The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-10

cally valueless Hence, according 10
statement 10 me by one of the kunn-Loeb
group. this evening. the Northern Pacific
burlington deal is sure and safe. This be-
ing true. Kuhn Loeb & Co. have no tao
teal use for their load OF Northern Pa
cific and will, therefore. let IL out to-mor-
row TO shorts at $50 and discharge max
ers OF paper contracts to deliver stock that
they could not get on the same basis.
Ihis action makes logical the stated de-
sign or Morgan * Co. not 10 deliver North
ern Pacific TO shorts. though shorts may
purge themselves of their short obligation
at $50. This release by Morgan Hill. and
the letting out of actual stock no longer
useful to them by the opposing interests
is expected 10 relieve the tension and
smooth out the complications in Wall street
tomorrow In the light OF these facts and
conditions it becomes apparent why the
MOrgan-Hill interests declined the PROPOSE
tons of their opponents TO loan stock 10
shorts pro rata"
Jacob H. Schiff refused 10 see reporters
at his residence tonight concerning the
stock market. but a series OF questions
were written out and sent TO him with the
request that he answer as many Of them
as would be consistent with his interests
These questions covered the ground as TO
whether any permanent plan of settlement
or an agreement between the opposing in
terests In Northern Pacific affairs had been
reached, and Ii he anticipated any change
In the situation when the Stock Exchange
opens tomorrow Mr. Schiff'S written an
swers TO the questions follow:
AS far as the stocks coming TO Kuhn.
Loeb * Co. are concerned. which the par
ties owing delivery have declared them
selves unable TO procure from any other
source, they have been notified that they
can close their contracts at $50 per share.
James j. Hill. president of the Great
Northern Railroad, took dinner with his
son at the metropolitan Club this evening.
When seen concerning the struggle in the
stock market he said: when l have
spoken at all L have tried 10 make people
understand that 1 have nothing at all TO
DO with these market transactions have
been busy all day long buying locomotives
for the road. | have not been in the street
and have neither bought nor sold a share
of Northern Pacific stock"
-.assel Sage. when seen tonight at his
home and asked his opinion of the stock
Tarket, said: Il have been associated init
ately with the transactions i'm Wall
street for half a century, and | can say
truly that the last two days have been the
most remarkable L have ever seen Fic-
tI..Ouc and inflated values have prevailed
and the smash that was inevitable has
come. L knew ii would come and predicted
il. True, thousands will go to the wall,
tut that is only an incident in the fight.
This whole thing got its origin in an at
tempt TO divert traffic from its natura. and
central source toward the West. in Omah a
10 the northern route-an unnatural route.
Yesterday "wednesday was absolutely I'M
prece0ented in the history of the financial
world. However, do not anticipate serious
results. BY tomorrow friday things will
have begun TO settle and the general COM
iron sense of the people will put things to
rights The prosperity of the country is too
great TO permit of this crash affecting US
seriously.