Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-05-09

must free himself from his load Of stocks
and stand from under, lest worse should
happen. They had hoped that before the
opening of business some announcement
might be made that the Northern Pacific
speculative shorts might escape on
agreed terms, but the first sales Of that
stock dispelled the Illusion.
At 40 o'clock the statement was made
that j. z. Morgan & Co. and Kuhn, Loeb
& Co. had just agreed not to enforce de-
liveries on Northern Pacific stock today.
With this announcement there came
rally in prices throughout the general list.
Atchison common selling up to 611a, the
preferred to SO, Manhattan to 100, and
others in smaller proportions.
Just before u o'clock there was rapid
and sensational rise in United States Steel
to 45. Manhattan got up to 1O5 Southern
Pacific to 3612, Amalgamated Copper to
1O1, AtchiSOn preferred to 80. and others
rising a point or two at a time.
The Rally Was Short Lived.
The rally did not hold for more than
moment and United States Steel common
sold at 2512; St. Paul, 1873; Northwest, 1852;
Pennsylvania, 1882 and United States Steel
preferred, 10 Atchison. however, became
tirmer and 1900 shares Of the stock sold
at "a. Western Union sold at ssh; sugar,
135: Southern Railroad, at u; Southern Pa
cific, %; Chesapeake and Ohio, 80, ana
Brooklyn Rapid Transit, 6S1a
At noon the assignment of Charles X.
Sickels, broker, was announced
President j. ]. Hill of the Great Northern
road made this statement today:
Il never bought or sold share OF Nortn-
ern Pacific stock on the floor, and, what IS
more, in six months l have neither ac-
quired nor gotten rid of Northern Pacifc
stock or any other stock. When the Jog
of battle lifts and the air becomes clearer,
as | believe it soon will, people will see
many things in d mucn clearer llght than
they do now.
Eve have never had control Of the North
ern Pacific road; we don't want control;
vol n1o1, md
the law we could not retain control II ever
we got it,
There has been apprehension that large
funds 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
forwarded to New York largely by bargain
hunters from all over the country who
wish to secure cheap stock.
More Steadiness After Noon.
After noon there seemed to be more
steadiness to prices and Southern Pacific
rose to 3s1a, Louisville to 81, Manhattan to
JOG. United States Steel preferred to so and
ST. Paul to 1913. United States Steel COM
mon, after selling at 40, dropped to 40
Chicago, Burlington and Quincy sold at 179
for 1000 shares. Then there was rally
In steel preferred up to IS, Union Pacific
following to 90. Baltimore and Ohio sold
at 50. Missouri Pacific, 80; American To-
bacco 1U5, and Missouri Pacific at 95. Then
came an official announcement on the tape
by Street & Norton that they would not
demand delivery today of $4,000 shares of
Northern Pacific common to them. This
announcement was followed by rally In
Manhattan to Jos, Steel to 4s, Burlington to
1S2, Southern Pacific to 43l2, Atchison to
63 and Steel preferred to 90.
AT 1925 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
noar hpty Sl1 Uyara vii
they had been during the wild furries of
the earleir part of the session.
Even Standard Oil declined to $3.50 a
share. drop of III points from last nights
close.
The Opening in Northern Pacific.
The opening in Northern Pacific was at
10 on the sale Of 800 shares, compared
with 16O last night. The next sale of 200
shares was at 175, the next 300 at $50, the
next 200 at 10, followed by the sale of 300
at 19O for cash. marking the requirement
of the short interest which had failed to
borrow stock for delivery last night. Else
where in the list there were heavy breaks
Union Pacific opened on simultaneous
sales Of 5000 shares all the way from 113
down to LOG, compared with ia at the close
last night.
The sales of St. Paul were Of 14,OOO
shares at 165, compared with 1914 last
night, but the stock quickly ran off 11a.
United States Steel preferred opened at
95S, went down to 80 on the purchase Of
10000 shares, compared with 951a last
night.
Opening dips in other stocks were In New
York Central, 4; Missouri Pacific, 8; Louis
vile. 314; the Atchison stocks, 31a each, and
from l to points in other principal active
stocks. Burlington was opened up "a and
Kansas and Texas points, Pennsylvania,
/ 1-S, and Amalgamated l.
There were quick rallies at many points
in the list under the powerful supporting
orders which had been placed to check the
decentralization. But prices kept melting
away again under the prodigious offerings
to realize. Sales of Northern Pacific at 210
for cash indicated the ruinous terms on
which the shorts were being forced to cover
their contracts, and kept alive the dread
of the effects of the corner on the rest Of
the market. The regular quotations for
Northern Pacific ran up to 205, while the
cash quotations went up to 225. The f1uctu-
ations in the general list were violently
erratic, going up and down by wide ranges
continually.
At Ills Northern Pacific sold at 81 600 a
share for cash
Another Failure Announced.
At o'clock the failures Of W. H. Brewer
of 60 Broadway and ]. T. Lee of 62 Broad
way were announced on the consolidated
exchange. Rumors were circulated affect
Ing the credit Of several stock exchange
houses, but they were soon officially denied.
Shortly after 1 clock A. A. Housman &
90. ioaneu >l,UooOo at u per cent, ana II
was said that other strong firms were lend
ing their available funds in the efforts to
check the decline 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 hope
ful feeling was strengthened by semi-official
statements that the leaders in the financial
world had insisted that the Harriman-Mor-
gan-Hhl people come to some basis OF
agreement in order to relieve the situation.
The sensational decline of GO per cent In
Delaware and Hudson was followed by
quick recovery of 90, and United States
Steel stocks seemed to hold their own for
time. Southern Railroad sold up to 20, then
reacted to 24A. Reading became firm around
271s, Amalgamated Copper around 1OS and
Atchison preferred at from 90 to 81
Continental Tobacco kept a firm front at
49, Atchison then ran off to 65la, Missouri
Pacific to 81, St. Paul to 14O, Steel to Al,
Manhattan to 1l0, Erie to 3Oa4, and other
stocks declined somewhat in sympathy
The feature of the situation was the
closing up for the day Of a number Of small
brokerage concerns, not because Of finan-
cial embarrassment, but because they