The Butte inter mountain. [volume], May 10, 1901, Image 1

About The Butte inter mountain. [volume] (Butte, Mont.) 1901-1912

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THE BEST THING BUTTE EVER HAD--WHAT? TOMORROW'S INTER MOUNTAIN
BEG. BORROW«! STE/U, JUST SO YOU
OET ITI GET ITI
GET ITI GET ITI
The Butte Inter Mountain
VOL. XXI. NO. 44
Fair Tonight
BUTTE. MONTANA, FRIDAY EVENING, MAY 10. 1901.
Cool Tomorrow
PRICE FIVE CENTS
Wall Street is Slowly
Recovering From Panic
BY II DAY OF FINANCIAL CALM
price*
All Stocks Go Up With the News That
Northern Pacific Shorts Will Not
Be Squeezed—May Settle
Their Shortage tor
$150 Per Share.
(By Associated Press.)
New York, May 10.—Sentiment In the
financial world was much reassured to
day by the announcement made last
night that the shorts in Northern Paci
fic were to be settled with at 150, there
by ending the corner in the stock. Brok
erage offices were fllted with speculators
at an early hour and to some of the
large houses admission was to he had
only by ticket. Before the New York
opening Interest centered in London's
quotation, and when these came much
higher than yesterday's New York close,
the better feeling became stronger and
the New York opening prices were wait
ed with a confidence In marked con
trast to the complete demoralization
that has prevailed on every hand yes
terday morning. A dispatch was received
from London, saying that at 1:45 in that
city American securities were higher,
St. Paul being quoted at a 20 point ad
vance and Union Pacific showing a rise
of 10 points. The 12:30 * in London
(the figures given are the New York
equivalent) with the changes from last
night's close were as follows:
All Going Up.
Atchison 70(4, advance 3%; Canadian
Pacific 98%, advanced 1%: St. Paul 159%.
advance 18%; Illinois Central 133, ad
vance 1%: Louisville 96%, advance 1%;
Union Pacific preferred 91%, advance
1%; Erie 33%. advance %; United States
Steel 40%, advance %; United States
Steel preferred 92%, advance 3(4; Ana
conda 45%, advance 3%. Northern Pa
cific sold in London at a price equiva
lent to 134(4 In New York.
The London 2 p. m. quotations showed
further advances, Atchison preferred
being up 6%; Baltimore and Ohio 2%:
Mexican Central 3%; Louisville 1% and
Chesapeake and Ohio 2%.
The first quotation on the ticker tape
recorded a sale of Amalgamated Cop
per at 108, a rise of three points. This
wag followed by a sale of Heading first
preferred at 71(4 os against 70 at yes
terday's close. As sale after sale of
various stocks showed higher prices the
traders felt that the worst was over.
Anxious for Northern Pacific
The anxiously looked for opening of
Northern Pacific was a transaction of
300 shares at 150, and this w'as taken as
an indication that all all of the minor
holders of the stock had decided to set
tle with the shorts at the figures agreed
upon by J. Pierpont Morgan and com
pany, and Kuhn, Loeb and company.
Amalgamated Copper rushed up to 110(4
and St. Paul sold at 155; Steel preferred
at 92; Louisville at 99(4; Union Pacific
at 95; Atchison preferred 95; Burlington
188, and Missouri Pacific at 100, all of
these figures indicating substantial im
provements from last night.
In spite of the better tone, however,
the market was very feverish and price
changes after the first spurt became
wide and erratic. There was much doubt
in the street as to whether the decision
of the holders of Northern Pacific to be
easy with the shorts meant more than
a temporary truce between the conflict
ing interests. Many securities have sold
at their high record figures recently on
the belief that they would enjoy much
beefit from one or the other of the vast
consolidation schemes for which differ
ent railroad managers were working,
and some hesitation to buy was caused
by the fear that hostilities due to the
Northern Pacific contest may delay in
definitely or prevent altogether the plans
for extensive combinations of railroad
capital under closely centralized manage
ment.
Cheering News.
At about 10:20 the cheering news was
given out that the stock exchange had
officially announced the successful pass
ing of all clearing sheets and the honor
ing of all checks given by exchange
effectually disposed of the rumors cur
rent yesterday that certain houses would
■be unable to meet their obligations on
yesterday's contracts.
The trading became so feverish around
10:30 that it was very hard to follow' the
price charges, but there was a notable
absence of the rush to sell which was
the distinguishing characteristic yester
day morning. Amalgamated Copper
held firm around 110, Southern Pacific at
47. Atchison at 70, preferred at 93: Man
hattan at 109(4, Brooklyn Rapid Transit
at 75 and Louisville around 96%. Steel
on large transactions kept close to 42.
Rock Island fell back from the open
ing price of 150 to 147. Continental To
bacco was strong, selling at 49(4. Penn
sylvania sold at 145 and Texas & Pacific
at 41. Southern Railway recovered to 29
and Canadian Pacific touched par. Ther
was a sale of 100 shares of Northern Pa
cific at 151.
Heavy Bale of Steel Stock.
At 10:45 the market showed a quieter
tone, with prices holding steady. There
was heavy selling of the steel stocks,
said to be for Chicago account, but It
seemed to be well taken, and the price
fluctuated from 41 to 42 for the common
and from 91 to 93 for the preferred.
About 11 o'clock the general list became
stronger, Union Pacific rising from 91(4
to 94, and Missouri Pacific sold up to 101.
(Continued on Page Three.)
FEDERATED AUSTRALIAN PAR
LIAMENT DUE TO THAT CAUSE.
CLEVER STROKE OF THE KING
Held the Regard of the Antipodeans
by Sending the Heir Apparent to
the Throne to Open the Great As
sembly—Covered the Blunders Made
by Home Authorities.
(By Associated Press.)
New York, May 10.—A dispatch to the
Tribune from London says:
The ceremony at Melbourne is the
chief theme of the English press, and is
discussed with dignity and enthusiasm.
Regret is expressed that this new tri
umph of imperialism has come before
Pax Britannica has been restored i i
South Africa, but the truth is discerned
that the Australian federation was ac
celerated if not brought about by the
call to arms which inspired loyalty
throughout the empire 18 months ago.
The creation of a united parliament
for the commonwealth is described by
more than one leader writer as the di
rect result of the emotion kindled by the
war in South Africa. The sagacity of
the king in sending out the heir to the
throne on this imperial mission at a
time when he would not have been cen
sured for cancelling the engagement
made by Queen Victoria, is fully recog
nized, and the moral is enforced that the
crown Is the chief link in binding to
gether the world-wide empire.
Imperialism was not considered by the
secretary of war when he lost sight of
the auxiliary forces of the colonies in
formulating a scheme for the reorgani
zation of the army, and the chancellor
of the exchequer forgot the colonies
when he proposed independent changes
in customs and finance systems with
out special concessions to their interest
and welfare.
The Xing Saved the Day.
It is the king, by forethought, in dig
nifying the Australian parliament, who
has shown himself an astute Imperialist
and Imparted Increased impetus to the
movement for imperial federation in a
stagnant and depressing period when
the nation was without enthusiasm foi
any great cause and waiting wearily
for the end of an inglorious war.
The civil list proposals have been con
sidered by the commons, after an agree
ment had been reached between the two
front benches in the select committee.
Adverse criticism was consequently re
stricted to the Irish nationalists, wh.i
had declined representation on that com
mittee, and to the radicals, who were
disposed to support Mr. Labouchere in
his expression of dissent in the minority
report.
The business has been so well managed
by the court that opposition to the new
settlement of crown revenues and the
civil list was not serious, although ob
jections had been raised to the payment
of 110,000 pounds in a lump sum fer the
privy purse of the king and queen. The
civil-list does not prove vexatious fo»
the government.
PIONEER OI L PIPE LINE MAIYi
Death of the Originator of Great Net
work of Linea That Carry
Petroleum to Market.
(By Associated Press.)
New York, May 10.—Col. Robert Em
mett Hopkins is dead at his home in
Tarrytown, N. Y. He was 68 years of
age.
Col. Hopkins was born at Pompey,
Onondaga county, N. Y., on March 24,
1833. He taught school at first in Ohio
and later in his native town.
He recruited a company of volunteers
for the 149th. New York Infantry, received
a commission as captain, and saw ser
vice with the army of the Potomac for
two years. He was captured by the con
federates at the battle of Chancellors
ville and was incarcerated in Libby
prison.
In May, 1865, he went to Titusville,
Pa., to engage in the lumber business
and prospect for petroleum. Meeting
with success In the petroleum field, he in
1876, organized the Tidewater Pipe com
pany, the first to lay a pipe line for the
transportation of crude petroleum to the
Atlantic seaboard.
National Skat Congres.
(By Associated Press.)
Chicago, May 10.—The fourth National
Skat congress will be held here May 11,
12 and 13. Arrangements -have been
made for tables to accommodate 1500
players. The first grand tourney will
be held Saturday, followed next day by
election of officers, a banquet and the
second grand tourney. Monday will he
devoted to a trip down the drainage
canal, and the closing session, when the
distribution of prims valued at 32000
will be mads.
i
THE CUBANS ARE IN FAVOR
OF THE PLATT AMENDMENT.
m I
SENATOR O. H. PLATT OE CONNECTICUT,
Author of the. Amendment.
(By Associated Press.)
New r York, May 10.—A dispatch to theft
Tribune from Havana says the const!-.
tutional convention reconvened Friday;
morning to discuss the report of the'
Washington comrqi*3lon. Members who
were absent in different pa: v of the isl
and have returned and there will ba
a full attendance.
Some members favor accepting the re
port and then passing a resolution' to ac
cept tly Platt amendment as understood
in the light of that report. Sentiment
seems to favor early action,, but some
discussion is inevitable and a few of the
radical members W'lll criticize accept
ance, but will not seriously oppose it____
Twenty-one member» are-now- count
ed on to-support the amendment, but
they are not fully agreed among them
selves regarding the farm in which the
convention shall exprès» Us position. A
IRISH NEWSPAPER ATTROKS THE KING
O'BRIEN'S PAPER SUPPRESSED BY POLICE FOR BITTER AS
SAULT on king Edward—Occasioned by English
CATHOLICS' STAND TOWARD THE THRONE
PEOPLE WERE WILD FOR THE NEWS.
Dublin May 10.—The police of Cork,
Limerick and other towns In Ireland
seized all the copies of William O'Brien's
weekly paper, the Irish People, found
at the news dealers to-day. The offend
ing articles, it now appears were abus
ive attacks on King Edward, Cardinal
vaughan, and the address to the king,
which, the paper declared, was such äs
might have been presented to a Legres
half a century ago.
The article finds consolation in thé
fact that the presentees were English
Catholics, "woh are repudiated by the
only really Catholic nation now In ex
istence. The loyalists represented Eng
land only, and if the English Catholics,
choose to acknowledge themselves su
perstitious ldolators it is no fault of
ours."
A considerable number of the paper
were seized, but many are already in
circulation, having been sold before the
seizure. The demand was, so great as
to almost exhaust the supply before the
police aDpeared.
In Parliament.
London. May 10.—At the conclusion of
the questions in the house of commons
today, John Dillon (Nationalist) moved
the adjournment of the house In
DROWNED IN BOILING BEER
Millionaire Brewer Falls or Jump« to
Mis Death in Om of His Great
Brewing Tanks.
(By Associated Press.)
Troy, N. Y., May 10.—Samuel Bolton,
Jr., a millionaire brewer and one of the
most prominent and Influential business
men of this city, has been found dead in
a vat of boiling beer in his brewery.
His body was literally cooked and death
must have been instantaneous.
Much mystery surrounds the circum
Americans Evacuate Pe 1 .i
Soldiers Going o Manila
f
majority want to go forward and adopt
an electoral law, so that the election*
ruäv be held in October.
Trouble Over Cuban Bonds.
A sharp controversy has arisen over
charges that members of the Washing
ton commission sought assurances from
the administration that the Cuban
bonds would be paid. They deny that
this matter was included -in the con
ferences with Secretary Root.
American real estate speculators who
have been selling lands in the Island
of Pines on the assumption that it was
American territory, are nervous over the
prospect of the United States getting
naval stations on the mainland, aban
doning Its claim to the Island of Pine*.
General Wood has g!vr> a dinner to
the members of the Washington com
mission.
order to call attention to the seizure of
Tne Irish People. Mr. Dillon complain
<--l that the action of the authorities was
grossly illegal and asked whether it was
due to the attack on Mr. Wyndhum.
the chief secretary for Ireland or to the
attack oh the king. Mr. Wyndham re
plied that it was owing to the attack on
the kitiig.
Continuing, Mr. Dillon said he was not
r'meerned to defend the violence of the
attack but any seizure should have been
done through the courts. Far more vio
■nt attacks on Queen Victoria had been
made in the English papers without their
living seized. The present action was a
I,low at the liberty of the press.
Wm. Redmond, (Nationalist) seconded
the motion, characterizing the article
complained of as a very proper and pa
triotic attack on the conduct of the chief
secretary.
Mr. Wyndham in defending the seiz
ure declined to "soil his lips with read
ing the attack on the king which con
stituted seditious libel, nor would he
wound the feelings of millions by propa
gating the outrageous, gross, scurrilous
lies of the article."
The motion for an adjournment was de
feated by a vote of 252 to 64.
stances which the authorities are trying
-j. unravel. One singular feature of the
ense is that Mr. Bolton's hat and watch
and chain were found on the floor near
the vat. Descplte this, friends of the
d.-ad man are of the opinion that his
^booking end was due to an accident.
Mr. Bolton aro*>e in his usual condition
of health and went to his place of
business, the Bolton brewery, at the
• ustomary hour. Late In the day he
vas found in the vat of boiling beer
m the second floor. Nobody about the
brewery seems to be able to throw any
light on the circumstances, and appar
ently no one saw him go to the second
floor of the building.
TURN OVER PEKIN GUARD TO THE
OUT OF BUSINESS
LONDON STOCK EXCHANGE WAS
PANIC STRICKEN.
ALL SPEECHLESS WITH FRIGHT
Brokers Lost Their Reason—Too Great
a Scare for Anyone to Make or Lose
Heavily—A Frenzied Mob Saw Its
Paper Millions Swept Away in an
Hour—Like the Day of Judgment.
(By Associated Press.)
New York, May 10.—A dispatch to the
Journal and Advertiser from London
says:
The London stock exchange closed one
hour after the New York exchange open
ed, owing to the difference in time.
Hence the full force of the Wall street
fluctuations was not felt until evening
when the cables told of the panic in New
York. Still the exchange, despite its sus
pense over New York's action, had.the
most exciting time of its history, inter
est in everything save the American
stocks having ceased. There was tremen
dous confusion but comparatively little
business was done. No broker would
make prices; nobody would buy.
But after the exchange closed hundreds
of brokers and speculators and investors
gathered on the crub in Shorters' Court to
await the news from New York. It was
a miserable day on 'change, but in the
streets after hours the scene beggared
description'. London has never seen the
like before- In a drenching rain, up to
the ankles in mud and menaced by pass
ing carts and stared at by unsympathetic
policemen, was a dense crowd of haggard
frightened men, speculators, brokers,
dealers, clerks, clients, all huddled to
gether in almost voiceless alarm. Now
and again halless men would dash fran
tically from the adjacent courts only to
find the price in something had gone to
pieces. Dealers were afraid to deal and
brokers did not know whom to trust. The
losses in the last few days have been ap
palling. So sudden and overwhelming a
break in prices has never before been
witnessed here, and the panic. Increased
to a tenfold degree, has chilled the health
of those who live by stocks. There may
be a rally and prices may rise'again, it
is said by some, but any such movement
is devoid of hope for those who have al
ready lost their all.
The utter helplessness of the crowd in
the street was the most striking feature
of the panic. The leaders of the market
had vanished from the scene and the ar
bitrage houses which do business be
tween Lodon and New York had not re
ported. Small dealers did not know what
prices were and could not tell whether
they were beggars beyond hope or still
had a chance of saving something from
the wreck. In that miserable state of
uncertainty they must remain until
morning, but they waited for hours in
dull expectancy appearing to extract
some dreary comfort from mingling with
others as wretched as themselves. No
more powerful picture of the ills of spec
ulatiun has ever been witnessed in Lnn
dun. The frenzied crowd which stood on
the curb, contained many men. who as
they saw their all swept away, looked
and acted as if their reason would go to
smash as their wealth had gone.
One particularly young dealer, who
bears a name long honored in the London
stock exchange, completely lost his rea
son. He offered to sell stocks at prices
many dollars below their worst quota
tions current. His broken voiced cries
were made more distressing by the fact
that no other sound for a time broke
the stillness.
However, even at such a time of gen
eral madness few ventured to buy even
the best stocks tit panic prices.
The extent of the movement in Ameri
can railways was not revealed in the
quotations and the differences on the bal
ance sheets conveyed little idea of ihe
extent of the fluctuations in prices. Most
interest was directed to Northern Pacific
common which oscillated in a manner de
void of intelligibility to English brokers.
The first deal was at 120, then 123, follow
ed immediately by a deal at 126. The
price then went straight ahead above 130,
closing at 131.
On the curl) the wild Wall street panic
was reflected in quotations that came
over. Northern Pacific common being re
ported dealt in on the other side at 800
but the jobbers here simply closed their
books and the final quotation was 135,
a rise of 5 3-4 for the day.
CHILE BUILDING NEW FORTS
(By Associated Press.)
New York, May 10.—A dispatch to the
Herald from Buenos Ayres says5
A sensation has been caused here by
the announcement that the Chileans are
fortifying the Straits of Magellan, al
though there is an agreement prohibit
ing any fortifications along the straits.
The government will probably ask
Chile to make an explanation.
Retain Only Their Hold on the Sacred
City, Which They Refuse to Sur
render co Foreign Domination—
Others May Insist on
Chinese War If They
Must Have It.
(By Associated Press.)
Pekin, May 10.—The Americans havo
evacuated the districts under their con
trol. with the exception of the Forbidden
City, which they will continue to oc
cupy in spite of foreign objections unless
orders to the contrary are received from
Washington.
As it would be impossible to turn
over the American districts to the Chi
nese, who certainly would not be allow
ed to keep them independently. Gen
eral Chaffee, in order to prevent chaos
notified Count von Waldersee a week
ago that he would evacuate today thosij
portions adjoining the British districts
which were assigned to them, and the
remaining portions were assigned to thi
Germans.
The departure of the troop* for Ma
nila has been delayed 10 days owing to
the transport Indiana being quarantined
at Nagasaki because of a case of small
pox on board. The American soldiers
have been vaccinated.
(By Associated Press.)
Washington, May 10—Minister Wu
and Minister Conger have paid an agree
able exchange of visits since the arrival
In Washington of the American repre
sentative to China. The meeting was
purely social, the American ministes
paying a call at the Chinese legation and
Mr. Wu returning the compliment.
There wus no discussion of the politi
cal situation in China, except in a gen
eral comment upon the difficulties at
tending an agreement where so many
divergent interests were concerned.
PAY FOR THEIR PATRIOTISM
Congratulatory Telegram to President
From Paris Commission Hot
Public Business.
(By Associated Press.)
Washington May 10.—Comptroller of
the Treasury Tracewell has decided
against the contention of Ferdinand W.
Peck, commissioner general to the Paris
exposition, that the cost of a cablegram
should be paid out of the exposition
funds. Major Frederick' D. Brackett,
disbursing officer of the American com
mission, refused to pay for the cable
gram on the ground that it was a per
sonal message. The cablegram lead as
follows:
''Paris, Nov. 29, 1900.—President, Wash
ington: Our entire staff at Thanksgiv
ing day meeting greet the president,
their honored chief, today. They feel
they have reason for thanks that he is
again to preside over the destinies of
the nation.
(Signed) ''PECK.''
The comptroller decided that, while
the cablegram "Shows the true American
spirit," it was not on public business,
and Mr. Brackett is directed not to pay
for it.
COLORADO'S OLDE ST MASON
Served Grand Lodge of the State
For More Than a Genera
tion.
(By Associated Press.)
Denver, May 10.—Edward C Purmalee,
who bore the title of "Colorado's fore
most Mason," died at his home in this
city this morning of acute asthma, aged
66 years.
Mr. Parmalee was a native of Ver
mont, but came to Colorado when a
young man, and served as grand seeres
tary of the grand lodge of Colorado for
35 years. At the time of his death he
was ulso secretary of the grand chapter
of Colorado, secretary of the Scottish
Rite bodies of the state and grand re
corder of the grand commandery of
Knights Templar.
MARK TWAIN 0NTHE PLATFORM
Congratulations for Lawrence Hutton,
the Author—The Guest of Prince
ton Students.
(By Associated Press.)
Princeton, May 10.—Mark Twain has
Just given an interesting address before
the students and friends of Lawrence
llutton. the author, in Alexander Hall.
Mr. Clemens came to Princeton us the
guest of Mr. Hutton. Immediately upon
his appearance on the platform, the un
der-graduate* greeted him with a long,
loud cheer. The speaker then told a
number of witty stories about his early
life in the west, a war story, and con
cluded with reading from one of his=
works on the 'German language." Ha
will remain here to-day and will be pres
ent at the Harvard-Princeton debate to-
n'aht.
Incendiary Uire.
(By Associated Press.)
Crested Butte. Colo.. May 10.—A fire
believed to have been of incendiary
origin destroyed several buildings in the
business section of this city, causing a
loss of *50 000. The Colorado Supply
company was the heaviest loser.
Bequest for Musical Library.
Berlin, May 10.—The late Dr. Abraham,
proprietor of the music publishers' con
cern of C. E. Peters, in Leipzic, has be
queathed 400,000 marks for the estab
lishment of a music library.