Newspaper Page Text
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.