The age-herald., 1901-05-10

their credits thus reduced further sales had to be made, and so 1t came from ev- cry quarter.
 The importance attached to the North ern Pacific episode was made clear by the eagerness of all classes to learn all developments concerning 1t and the inn mediate effect of any announcement re- garding 1t upon the stock market. The upward shot to 1000 a share was the eff fective cause of the greatest demoraliza- tion in the market The announcement later in the day of the measures for the relief of the shortage and the relapse in the price of the stock to 300 allayed the demoralization almost immediately. An nouncements by J. P. Morgan & Co., and Kuhn, Lobe x Co.,, who respectively re- ported the two contesting parties in Northern Pacific that they would not re- ouire deliveries of the stock today, meant respite of one day at least from ruin for the shorts in the stock. Later in the day Street and Norton & Go. announced that they would not require deliveries of the stock. This firm has been credited with acting for J. R, Keene and bought 100000 shares of Northern Pacific on Mon- day last, loaning 150,000 shares that night and calling in the greater part of it the next day, thus disclosing the corner in the stock. The theory that MT. Keene's campaign had been directed towards a squeeze of the shorts was somewhat shaken by this leniency towards his vic- tlms. It was significant also, that al- though the parties to the contest for con- trol showed their willingness to relieve the shorts by remitting the requirements to deliver the stock, they failed to come to any mutual agreement to lend the stock, such as was supposed by one party fast night. The surmise seems warranted from this .unwillingness of either party st ont nf tboir hands even to relieve the shorts that there was continued doubt in the minds Of both as to where the actual control of the property lies. Representatives of both parties made emphatic claims to- day, the one that they had maintained the control and the other that they had secured it.
 Settlement Badly Wanted.
 The hope of relief from the conditions prevailing on the Stock Exchange today centered in the possibility of a settlement or a compromise between the contending interests as to sharing the benefits of the Burlington deal which is expected to be in the form which the compromise will take. Incidentally the settlement of the terms on which the shorts will be allowed to cover is of course of great importance Clear intimations were conveyed today apparently on authority that the figures at which Northern Pacific sold today were far above any terms which it would be thought of exacting from the shorts at the final settlement. The probability to- night seems to be that 200 represents about the figure which will be demanded The strong rally in the stock during the latter part of the day did not serve to entirely alleviate the nervous fears pre- valent in the Wall street district Ru- mors were persistent that many promi- nent houses had been compromised seri- ously by the violent slump in prices All of these specific rumors were emphati- cally denied on the direct authority of the parties affected. But so violent a col lapse in prices as occurred today neces- sarily involes enormous losses somewhere The extent of the decline was far in ex- cess of the ordinary margin demanded by brokers which is 10 per cent, indicating that they were unable to save themselves from considerable losses in addition to those of their speculative customers. The situation was still felt to be sufficiently serious after the closing of the days market to constitute the heaviest moral pressure upon the great financial inter- ests, whose conflict precipitated the crisis to adjust and compromise their differ I ences. and confidence in the future IS based upon a strong hope that some means of doing this will be found.
 The Struggle Continues.
 Nlgnt cloSed upon the eyentful day without definite settlement as to the Northern Pacific, the central figure in the fierce struggle. It was anticipated that there would be an agreement for settlement with the shorts, but 1t evil dently was not finally concluded. Short ly after the market closed 1t was semi officially announced that basis of set tlement had practically been agreed up- on, and that 1t would be clinched before nightfall. At o'clock, however, Kuhn, Loeb and Company. whom the street ac- cepts as masters of the situation, an- nounced that nothing could or would be said as to the stock today. There was a spirit of compromise and conciliation in the air, but until 1t should bear the fruit of definite settlement the situation in Northern Pacific was felt to be menace to the whole market. Kuhn, Loeb and Company and the men enlisted with them in the Hartman syndicate, seem disposed to a reasonable peace settlement, and on the outside the strongest influences of the financial world are moving determinedly for a financial truce that will protect the market, avert panic and restore con- fidence In addition to an arrangement with the shorts it Is believed that the settlement of the fight will also involve --->>~---~--~~~--~-