
morgan as to the time when he purposed sailing
Tor nome. 1t is understood from good sources
tnat he will probably not reach this city before
June which is the month in which he usually
returns from his annual trip to Europe
none OF the men in position TO speak with
authority would say anything yesterday about
the report that the present board of directors OF
the Northern Pacific in which body the Morgan
interests have control might by vote call the
preferred stock on January l. 1902. thus plac-
ing MI Morgan and his friends. who, accord
ing TO the story. hold majority Of the common
STOCK in complete and undisputed control OF
Ihe road Mr.. Hill was downtown all day yes
terday. but declined to discuss the Northern Pa
c1nc matter. He visited Mr.. Morgan's office in
the course of the day. and it was we'll after
o'clock before he started for his hotel
GOOD EJECT OF LONDON NEWS
The news from London that Mr. Morgan and
the Stock Exchange committee had averted the
panic threatened there because OF the Northern
Paclnc corner had a markedly beneficial effect
on the local market. which opened without ex-
cltement and with prices generally above Fri
days closing quotations. Business was fairly
well distributed. but only moderate in volume
and with something Of an undertone of irregu-
Iarity
Before the end of the first half hour the mar
ket 5roadened under the influence of buyins,
Tor big interests. and prices made material i'm
provement In a number OF leading issues in
/ cludins Union Pacific common and others OF
the more active issues. There was evidence OF
profit taking by the traders who had picked I'D
bargains on THURSDAY and Friday. reac-
tionary tendency appeared at the end OF the
first hour. and prices shaded OF In many in
stances to the extent of per cent or more
Toward noon the entire list began TO decline
and period Of extreme duIness set in. The
market was irregular and Hfeless through the
afternoon. with prices showing further falling
off. though here and there gains were scored
The heavy closing was accounted for largely by
the reports that gold exports might soon be ex-
pected The large commission houses all re-
ported disinclination on the part of heavy
operators to enter the market pending a settle
ment Of the Union Pacifc-Northern Pacific con-
troversy Call money opened at per cent and
advanced to .. Late in the afternoon. as re-
suit Of the transfer Of about $15.O00O00 to this
market by financial institutions in the West the
call money rate broke TO per cent closing at
4. Most of the loans during the day were at
per cent Some of the gains of the day were
In Amalgamated Copper. which sold up to 122
and closed III. net advance OF 2 per cent;
Central Of New-Jersey, o; Union Pacific. 8;
Colorado Fuel and Iron. 3; General Electric, Al;
Glucose 312 Among the notable declines were
Baltimore and Ohio common, points, Rock
Island, 5la; New-YOrk Central. 31s; Pennsyl-
first preferred 29s and second preferred. pa:
Consolidated Gas. 2$4; Metropolitan. 3A- United
States Steel common closed unchanged at 10 the
preferred losing 1%. per cent
STOOD THE STORM WELL.
President Wagar Of the Consolidated Ex-
change said last evening that he and his asso-
cates had Just finished clearing up a tre-
mendous amount OF clerical work He
happy TO say that the little board had sur
vived the panic in remarkable manner. OF
the half dozen failures reported were OF
important houses. A T. Williams. who
pended temporarily. has now resumed business.
Jackson Brothers WILL according to President
Wagar, be ready in day or two 10 take up
their work again.
Il do not anticipate any more failures a
result of last weeks disaster" said Mr.. Wagar-
1--WE are pretty well squared up with every
body All the assessments for the payments OF
clearing house delinquencies have been prompt
ly collected and turned over. seat on the
exchange was sold to-day for Sl,lOO'
Business dull yesterday on the ConsOlt-
dated Exchange, partly on account Of the un-
certainty members felt about each others imam
cial condition. 1t was said that the S4O,Oco
failure of Charles r. SickelS & Co. precipitated
most of the trouble. The fact that customers
OF several firms refused to pay the losses sus-
tanned by their brokers' IOrceu some brokers' 10
the wall
of persons who suffered serious loss in Thurs
DAYS panic is supplied by the experience OF the
bfe life insurance companies. the loan Depart
uents of which have been working overtime
since that day in an effort to keep up with the
have borrowed money their policies for the
purpose Of strengthening their stock margins or
satisfying their losses.
PANIC AvERTED BY JOINT ACTION OF MR.
MORGAN AND KUHN. LOEB & co.
ro.5o-, Nfax- Tba S4ooL, E-zoba.-o 90