The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-05-10
THE COURTS AID INVOKED.
An Injunction Order Jsed 10 step the
Will Strect Pnnic.


NEW YORK, May Ia-The unprece-
Gented spectacle Of a Supreme Court
Justice issuing an injunction restraining
the giants OF Wall Street from buying or
selling a certain stock. has been presented
on the Stock Exchange
The restraining order was issued by
Justice Henry A~-GiideTsleeve, sitting in
the Supreme Court yesterday, and pro-
hibited Messrs. Hartman, Hili, Kuhn,
Loeb & Co. J. ?. Morgan < Co, Rudolph
Happier, as President Of the New York
Stock Exchange, and the New York Stock
Exchange, from buying shares of North
ern Pacific stock
The injunction was granted at the re
quest Of David Lamar. broker. who Is
said 10 have acted as an agent for James
Il keens- Mr. keene is credited with
having instituted the proceedings for the
purpose of relieving the condition Of the
market. This order was used as 4 club
to compel the warning factions to break
the corner and allow the shorts to settle
at 150
According TO the Times J P Morgan
& Co. applied on Monday last to certain
speculative interests TO purchase secretly
on their behalf I09005 shares Of Northern
Pacific stock This firm and their pTin-
cipaI associate, J. J Hill, believed their
control of this railroad 10 be IN peril and
desired the stock for the purpose of
insuring their ownership of the majority
of the capital stock
The speculative interests agreed upon
the understanding that the transaction
was legitimate and intended only for &he
aforesaid purpose. The amount Of stock
desired by Nessrs- Morgan & Co was
quickly purchased at an advance of only
s points.
Upon the following day it was developed
that interests represented by AIessrs- E
H. Hartman and Kuhn, Loeb & Co. had
acquired an enormous amount OF prefer
red and common stock of the company
also for the purpose OF control. The re-
suit Of the contending forces was a corner
Of the stock.
The speculative interests referred to,
which had unwittingly participated in
bringing about condition Of affairs
which they least Of all desired, were
amazed at the effect of their own handi-
work as evidenced in the market These
gentlemen applied TO both Kuhn, Loeb <
Co. and J. P. Morgan * Co for authority
10 relax the tension in Northern Pacific
so as to stop the panic in the general
market. For an hour the representatives
are said to have pleaded with the repre-
sentatives Of both firms, but in vain
Then the gentlemen who had done the
pleading went in haste 10 consult their
counsel. who were Nessrs. Henry L
Scheuerman and Herbert r. I1imburger,
Of the firm Of HoadIy, Lauterbach &,
Johnson.
IN an hour the pleaders again appeared
at the Offices Of Morgan & Co and Kuhn.
Loeb & Co They produced the order
which had just been obtained from JUS
tice GiIdersleeve- The defendants in this
suit in addition to the broker in question
were Messrs- Harrirnau, Hill. Kuhn Loeb,
& Co, j P Morgan & Co, Rudolph Kap-
pier. as President Of the New York Stock
Exchange, and the New York Stock Ex-
change
The court ordered that the defendant
broker be restrained from purchasing any
stocks Of the Northern Pacific Railroad
Company IN order TO close the account of
the plaintiff or for any other purpose on
behalf Of the plaintiff, OF on account Of
the plaintiff and all the defendants other
than Rudolph Happier and the New York
Stock Exchange are restrained and en-
Joined by the order from making any
transaction whatsoever with respect TO
the stock of the Northern Pacific Rail
road Company on behalf Of the pIaintiT
ana KudoIph happier and the New York
Stock Exchange are restrained from or
dering, directing, or requiring the pur-
chase Of any stock Of the Northern Pa
cific Railroad Company by or on behalf
Of or on account Of the plaintiff
The man at whose instance this order
was procured stated to Mr.. SchiT and AIr
Bacon, representing the respective con-
tending interests, that unless immediate
relief were granted the order would be
served and a similar order would follow
on behalf Of all other houses short Of the
stock before 2:15 .. m. Confronted with
this situation the c5ntendinE forces were
not long in reaching a decision. AH tn
conditions of the agreement have been
complied with. The injunction was held
unserved pending the 1uIfll1nent Of the
conditions