Morris tribune., 1901-05-11

Union Pacific at 81, then rally to 3d.
PENNSYLVANIA sold at 1879, New York
Central 143, Peoples Gas 103 IL, Atch-
ison IS. Erie % IL, Baltimore and
Ohio preferred 26 IL, United States
Steel 80, Missouri Pacific 70, Anal
gamated Copper 81, Manhattan 80.
Southern Pacific SO, Atchison prefer
red 72, Louisville 80, Brooklyn Rapid
Transit 70, Rock Island 14l, Steel pre-
ferred IS, Baltimore and Ohio SO 3-4
and Peoples Gas 101.
Statement From j. J. Hill.
President ]. ]. Hill Of the Great
Northern made the following state
ment during the day:
81 never bought or sold share Ok
Northern Pacific stock on the floor OF
the exchange and what is more in six
months / have neither acquired nor
gotten rid of Northern Pacific stock
or any other stock When the fog OF
battle lifts and the air becomes clear
er, as I believe it soon will, people
will see many things in a much clears
er light than they do now. We never
have had control Of the Northern Par
cif1c road; we don't want control; we
are not trying to get control and under
the law we could not retain controA
if we ever got it,
There has been an apprehension
that large sums Of money might be-
called from New York by the country
banks, but so far there has been no
evidence in support of this theory.
On the other hand money is being for"
warded to New York by bargain hum
tiers from all over the country who
wish to secure cheap stock
After noon there seemed to be more
steadiness to prices and Southern Pa
cific rose to SO IL, Louisville to 81
Manhattan to 106, United States Steel
preferred to 80 and st. Paul to 153-
United States common, after selling
at 46. dropped to 40. Chicago, Bur-
lington and Quincy sold at 179 foFi
1000 shares. Then there was rally
in Steel preferred up to SO, Union Pa
cific following to 90. Baltimore and
Ohio sold at 80, Missouri Pacific go
American Tobacco 105 and Missouri
Pacific at 95
At 1928 Northern Pacific common
sold at 700 for cash. At this time the
| market seemed to have better tone
than at any period during the day
and the price changes between sales
were not so wide as they had BEEN
during the wild fiurries of the earlleR
part of the session.
Several Failures Announced.
At 1 O'Clock the failures Of Charles
r. Steckles, W. H. Brewer and ]. t.
Lee we're announced on the Consol"
dated Exchange. Rumors were cir
culated affecting the credit of sew
eral Stock Exchange houses but they
were soon officially denied. Shortly
after / O'Clock A. A. Houseman & Co..
loaned $1,000,000 at per cent and i6
was said that other strong firms were
lending their available funds in the
efforts to check the declines in prices
The banks, on the other hand, became
more conservative and decided to loan
only to their regular customers. Some
borrowers were forced to pay from
10 to 40 per cent for money A more
hopeful FEELING was strengthened DS
semi-official statements that the lead
ers in the financial world had insisted
that the Hartman MoFgan-Hill people
should come to some basis of agree
ment IN order to relieve the situation
At 1880 p. N. prices seemed to be-
fairly steady, United States Steel COM
mon finding support around 40 and the
preferred around 80. At this time
there was some activity in bonds with
apparently good absorption Of the
Standard issues. A clearing house
notice was sent out at 80 saying THAI
all transactions in Northern Pacific
common will be ex-clearing house untiF
further notice. This means that SELL
ers of the stock will not be called
upon to deliver 1t at present.
At 1920 o. m. 60 per cent was bid
for money.
PANIC IN LONDON.