The Lexington intelligencer. [volume] (Lexington, Mo.) 1901-1949, 1901-05-11
||CSNEEPS THE MARKET.
1orn Pacific Stock Reached the
Figure Of $1,000
In New York.
yIRHs ELSE RAPIDLY DROPPED,

II was In Feverlsh Demand ana
|.eehed 90 Per Cent. shortly After One
Banks Checked the
La Decline In Stocks by Offering to
80 Several Millions at Six Per Cent.
NJ York, May 9.-The trading In
bern Pacific became so wild and
led toward II o'clock Thursday
rrices changed rapidly rs and 50
rs at a time. A sale at $50 was
|tded and almost Immediately an
came out on the tape ct 700.
ras for Fridays delivery, there
1i'icating a belief on the part of
nrchaser that the short commit,
'x were SO large that the stock to
from Europe would afford lit
n no relief. Meanwhile prices of
bus other stocks were forced
b from one to three points and
|fnally the entire market crum-
away again. Northern Pacific
at 23O, the regular way, stimuli
tusly with a purchase at 300 for
md on next sales at 800 regular
zoo for cash.
|o,11:15 Northern Pacific sold at
|H q share for cash.
i1:40 the statement was made
D. p. Morgan G. Co. and Kohn,
& Co. had just agreed not to
|Ice deliveries on Northern Pacific
|& With this announcement there
b rally in prices throughout the
|@hl list, Atchison common selling
61h, the preferred at so, Man
|n TO 100 and others in smaller
|<,rtions.
In came an official announcement
||e tape by Street & Norton that
Nould not demand delivery of s0,-
|z.hres of Northern Pacific common
n<n. This announcement was fol-
A BY rally in Manhattan to los,
! H| 10 IS. Burlington to 1872, South
Iacific to 43h and Atchison to
10 1925 Northern Pacific COM
.<old at 700 for cash. At this time
market seemed 10 have a better
than at any period during the
hnd the price changes between
H were not so wide as they had
during the wild flurries of the
Her part of the session. Even
Ndard Oil declined to $3.50 a share,
|Fop of III points.
one o'clock the failures of w. II
|wer, of go Broadway and J. T. Lee
ID Broadway. were announced On
consolidated exchange. Rumors
Is circulated affecting the credit
everal stock exchange houses, but
n were soon officially denied
|rtly after one o'clock A. A. Hous
& Co. loaned $1.O0O,0O0 at 81,
cent, and 1t was said that otheI
bng firms were lending their avail
funds in the efforts TO checl
declines in prices. The banks
the other hand, became more con
sative, and decided to loan only Il
B regular customers. Some Dor
ers were forced TO pay from 10 II
Yer cent. for their money.
fter money had gone to 60 pc
!, it was reported that a Rumbe
bank presidents went into confer
! with the object Of making ar
gements to lend s16,OO0.O00 on tn
ck exchange at low rates. ]. 7
fgan q Co. were lenders Of larg
BIS to-day at six per cent. At tw'
iock, semi-official announcement
made that the Gallstin nationn
hk would lend s16,o0o,000 at six pc
It,, acting for the associated bank
The city.
Notwithstanding that Kohn, Loe
Co, claim the control of NOrther
cific, II was said at the Office OF j
Morgan & Co. that the firm has con
Nets for delivery Of stock sufficien
give them a majority.
rhe Evening Post quotes an EN-
nt authority of the railroad worl
follows: "It will be recognize,
Zen the field of battle clears, th1
balance Of railway power must no
seriously disturbed. Interests a
Eke are too tremendous and TO
werful to be aroused. 1t onl
BANS retaliation of q disastrous MT
Re, which can be avoided by checI
b reckless ambition, and leavin
2 great railroads of the countr
ee from alliances and open to a
eir connections. Further unific;
Pn Of great railways and formin
'transcontinental systems will Q
opped now, or such plans VIII .
|cognized as forcing competiti'
Hiding on a gigantic scale"
President J. J. Hill. of the Gre'