The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1901-05-14
Trying to Settle to Pro-
tect Street.
GAMBLERS HIT HARD
Many In Opulent Circumstan-
ces Reduced to Penury
In Fifteen Min
utes.

settlement as to the Northern Pacific
the central figure in the fierce strug
gle. 1t was anticipated that there
would be an agreement for settlement
with the shorts, but 1t was evidently
not finally concluded. Shortly after
the market closed 1t was semi-off
cially announced that a basis of set
tlement had been practically agreed
upon and that 1t would be clinched
before nightfall. About o'clock,
however, Kuhn, Loeb & Co.. whom
the street accepts as masters of the
situation. announced that nothing
could or would be said as to the stock
that day. There was a spirit of com.
promise and conciliation in the air
but until it should bear the fruit of
definite settlement the situation in
Northern Pacific was felt to be a men.
ace to the whole market. Kuhn, Loeb
& Co., and the men enlisted with them
in the Hartman syndicate. seemed
disposed to a reasonable peace, and
on the outside the strongest influences
OF the financial world were moving
determinedly for truce that will pro
tect the market avert panic and re-
store confidence. In addition to an
arrangement with the shorts, il is be.
lieVed the settlement of the fight will
also involve the future relations of
the Union Pacific, Northern Pacific.
Great Northern and Burlington. Men
close to the Harriman-Kuhn, Loeb a.
20. group insisted that the deal for
the sale of the Burlington to the
Great Northern would be carried
through. Granting that Hartman.
huhn, Loeb & Co. and their associ.
ates are dominant in Northern Pa
cific, 1t is assumed that they will
claim and win a voice in Burlington
future. 1t is believed that the SCI.
tlement with the shorts in Northern
Pacifc will be made at 200 or under
kuhn, Loeb & Co say they deprecate
the policy of the third interest in TAX
ing enormous profits from the shorts
ana their friends avow regret that
outsiders suffered. A settlement with
the shorts would clear the situation
materially, but there would still re.
main the greater problem in railroad
poiitlcs OF the future of the road il
sen. On that point the following
statement from member OF the Har.
riman syndicate is significant:
Northern Pacific is in control of
rum Loeb d Co. The only thing
that can affect this control will be the
possible inability of certain people to
deliver the stock to them. j. p. Nor.
gan d Co. are in the same position"
Some Details Of the Market.
New York. May 10-The threaten.
Ing condition of affairs which devel.
oped in the stock market Wednesday
eliminated Thursday in severe
twist in Wall street. The corner in
Northern Pacific was the impelling
cause of the crisis. owing to the
threat contained in the ruinous terms
forced upon the shorts in that stock
that disastrous liquidation would be
forced at other points. Strenuous Of. |
lorts were made by powerful financi-l
interests in the country to avert the
threatened trouble. and almost unlim. |
lted supporting orders were placed in |
the market for the opening, in antici. |
patton of the heavy selling which was .
10 come. Reassuring expressions .
were disseminated from the princi. .
pal parties in interest to the North.
ern Pacific controversy, designed to
iissuade alarmed holders from pre-.
cipitate selling Of their stocks, but
all these precautions proved unavail.
ing In face OF the unmistakable in.
lex afforded by the price of Northern
Pacific that the common in that stock
was intact and therefore that the bit.
ter controversy over the control of
he property was still unsettled.
When Northern Pacific began sell
ng at 200 and 300 and 500, and even
Is high as 700 on regular transac-
ions and at 1000 for cash, the ap-
palling possibilities OF the forced Gov
sring Of the largest shortages at those
.erms weakened the whole market,
ind prices crumbled away with the
Utmost violence during the second
hour. ~
Reckless Regard Of Price.
The volume of blocks unloaded and
he reckless disregard of the price
which they brought were without
precendent In the memory of the old
,st trader. Before any check had
,ome to the tremendous LIQUIDATION
Delaware and Hudson had lost SO
,0ints, Manhattan 80, Union Pacific
l8, Rock Island 35h. Atchison 32h.
u. Paul 30k. Missouri Pacific 32 and
long list of other stocks from 8 to
70 points. The predominance of the
Northern Pacific corner on the situa.
Ion was demonstrated by the quick
ally In the market when announce.
nent was made that the contendins
interests in Northern Pacific would
lot require deliveries OF stock Thurs.
Icy. Pretty broad iptimations were
Ilso thrown out that such delivery
vould not be required 30 long a. pres
nt condltionl last Tho exemption
Northern Paolhc from tho usual
earring house requirements OF dsliv.
~ still further allayed apprehension.
The quotations Of the stock fell
nek 70 800. both for cash and on
Dgular transactions. after these an.
nuncements. and there was q scram.
y 70 cover on the part OF profes-
onal shorts. There were large mum
~ q barUAin hunters also In the
|osket The comblnsd effect Of this
lVleg vss rensctsd In rallies ex-