Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-05-09
NORTHERN PACIFIC SELLS AT $1,000 PER SHARE
Everything Slaughtered in Vain Effort to Sc
cure the Stock.
Frightened Shorts Sacrifice all Other Shares
Declines Of From Ten to Forty Points Thruout Entire
List..A Compromise Between the Warning
Factions Said TO Be Reached

New York. May 9.-The great excite
ment and heavy decline in practically
allsecurities except Northern Pacific,
which began on the stock exchange yes
terday afternoon. continued today.
From the exchanges the opening trad
ing was furiously active and for the
first half hour, apparently without sup
port. altho Northern Pacific rose high
er and higher on the bidding of the
frightened shorts. This stock rose rap
Idly from 1T0 to 100 and then, almos;
without a pause, the advance kept on
until at 10:S0 300 was paid for 500 shares
for immediate delivery. AT the same
time 100 shares for tomorrow's 3 delivery
were sold at 230.
Trading became so wild and excited
that toward II o'clock prices changed
rapidly at % and so points at a time A
sale at $50 vas recorded, and almost
Immediately another at 700. This was
for tomorros { delivery and not cash
sale, as some of the earlier ones had
been. thereby indicating belief on the
part of the purchaser thatthe short com
mitments were 90 large that the stock
which arrived from Europe on steam
ers last evening would afford little re-
lief. Shortly after IL Northern Pacific
sold at $1,000 share for cash. all this
time other. stocks going down. and after
~ all support seemed Withdrawn from
the market and prices began tumbling
IN sensational manner. the like of
which has not been witnessed In many
years. Union Pacific sold at So Mis-
souri, Pacific IS. ST. Paul las; United
States Steel (preferred) SO; Atchson
(preferred) s5. Southern Pacific 45.
Western Union 81, Amaleamated Cop
per 96. Erie 81, A,chison 81, Rock Island
1is. Louisville & Nashville 49, Great in
terest centered on the reports Of confer
ences being held to patch up truce
preliminary TO permanent basis of
agreement between the rival interests
in Union Pacific and Northern Pacific.
r ~ vas 5SItiu uiiS siN,tptcde ny lHt street
that the Burlington deal would go thru
but would be arranged on some basis
satisfactory to the Kuhn-Loeb- Harri-
man people
Indeed 1t was said the Hartman syn
dicate was in n position to dictate
terms but It did not wish to proceed ar
pitrariiy In the matter. 1t was denied
by Kuhn. Loeb & Co. and their associ-
ates in the deal that they had any de-
sire to Squeeze" the shorts all their
puying having been done simply to se-
cure Northern Pacific stock for voting
purposes and not as a speculative ma
neuver. The most prominent figures in
the financial world are vitally Interested
an the outcome Of the unprecedented
situation disclosed by the Hartman peo-
pie for cortfol of the Northern Pacific
and throngs crowded the offices OF j. p
Morgan & Co. and Kuhn, Loeb & Co.
First National and National CITY banks
eagerly awaiting the news OF the con
ferences Of the various financial leaders
thruout the morning
The efforts to arrange conferences be-
tween the conflicting interests were re-
sumeo this morning and while no def
mite steps have been taken it seems GER
tain there Will be meeting and with
1t peace. Kuhn, Loeb & Co., who openly
declare they have a majority of North
ern Pacific stock. said today their pol
Icy Is conciliatory one and they have
reached out with all the strength OF
their position and influence In an eff
fort to protect instead of crush. The
offer to loan Northern Pacific stock to
shorts made by Morgan & Co., yester-
day was renewed by Kuhn, Loeb & Co.
today and readiness was indicated to
lend in proportion to the respective
holdings. The latter feature Of the Of
fer would. it is known. force Kuhn
Loeb Il Co, to advance the greater
number of shares 1t was stated by q
man close to the successful interest in
Northern Pacific that the members of
the syndicate deprecated the course OF
the third large interest in the stock in
taking enormous profits from shorts
: and that one of the motives in seeking
An agreement was to defeat the specu-
1ative pool.
Az l1:4o the statement was made tina,
Morgan & Co., and Kuhn, Loeb & Co.
had just agreed not to enforce deliveries
on Northern Pacific stock today. With
Z. this announcement came a rally In
prices thruout the general list.
The panic which swept over the ex.
shange during the second hour carried
prices with whirl from ten to nearly
sixty points below last nights level and
che last figure was for. Delaware and