New-York tribune., 1901-07-12
SHARP FURRY IN STOCKS
NO DISAGREEMENT BETWEEN MESSRS.
MORGAN AND ROCKEFELLER, IT
is ANNOUNCED.
is ANNOUNCED A

There was another sharp decline in prices on the
New-York Stock Exchange yesterday. and # was
accompanied by much excitement among the
brokers. IT was a panic. and some OF the
brokers continued to declare that it was merely a
little furry that active and healthy stock
market Many commissions were closed out for
lack of margins, however, and many small specu-
iators lost about all they had TO lose in the bear
market There something OF rally in the
afternoon. but stocks did not go up far enough to
get where they at the beginning of the week
The largest declines were in railroad stocks, and
the brokers generally believed that the cause or
the break in the stocks was the news OF bad
drouth I'm the corn belt. The price of corn went
up while the price Of railroad stocks went down.
A shortage in the corn crop. it said. meant
loss business for the railroads in hauling freight
and consequently lower dividends the stocks.
The bear market yesterday declared to be a
confirmation OF the scare that sent stocks down
several points Wednesday.
Whenever there is a break in the stock market
reports intended to make matters worse are cir
culated in the Street and yesterday there was set
hfoat story that the Morgan and Hartman IN
in Northern Pacific had clashed again, and
that there fight over the control of the rail-
road that might bring worse corner than the
one Of May Q. II also said that the meeting
of the Northern Pacific directors on Wednesday
afternoon had developed nothing more important
than the declaration of the regular quarterly pre-
ferred stock dividend. and nothing had been said
about a new directorate control the railroad.
This story Of war and approaching panic was dis
counted by announcement that was believed to
from the Office OF J. p. Morgan & Co., to
the effect that there disagreement over the
Northern Pacific control and that gentlemen who
are in a position state the Northern Pacific di-
rectorate their discretion that it will not be
given out at present. and they do not see why it
should he given out until the board is actually
elected the annual meeting
another announcement. which understood to
be senni-oficial. said that the reports Of dis
agreement between the Hartman and Morgan fac
tions' absolutely untrue and continued:
Daily conferences between these interests are be-
ing held. and with every prospect that very satis
factory arrangements regarding the readJustment
of the railroad of the country viii be reached
1t If unreasonable to expect that these matters
can be adjusted in few hours or rev GAYS,
but can assured that conditions were never
sound. and that ultimately all questions VIII
he settled the complete satisfaction OF all inter
ested parties
Some Of the fnanciers in Wall Street said in the
afternoon that they believed railroad stocks had
reached the lowest points they would touch for the
rest Of the year Considerable interest was mani
Tested in reports that the presidents of Western
railroads hal agreed TO stop the cutting of rates.
and that Plan 10 keep up the rates would be
adopted at the meeting of the Western Trunk Line
Freight Association in Chicago to-day. Inc an
nouncernent that the Atchson management had
withdrawn its reduced freight list was mentioned
indication of a peaceful settlement OF the
All the principal railroads in the East were rep
resented al a meeting of the Central Pacific Asso.
ciation in the building of the Central Railroad Of
New-Jersey. in Liberty-st yesterday arreon0on fo,
agreement on policies intended To beneht all the
roads J. r. Tucker. president Of the Central
Freisht Association was chairman of the meeting,
81 ,4 roa ds thar ha We been accused
Of rate cutting IN the associations territory were
present and took part IN me @ i 20 the
meeting members of the association SAID they
had discussed the rate situation in a satisfactory