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The Only Paper In The State of Montana That Dares to Print The News. The Butte Inter Mountain. VOL. XXI. NO. 43 Probably Showers Tonight BUTTE. MONTANA, THUUSDAY EVENING, MAY 9. 1901. Cooler Tom PRICE FIVE CENTS Wild Panic on the New York Stock Exchange Northern! Pacific Sells fr. SI,000 a Share THE STANDARD OIL DECLINES XXXXXXXXXXX O XXXXXXXXXX * X New York, May 9, 12:25 a. m.— X Standard Oil declined to 650 a X share. A drop of 171 points. X X X X X xxxxxxxxxxx oxxxxxxxxxx SIXTY PER CENT FOR MONEY XXXXXXXXXXX oXXXXXXXXXX X X X New York, May 9, 9:40 a. m.— X X Sixty per cent is bid for money X X on call loans. X X X XXXXXXXXXXX OXXXXXXXXXX The story of the great Northern Pacific corner reads like a romance. In revenge for the interference of the Hill-Morgan interests in the Southern Pacific, the Oould-Harriman combine quietly bought up a controlling interest of the Northern Pacific. With $80,000,000 of the stock in the market, they cornered practically all of it, and today are asking their price. The crash will doubtless end the financial career of hundreds of brokers who sold short. The rest of the stock market is demoral.zed, and the inflation of the past few weeks is disappearing like a bad dream. All stocke are suffering from the commotion, many of them losing all they had gained in the weeks of riotous speculation. The corner on Northern Pacific is regarded as the greatest deal of the kind in the History of the country. (By Associated Press.) New York, May 9.—The great excite ment and heavy decline in practically all securities except Northern Pacific which began on the stock exchange yesterday afternoon continued today. From the moment of the exchange's opening the trading was furiously active GEORGE J. GOULD, Who Is Fighting J. J. Hill. and for the first half hour at least ap parently without support, although Northern Pacific rose higher and higher on bidding of the frightened shorts. This stock rose rapidly from 170 to 190 and then almost without a pause the ad vance kept on until at 10:35 o'clock $300 was paid for 500 shares for immediate de livery. At the same time 100 shares for tomorrow's delivery were sold for $230.' All this time as fast as Northern Pa cific went up other stocks were going down. The opening declines in New York Central, Missouri Pacific, Louis ville and Atchison ranged from two to five points and it seemed for a time as If orders were being given to sell with out regard to prices. This wildness was uninterrupted until about 10:40, when It seemed that for the moment at least there was a disposition ! to steadiness. The steamships Majestic and Servia. which arrived from Europe last even ing, brought in their mails large blocks of Northern Pacific common for the ac count of arbitrage houses, which were delivered to them In the early mails this morning. Where the Interest Was. Stocks were sold for instant delivery en the stock exchange, but apparently there was not a drop in the bucket, for the frantic demand for the stock was not effected, All Intereèt centered In the reports that conferences were being held to patch up a truce preliminary to a per manent basis of agreement between the rival interests in Union Pacific and Northern Pacific. It was generally ac cepted by the street that the Burling ton deal would go through but that It would be arranged on some basis satis factory to the Kuhn, Loeb company and Harriman people. Indeed it was said that the Harriman syndicate was in a position to dictate terms but that it did not wish to proceed arbitrarily In the matter. It was denied by Kuhn, Loeb and company and their associates in the deal that they had any desire to "squeeze" tlfe shorts, all of their buying having been simply to secure Northern Pacific stock for voting purposes and not es a speculative manoeuver. At the stock exchange clearing house It was said the balance of Northern Pacific common to be delivered was 80, U00 shares; practically all of which was to be delivered at 150. The largest stn\'e lot was 18.000 shares by a large Inter national banking house, and there are large lots from seven to twelve thousand fthares. The floor of the exchange at the open ftig showed the most excited throng of brokers seen in years, and among those present were many members who are rarely seen in the trading crowds. The opening was chaotic. The one de sire seemed to be to sell—sell to anybody who was willing to take stock and give money for it. When tt appeared that the ''cornei'" operators were determined to have their pound of flesh from the people caught in their net, everybody felt that he must free himself from his* load of stock and stand from under, lest worse should happen. They had hoped that before the open ing of this morning same announcement might be made that the Northern Pad- ! fic shorts, would escape on good terms, ] ! but the first sale of the stock dispelled the illusion. The most prominent figures in the fin ancial world were vitally interested in the outcome of the unprecedented sit uation disclosed by the Harriman peo ple for control of Northern Pacific and throngs, crowded the officers of J. Pler pont Morgan and company, Kuhn, Loeb and company, the First National and the National City banks, eagerly awaiting news. There many conferences of vari ous financial leaders were held through out the morning. It was learned from an authoritative source that up to 11 o'clock no com promise had been agreed upon, but that the situation was more hopeful than it had been. Efforts to arrange conferences between the conflicting interests were resumed this morning and while no definite steps* have been takn it seems certain that there will be a meeting and with it peace. Kuhn, Loeb and company, who openly declare that they have a majority of tha Northern Pacific stock, said to-day that their policy is a conciliatory one, and that they have reached out with all the strength of their position and influence In an effort to protect Instead of crusffi. The offer to loan Northern Pacific stock to the shorts, made to J. P. Mor gan & Co. yesterday, was renewed by Kuhn, Loeb & Co. today, and a readiness Indicated to lend in proportion to the re spective holdings. The latter feature of the offer would, it 4s known, force Kohn, Loeb & Co. to advance the greater num ber of shares. A man high in authority in the street and close to the Harriman-Kuhn, Loeb & Co. group of financiers, said: "We will continue to seek a settle ment upon a responsible basis. We do not wish to see innocent men suffer, and have no disposition to A. J. CASSATT, Président of the Pennsylvania. ! ] m WILD SCENES DURING PANIC ON NEW YORK STOCK EXCHANGE PRESIDENT HILL MAIES A STATEMENT. XXXXXXXXXXX O XXXXXXXXX3ÎXXXXXXXXXXX O XXXXXXXXXX New York, May 9.—President Ji~J. Hill, of the Great Northern road, made this statement this morning: "I never bought or sold a share of Northern Pacific stock on the floor, and what is more, In six months I have neither acquired nor gotten rid of Northern Pacific stofck or any other stock. When the fog of battle lifts and the air becomes clearer, as I believe it soon will, people will see many things in a much clearer light than they do' now. "We never have had control of the Northern Pacific road: we don't control; we are not trying to get control, and under the law we could not retain control, if ever we got It." XXXXXXXXXXX o xxxxxxxxxxxxxxxxxxxxx o xxxxxxxxxx JAMES J. HILL, President ISbe Great Northern. ' dictate uqfair terms. The offer of Kuhn, Loeb & Co. to loan stock to the shorts is still open.. The firm's policy is conciliatory. It would pro tect rather than destroy. There are efforts afoot to get the conflicting in terests together and I am hopeful as to the immediate future." It is positively stated that the Bur lington deal will go through, but It Is felt that the 'onditions of its new ownership will vary materially from this in view when the Great Northern first submitted its offer. The trading in Northern Pacific became so wild and excited toward 11 o'clock that prices changed rapidly 25 and 50 points at a time. A sale at $530 was recorded, and almost immediately another came out on the tape at $700. This was for tomorrow's delivery and not a cash sale, as some of the earlier ones had 'been, thereby indicating a be lief on the part of the purchaser that tfie short commitments were so large that the stock to come from Eurojie would afford little or no relief. The great qxcitement in the stock and the frantic efforts to buy would seem to show that the short sales were much larger than were supposed yesterday. Shortly after 11 o'clock ail support - seemed to be withdrawn from the stock market and prices began falling many points between sales. Union Pacific went down rapidly and 4,000 shares of the stock were sold at 85. The same amount 1,000 shares of Missouri Pacific were sold at 97. People's Gas of Chicago, Brooklyn Rapid {Transit, Amalgamated Copper, the Atchison and St. Paul fell off and made sensational declines, the like of which had not been seen for many and many a year. St. Paul sold down to 145, Missouri Pa cific to 63, Erie to 29, United States Steel pfd. to 89, Atchison pfd to 85, Southern Pacific to 45, Western Union to 87 and then almost immediately Amalgamated copper fell to 97, Erie to 27, Atchison common to 57. Union Pacific 86, Rock Is land to 148; Missouri Pacific to 8S and Louisville to 99. Then the^ape recorded the sale of 1, MO shares orUnion Pacific at 80. In rap ir succession came sales of Union Pacific a 81, then a rally to 85, Pennsylvania sold at 139, New York Central 143, Peo ple's Gas 103 1-2, Atchison 65, Erie 25 1-2, B. && O pfd 86 1-2, United States Steel 39, Missouri Pacific 73, Amalgamated Copper 97. 'Manhattan 85, Southern Pacific 38, Atchison pfd 72, Louisville 90 Brooklyn Rapid Transit 72, Rock Island 141, STOCK BROKERS VENT BROKE XXXXXXXXXXX O XXXXXXXXXX X X X X X X xxxxxxxxxxxoxxxxxxxxxx New York, May 9.—The assign- X ment of Charles B. Streckeis,, stock X broker, is announced. X Steel pfd 85, Baltimore & Ohio 96 3-4 and People's Gas 101. It was stated by a man close to the successful interest in Northern Pacific that members of the syndicate deprecated of the third large interest in the stock in taking enormous profits from the shorts and that one of the motives in seeking an agreement was to defeat the speculative pool. At 11:45 the statement was made that J. P. Morgan and company and Kuhn, ' 6Loeb and comp any had just agreed not to enforce deliveries on Northern Paci fic stock today. With this announcement there came a rally in prices throughout the general lists, Atchison common sell ing up to 61 1-2, the preferred to SO, Man hattan to 100 and others in smaller pro portions. The rally did not hold for more than a moment and United States Steel com mon sold at 25 1-2; St. Paul 138; North west 190 1-2; Pennsylvania 138 1-2 and United States Steel pfd 70. Atchison, however, became firmer and 1,500 shares of the stock . ,'d at 64. Western Union sold at 85 1-2, sugar 135; Southern rail way at 21; Southern Pacific 29; Chesa peake and Ohio 38 and Brooklyn Rapid Transit 68 1-2. There has been apprehension that large funds of money . light 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 securî cheap stock. After noon there seemed to be more steadiness to prices and Southern Pa cific rose to 38%., Louisville to 97, Man hattan to 106, United States preferred to 80 and St. Paul to 153. United States Steel common, after selling to 46. Burlington sold at 179 for 2,000 shares. Then there was a rally in Steel ptiferred up to 88, Union Pacific following to 90, Baltimore & Ohio sold at 89, Missouri Pacific 90, American Tobacco 105 and Missouri Pacific at 95. Then came an official announcement In the tape by Street & Norton that they would not demand delivery today of 80,000 shares of Northern Pacific com mon to them. This announcement was followed by a rally in Manhattan to 108, Steel to 43 Burlington to 182, Southern Pacific to 43%, Atchison to 63 and Steel preferred to 98. At 12:25 Northern Pacific common sold *8 WILLIAM K. VANDERBILT, The Railway Magnate. $1,000 FOR NORTHERN PACIFIC XXXXXXXXXXXOXXXXXXXXXX 5 * X New York, May 9, 11:15 a. m.— X X —Northern Pacific sold at $1,000 a X X share for cash. X % X XXXXXXXXXXX o xxxxxxxxxx at 700 for cash. At this time the market seemed to have a 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 flurries of the early part of the session. Even Standard Oil declined to 650 a share, a drop of 171 points from last night's close. Northern Pacific almost disappeared from the record as the announcement was made that its delivery would not be demanded today, which was the ef fective cause of allaying the extrema nervousness. There was a transaction in 100 shares at 500 shortly before F o'clock. At 1 o'clock the failure of W.1 H. Brower of 60 Broadway and J. T. Leg of 62 Broadway were announced on thé Consolidated exchange. Rumors were circulated affecting the credit of several stock exchange houses, but they were soon officially denied. WILLIAM ROCKEFELLER, A Director of Several Railroads. Shortly after lo'clock A. M. Houseman S( co. loaned $1,000,000 at 6 per cent, and 1( was said that other strong firms weva lending their available funds in effort.? to check the decline in prices. The banks on the other hand became con servative and decided to loan only to their regular customers. Some borrow ers were forced to pay fom 10 to 40 per cent for money. A more hopeful view was strengthened by semi-official statements that the lead ers in the financial world has assisted, and that the Harrlman-Morgan-Hill peo ple had come to an agreement in order ta relieve the situation. The sensational decline of 60 points in Delaware & Hud son was followed by a jerk recov ery of 50 points, and United Slates Steel stocks seemed to hold their own for a time. Southern railroad sold up to 26, then reacted to 24%. Reading be came firm around 27%, Amalgamated Copper around 108 and Atchison preferred at from 90 to 91. Continental Tobacco kept a firm front at 46. Atchison then reeled off to 65%; Missouri Pacific to 97; St. Paul to 140; Steel to 41; Manhattan to 110; Erie to 30%, and other stocks de clined somewhat in sympathy. Brokers Go Broke. The feature of the situation was the closing up for the day of a number of small brokerage concerns, not because of financial embarrassment, but because they deemed it unwise to do any busi ness at all in such a market as to day. At 1:30 p. m. prices seemed to be fair ly steady; United States Steel finding support around 40 and the preferred around 90. At this time there was some activity in bonds with apparently good absorption of standard iss,ues. A clearing house notice was sent out at 1:30 saying that all transactions in Northern Pacific common would be ex clearing house until further notice. This means; that sellers of the stock will not be called upon to deliver it at present. Sixty Per Cent Interest for a Day. After money had gone to sixty per cent it was reported on the street that a num ber of bankers went into conference with the object of making arrangements to lend $ 16 , 000,000 on the stock exchange at low rates. J. P. Morgan and company wore lenders of large sums today at six por cent. Notwithstanding that Kuhn, Loeb & Co. claim the control of Northern Pacific, It was said at the ottice of J. p. Morgan & Co., that their firm has contracts for delivery of stock sufficient to give them a majority. The Evening Post quotes an eminent authority of the railroad world as fol lows: • It will be recognized when the field of battle clears that the balancé of railroad power must not be seriously disturbed. Interests at stake are too tremendous and too powerful to be aroused. It only means retaliation of a disastrous nature which can be avoided by checking reck less ambition and leaving the great rail roads of the country free from alliances and open to all their connections. Fur ther unit!, a tien of gr.at railways and forming of trans-continental systems' wiil be ill opped as plans will be recog niz. 1 as toroing compeiiiiutt but on a gigantic scale.