The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-05-10
NORTHERN PACIFIC CRISIS
is EXPECTED TO-DAY.

REPUBLIC SPECIAL.
New York, May 9.-The corner in North
ern Pacific reached the crucial point this
morning, when the shares sold at 81 900 a
share for cash stock, or 100000 for 1ot
shares. Six years ago 100 shares of this
stock sold for $3.50. so that one can form
an adequate idea Of extreme prices. Imme-
diately following this sale 100 shares OF
stock sold at $500 share. and In the early
afternoon 1t was marked down to 160, after
the warning banking interests had taken
steps to provide for a private settlement
of outstanding contracts made by men who
have sold the stock short. It closed at 325,
an advance of 100.
Ruin Written on the Tape.
When announcement was formally made
that the fight would not be continued on the
Stock Exchange floor the panic in the mar
ket was checked and turn for the better
set in. with the market very, very feverish.
In the interval. about an hour and half,
while the Northern Pacific contest was on
and spelling ruin for scores Of spectators,
scenes were enacted In the stock market
that defy description.
delaware and Hudson, a gl]t-edged stock.
suddenly dropped. on few sales, from 1s0
to loa; United States Steel common dropped
from above 40 to "a. and in all other stocks
prices crashed headlong from 10 TO 10
points. The floor Of the exchange was
packed with screaming. white-faced bro
kers, excited to the point where they in
many Instances lost their heads. Stocks
were liquidated at any prices. and 10
points and more Intervening between sales.
Losses Ran Into Millions.
The struggle to get rid Of securities was
fast and furious, and between II and 12
o'clock 100000 shares were thrown over
board. representing losses of many millions
Of dollars, with the losers scattered from
Vnr fa ID Rzrlg-
and every important monetary center Of
the world
1t was the shortest and worst panic that
the street has ever known. 1t was a rich
mans panic: a panic appearing on the top
of the greatest boom on record, with prices
of stocks higher than they have ever been
on any corresponding occasion In the coun-
trys financial history.
Conflicting Interests Involved.
On Monday last there began a sensational
movement in Northern Pacific. and the pub
lie got the first intimation Of the battle for
supremacy. 1t developed that there were
three large interests in the property, two
seeking its management and the third a
speculative profit. Both the Hartman syn
dicate and the Morgan-Hill interests
claimed control. and the predicament Of the
shorts was made worse by the fear Of both
the Hartman and Morgan syndicates to
lend the stocks to the shorts.
The shorts learned yesterday that they
were severely cornered and made frantic
efforts to secure stock. The movement for
their relief began last night, but the failure
of the traders to agree left them in desper-
ate straits. There was some consolation in
the extension Of time for delivery, but that,
after all, was merely deferring the reckon
ing. Kuhn. Loeb & Co. this morning re-
newed their offer to loan the stock they
hold. but 1t was stated that the Morgans
did not care to enter the compact. The
reckoning is to come tomorrow and despite
the promising features Of the closing hours
to-day. doubt fingers as to the effect Of
the Northern Pacific situation upon the
whole market tomorrow.