Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-05-09

ers of large sums today at per cent
Union Pacific preferred could not hold the
rally and it fell off quickly to S712. AT the
same time the common sold at 90.
Notwithstanding that Kuhn, Loeb & Co.
claim the control of Northern Pacific, it
was said at the office of J. P Morgan &
Co. that that firm has contracts for deliv-
cry of stock sufficient to give them ma
jorty.
The Evening Post quotes an eminent au-
thority of the railroad world as follows
1t will be recognized, when the field Of
battle clears, that the balance of railway
power must not be seriously disturbed. In
terests at stake are too tremendous and too
powerful to be aroused 1t only means re-
taliation, of a disastrous nature, which can
be avoided by checking reckless ambition
and leaving the great railroads of the coun-
try free from alliances and open to all their
connections. Further unification of great
railways and forming Of transcontinental
systems will be dropped now, or such plans
will be recognized forcing competitive
building on gigantic SCALE
Bank Offers Cheap Money.
At o'clock semi-offlcial announcement
was made that the Gallatin National Bank
would lend $16,OOOOOO at per cent, acting
for the associated banks of the city.
James Stillman, president of the National
City Bank. which carries the largest de-
posts of any financial institution in the
United States, declined today to discuss
the general financial situation.
Il never talk for publication through the
press he said.
There is general feeling of unrest"
said the interviewer, "and a word from one
In authority would be reassuring.
IF l had anything to announce" Mr.
Stilman replied, Il would prefer to write
it, and l have not the time now. Anyh w,
the situation is not serious enough for
that"
Announcement was made by represent
atives of ]. p. Morgan & Co. and of Kuhn,
Loeb & Co. to the effect that settlements
to be made with the shorts would not be
made at todays prices for Northern Pacific.
1t was said that settlements would be made
at what would generally be considered a
fair market price
The following was sent out by news
bureau:
TT may be stated authoritatively that if
the same condition of affairs exists tomOr-
row today ]. p. Morgan & Co. and
Kuhn, Loeb &; Co. will continue the agree
ment not to insist deliveries of Northern
Pacific common or adopt measure that
will afford similar relief
Galleries Closed.
For the first time in the history of the
stock exchange all the galleries and the
Enclosures reserved for spectators were Or
dered cleared at o'clock this afternoon
The evident desire of the banking inter-
ests to lend support caused a continuance
of the rally, and after 2:15 pm. prices held
fairly steady.
Union Pacific became feverish and rose
from SS to 941a. United States Steel went
to 42, Copper to 1861, Erie to 1914, Penn
sylvania to 144, Missouri Pacific to 81, and
Atchison again got up to 1O12. St. Paul
sold at from 147 to 14S American Tobacco
went up to ia and Manhattan held around
1O9. Southern Pacific steady at Az
and Reading stayed close to 81. Burlington
ruled about 1SO.
VIII Not Affect Combination.
BOSTON, May 9.-Chicago, Burlington
and Quincy people here stated today that
no matter who is in control Of Northern
Pacific it should make no difference with
the proposed merger Of the Burlington with
the Northern Pacific and Great Northern.
A leading director said "A change in
control of Northern Pacific should not
affect our relations with that road. The
proposed issue of collateral trust bonds
does not require a stockholders vote, as
would a mortgage issue, and the Union
Pacific interests, II they succeed In getting
control could not take over the property
until the next annual meeting, which does
not take place for many months.
Dull on London Exchange.
LONDON, May 9.-Business on the stock
exchange was generally dull, barring the
agitation in Americans. Throughout, the
recoveries were lost on receipt Of the New
York opening prices, and they closed weak
and unsettled. Northern Pacific common
closed at 1872 Union Pacific was offered
at III. Grand Trunks inclined higher
Kaffirs were irregular, tending downward.
On the street. Americans collapsed. me
prices obtainable were generally unrell-
able The nearest possible were: Erie, 80;
Atchison, 20; Northern Pacific common
125; Southern Pacific. 40: Louisville. 10l;
Union Pacific, common, 9S ST. Paul, loo'
Ar. oR. Reading
common, 10; Southern Railway, -, and
Norfolk and Western, 4s. United States
steel corporation declined to 26 but later
reacted to 81.
The Market in Washington.
.This is worse than Black Friday said
a veteran stock broker as he watched the
drops in quotations chalked on all parts
of the board this afternoon. THE WASH
tnRton public Is out Of the market and
there Is very little Of the public left any
where The public Is always great bull
and q vast percentage of the SPECTATORS
in this city have been on the long side.
great many persons have been hurt.
From the time Of the opening of the New
York stock exchange till Its close today
there was intense though suppressed ex-
citement in all the stock brokerage ofhces
in Washington. The earliest quotations
from the London market gave encourage
ment to the local spectators whose mar
gins were not wiped out yesterday and to
those who had bought on the declines of
Yesterday There was a hopeful tone to
the talk of the crowds, and the opinion
was that the CRISIS had been passed, and
that the dead wood having been shaken
out the market would recover and resume
the upward course which it had so long
pursued.
Early in the day advices came from New
York that no more Washington orders
would be placed. and this shut the local
traders out of the market. They had to
stay in. Nobody in this city, it is said was
in on the phenomenal rise in Northern Pa
cific though some of them were long on
this stock but could not take their profits.
WAS Personal DISPATCH.