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About Omaha daily bee. (Omaha [Neb.]) 187?-1922 | View Entire Issue (May 10, 1901)
THE OMAHA DAILY BEE: FRIDAY, MAY 10, 1001. telephones 6ls-iU Summer Corsets After this cold ruin tliut we've been haviug we'll piobiibly drop right into hot summer weather, ami you'll want to have your summer corsets. The K. and G. Straight Front Corsets at 1.00, gives a military effect. You luiist do your part get a corset to lit, and lace it properly. Our corset demonstrators say most people don't know how to lace it as it should be done. 'I.n Cii'Pf'Miii' Iln lnicHt inndM. n sfvltsh t'ni'- set giving low l)tist, curved side and "straight front" effect on French .lines, made of batiste ro-in forced with ribbons to give them strength and keep them from stretching out of shape. Eueii "La Ureeque'' corset litted price 3.00 each. UTi CI.OAK lATtlRDATH AT A P. M. AOB1XT9 roil FOSTER KID OLOVKI AND MoCALtf FATTEJItNt. Thompson, Beldeh &.Co. Y. M. O. A. tlUlLDINO, COR. 10T1I AND DOVQtiAl STfl. was apparent that the corner In Northern Pacific was (till unbroken. The excited bidding last night to secure the stork for delivery today mndo thut very ap parent.. The first steps to avert tho panic were devoted to circulating roports that tho conferences between tho contending In terests In Northern 1'aclflc, which con tinued In one form or another throughout the night, had- resulted In n compromise which would free tho shorts In their stocks from tho compromised positions. These efforts proved utterly Ineffective In the face of the Mrst quotntldns for Northern Pacific on the tape. The price paid for tho stock ran quickly up to J200 per share, and then $500, and liven to $700 per share on regular transactions and $1,000 per share for cash. The cash price paid meant that unfortunate shorts .who wero unable to borrow tho stock lost night for delivery today had to pay whatever cash price the engineers of tho corner chose to ask for It. Tho figures Indicated In-theso opening transactions meant ruin for a very largo outstanding Interest In the' stock. Tho perception of thin' fact was tho principal Impelling cause. In producing tho demoral ization In the stock market. The concerted effort to support tho market by buying all stocks which might bo offered, which Is always tho most effective manner of dis suading' persons from selling, and which was undertaken, according to the current belief In Wall street, by some of tho most powerful capitalists In tho countryi was swept away llke.u whirlpool -under the del uge of offerings which came upon tho market. As prices began to go down thu disposition to buy decreased and tho de termination to sell seemed to grow In geometrical ratio, as a falling body gains In velocity the, farther It falls. Xcver lleforc Siieh I'nlonilln'ft. Such a shoveling out of stocks as oc curred during the second hour of today's stock markot was nover sccn before. After a sale had been made at a fixed price a broker would throw In an additional block nt anywhero from five to ten points lower without stopping to demand any Interme diate prlco for his offering. The extent, of tho decllpo during thq half hour was as great In somo cases as. has taken weeks to attain on tho advance, although all ob oervcrs have agreed that the rat,o at which prices have been 'jgolng-vup has exceeded any previous experience. Tho figures alono suffice to Indicate tho' proportions of tho drop. In Dclawaro & Hudson tho ex treme decline was GO points; Manhattan, 3SH; nock Island, 35; Union Pacific, 3S; Atchison, 34Vfc; Atchison preferred, 2S4; St. Paul. JOJij Missouri Pacific. 32; South ern Pacific. 'SO; United States Steel, pre ferred. 26V4, while a rango of 5 to 30 points would cover the collapno In nearly every nctlve stock In the exchange. In tho outs,Ulo market tho stress of the demand for funds was shown by tho per pendicular drop In tho. prlco of Standard Oil of 171 points over night. Tho stock sold nt f.50. compared with 821 last night. Tho same urgent need wns reflected In tho bond market, where all grades of bonds wcro offered on a declining scale. Tho Fncrlflces there wcro naturally much less than In the stock district of tho markot. ChniiKi Coiiie nt .Viinn. After tho turn In tho markot came, which It illdW about noun, somo noticeable selling of bonds still continued nnd this was ex plained as being due to a wish to secure funds to buy stocks ut the attractive level of prices towhlch, tho market had fallen. In fact, tho'bargaln hunter wna on hand and alert, nn'd even In such a scene of dis aster as that presented, thore nro thoso who reaped the benefit. The drop In prices cnrrled tho stocks of many substantial properties down to a lovol at which the current ruto of dividends paid upon them and well assured make them attractive In vestments, , It was a very notablo fact that through out tho most ncuto period of today's dis turbance thtro was nothing heard to Indi cate doubt of tho sound and prosperous con dltluns of Industry and business at largo In tho country. Tho stock market collapse was attributed exclusively to over-speculation and an ovcr-cxtcnslcn of credits used In holding stock which It wns not designed to keep, but lo sell ot n higher prlco. The stock which caused Ibo collapse was the Northern Pacific corner, without dispute. Tho harm which might result from the Northern Pacific cplsodo was by no means so great In anyone' mind ns to Justify tho extent of tho collapse In prices. But the delicate sltuntion of' tho market duo to tho ovcr-oxtenslon of speculation mode It vul ncrablo to this shock. Tho decline onco In forco gained cumulative strength. Specu lators' margins wcrn wined out nnd brokers had to sell tho securities placed with them an collateral to savo themselves from loss, thus adding to tho weight of tho selling. Tho shrinkage In tho market valuo of se- eurltles placed with bankers ns collateral made It necessary that they should demand Increased collateral or call In tho loans with which speculators wcro holding Blocks, wiin tncir creuitB thus roduced, further fi.1cs of stocks had to be mado and so It enmo from every quarter. Northern Piiclflr. Dominant. The Imporlnnco nttachod to the North cm Pacific episode was mado clear by tho eagerness oi an classes to learn all de velopments concerning It, nnd the imme dlnte effect of any announcement regard. Ing It upon tho stock market. The unward shoot to $1,000 A sharo was the effective rauso of tho greatest demoralization In the markot. Tho announcement later In tho day ot the measures for tho relief ot the shortages and the relapse in the price of the stock to $300 allayed the demoraliza tion almost Immediately. Announcements by J. I. Morgan & Co. and Kuhn, I.oeb & Co., who respectively represent tho two contesting parties In Northern Pacific, that they would not requlro deliveries of tho stock today meant n respite of one day at least from ruin ot tho shorts In the Constipation , Headache, biliousness, heartburn, indi gestion, and oil llrer ills ra cured by Hood' PiUm Sold by all drucflsts. 23 cent. Hoc, May 9, 1W1. stock. Later In the day Street & Norton announced that they also would not re qulro deliveries of the stock. This firm has been credited with acting for James Tl. Keene and bought 200,000 shares of Northern Pacific on Monday last, loaning lEO.OOO shares that night nnd calling In the greater part of It tho next day, thus disclosing the corner In the stock. The theory that Mr. Kecne's campaign had boon directed toward a squeezw of the shorts was somewhat shaken by this leniency toward his victims. It was significant aUo that, although the parties to the contest for control showed tholr wllllngnosn to relieve the shorts by remitting tho require ment to deal stock, they failed to come to nny mutual agreement to lend the stock, such ns was proposed by one party last night. The surmise seems warranted from this unwillingness of cither pJrty to let nny of their stock get out of their hands even to rellovo tho shorts that there was continued doubt In the minds of both as to whero the actual control of tho property lies. Tteprescntatlvos of both parties mado emphatic claims today, tho ono that they had nialntalnod tho control and the other that they had secured It. Co mil mm I se Much Dcalrcil. Tho hope of relief from the conditions prevailing on the Stock exchange today cen tered In tho possibility ot a settlement or n compromise between the contending Inter ests ns to shdrlng the benefits of tho Bur lington deal, which Is expected to be In tho form which the compromise will '.ake. Incidentally, the settlement of the terms on which tho shorts will bo allowed to cover Is of course of great Importance. Clear Intimations were conveyed today ap parently on authority that tho figures at which Northern Psclfln sold today fere far nbovo any terms which it would be thought of exacting from the nhorts at tho final settlement. The probability tonight scorns to bo that $200 represents the figure that will be demanded. Tho strong rally In the stock during the later part of the day did not servo to entirely alleviate the fears prevalent in tho Wall street district. Rumors wore very persistent that many prominent houses had been' compromised seriously by the violent slump In prices. All of these specific rumors wcro em phatically denied on tho direct authority ot the parties affected, nut so violent a collapse In prices as occurred today 'rics-.'S-inrlly Involved enormous losses somewhere. The extant ot the decline was far In tx- pess of the ordinary margin demanded by brokers, which Is 10 per cent, indicating that they were unablo to Bavo themselves from considerable losses through their speculative customers. The situation was still felt to be so se rious after the closo of tho day's markot. as to constitute tho heaviest moral pressure upon the greatest financial Interests, whoso conflict precipitated the crisis, lo adjust and compromise their differences, and con fidence In tho future Is based upon a strong hopo that some means of doing this will be found. FURIOUS FROM THE OPENING ') on Stock Kichnngc llenlnn with (.rent Incitement nnit llonvj TruilliiK. NKW YORK. May !. Tho great excite ment and heavy declines In practically all securities except Northern TactAc which began on tho exchange yesterday attornoon, continued today. Prom the moment of tho exchange's opening tho trading was furl ously nctlve nnd for tho first half hour nt lenst apparently without support, although Northern Pacific roso higher and higher on tho bidding of tho frightened shorts This stock rose rapidly from 170 to 190 nnd then almost without a pauso tho ad vance kept on until at 10:3.r. o'clock $300 was paid for 600 shares for Immediate do livery. At tho same tlrao 100 shores for tomorrow's delivery wcro sold for $230. All this tlmo as fast as Northern Pacific wont up other stocks were going down. Tho opening declines in New York Central, Missouri Pacific, Louisvlllo nnd Atchison ranged from two to flvo points and It seemed for n tlm as If orders were being given to sell without regard to prices. This wild ness was uninterrupted until about 10:40 when It seemed that for tho moment at least, there was a disposition to stoadl- nets. Only n Drop In tho lliukol. Tho steamships Majestic and Servla, which arrived from Europo last evening had In their malls largo blocks of Northern Pacific common for tho account of arbltrago houses which wore delivered to them In tho early uiaii iuis morning. Tiieso stocks were mado ready for Instant delivery on tho ex change, but apparently thoy were not a drop in tho buckot, for tho frantic de mand for tho stock was not affected. At tho Stock exchange clearing house It wna said tho balance of Northern Pacific common to be delivered was S0.000 shares practically all of which was to bo delivered at 150. Tho largest single lot was 18,000 shares, by a large International banking house, nnd thbro ar several lots of from 7,000 to 12,000. Tho floor of the exchange at tho opening showed tho most excited throng of brokers seen in years, and nmong those present wero many members who are rarely seen in the trading crowds. 'Ihe opening was chaotic. The main do- slro seemed to be sell, sell, anything to any body who was willing to tako stock and give money for it. When it appeared that tho "corner operators were determined to have their pound of flesh from tho people caught In their net, everybody felt that ho must freo himself from his load ot stocks and stand from under, lest worse should happen. They had h6ped that boforo tho opening of business some announcement might be mndo that tho Northern Pacific speculative "shorts" might escafe on agreeJ terms, nut the first sales of the stock dls poiico. mo .illusion. All interest coutered on reports that con icrenccs wert being held to natch tin truce preliminary to a permanent basis of agreement botween thn rival intni-eata In Union Pacific and Northern Paclflo. It was generally accepted by the street that the Durllngtou ileal would go through, but that i. nuuiu uu uwuuftvu Ull SOmo D8BI3 StttlS- factory to the Kuhn-Loeb-Harrlman people Indeed It was' said that tho Unrrlman syndl. rate was In a position to dictate terras, but um not wun to proceed arbitrarily In th matter. It was denied by Kuhn, Loeb (t Co. and their associates In the deal that they had any desire to "squeeze" the shorts, all of their buying having been dono simply to secure Northern Paclflo slocks for voting purposes and not a! a speculative maneuver. The most prominent figures In the financial world were vitally Interested In tho out come ot the unprecedented situation dis closed by tho Unrrlman people's struggle for control of Northern Paclflo and throng3 crowded tho office Of J. P. Morgan Co., Kuhn, Locb & Co., tho First National and the city banks eagerly awaiting news. I'liiuiiclnl Lender Confer. There were many conferences of various financial leaders throughout tho morning. It was learned from an nuthorttattvo source that up to 11 o'clock no compromise had been agreed upon, but that the situation wo moro hopeful than It had been. Efforts to arrange conferences between the conflicting Interests were resumed this morning, nnd while no definite steps have been taken It seems certain that thcro will bo a meeting nnd with It peace. Kuhn, I.oeb & Co., who openly declare that thoy have n majority of tho Northern Pacific stock, ald today that their policy Is a conciliatory one and that they have reaccd out with all tho strength of their position and Influence In an effort to protect In tend of crush. Tho offer to loan Northern Pacific stock to the shorts, mado to J. P. Morgan & Co. yesterday, wan renewed by Kuhn, Locb & Co. today nnd a readiness Indicated to lend In proportion to the respective hold ings. i.'jiaiiH Tho latter feature of tho offer would, It Is koown forco Kuhn, Loeb & Co. to advance the greater number of shares. A man high In authority In the street and close to tho Ilarrlman-Kuhn, l.ocb & Co. group of finan ciers said: Wo will continue to scok a settlement upon a reasonable basis. Wo do not wish to see Innocent men suffer and have no Deposition to dictate unfair terms. Tho offer of Kuhn, Locb & Co. to loan stock to tho shorts Is still open. Tho firm's policy Is conqlllntory. It would protect rather than destroy. Thcro nro efforts nfoot to get tho conflicting Interests together and we are hopeful as to tho Immediate future." It Is positively stated that tho Burlington deul will go through, but It Is felt that tho conditions of Its new ownership will vary materially from thOso In view when tho Urcnt Northern (list submitted Its offer. .Short Ilt'uoinc Frantic. The trading In Northern Pacific became so wild and excited toward 11 o'clock that prices changed rapidly, twonty-llvo and fifty points at h tlrao. A snlo at 530 wns re corded nnd almost Immediately nnothcr camo out on tho tape nt 700. This was for tomorrow's delivery nnd not a cash sale, as some of tho earlier ones had been, ndlcatlng n belief on the port of tho pur chasers that tho short commitments were o largo that tho stock to como from Europe would nfford little or no relief. Tho great excitement In the stock this morning nd tho frantic efforts to buy would seem to show that the shott snles wero much larger than wcro supposed yesterday. Shortly nftcr 11 o'clock nil support seemed to ';e withdrawn from the stock market and prices began falling many points be tween sales. Union Pacific Went - down rapidly and 4,000 shares of tho stock wero old at So. At the samo moment 1,000 shares of Missouri Pacific wero sold nt 97. People's Gas of' Chicago, Brooklyn Rapid Transit, Amalgamated Copper, the Atchl eoua and St. Paul fell off and sensational declines occurred, the llko of which had not been seen on the street for many and mnny a year. St. Paul sold down to 145; Missouri Pacific to 93, Erie to 29, United States Steel, preferred, to 89; Atchison,- , preferred,- to 85; Southern Paclfl" to 4b," Western Union to 87, and v then almost Immediately Amalgamated Copper fell to 96, Erie to 27, Atchison,- common, to 57; Union Pacific to 88, llock Island to 14S, Missouri Pacific to Louisville & Nashvlllo to 9D. Then the tnpe recorded tho sale of 1,800 shares ot Union Pacific at 80. At noon the assignment of Charles R. Slckcls, e broker, was announced. Charles R. Slckcls Is the sole member of tho firm. According to a rough estimate mado by tho nsslgnco tho liabilities will be $SO,000, whllo tho assets will, bo fully ns much, If not more. Mr. Slckcls' failure Is attributed to the slump in the stock market and to tho failure ot his customers to make good tho margins on certain stocks he was holding for them He was a mombcr of the Consolidated exchango and when tho set tling hour camo this morning at tho ex chango ho found himself unable to mako payments. The falluro of A. K. Fields, also a mem ber of tho Consolidated exchange, was later announced. Tho amount ot tho failure has not yot been mado public. Mtittrmcnt from Hill. President J. J. Hill of tho Great Northern road made this statement today: "I never bought or sold a sharo of North ern Pacific on the floor nud, what Is more, In six months I hnvo neither acquired nor gotten rid of Northern Pacific stock or any other stock. Whon the fog ot battle lifts nnd tho air becomes clearer, as I bcllcvo It soon will, peoplo will seo many things In a much clearer light than they do now. 'We novcr hao had control of tho North ern Pacific road; wo do not want control; wo are not trying to get control nnd under tho law wo could not retain control If ever wo got it." Thers liar been apprehension that largo sums of money might be called from New- York by tho country banks, but so far there has been no evidence In support of this theory. On tho other hand, money Is bring forwarded to Now York largely by bargain hunters from all over the country who wish to secure cheap stock. After noon there seemed to be moro stcadl ness to prices and Southern Pacific rose to 3SJ4, Louisville to 97, Manhattan to lOC, United States Steel, preferred, to 80, and St. Paul to 1S3. United States Steel, com mon, nfter selling nt 46, dropped to 40, Burlington sold at 179 for 2,000 shares, Then there wns a rally In Steel preferred un to 88. Union Paclflo following to 90 Baltimore and Ohio sold at 89, Missouri Paclflo 90, American Tobacco 103, and Mis souri Pacific at 95. Then camo an official announcement on tho tape by Street & North that thoy would no(t demand de livery today of 80,000 shares of Northern Pacific common, due to them. This was fol lowed by a rally In Manhattan to 108, Steel to 103, Southern Pacific to 43(4, Atchison to 63 and Stoel, preferred, to 98. At 12:25 Northern Paclflo common sold at 700 for cash. At this time tho market Bcemed to havo a better tone than at any period during the day and the price changes between sales wero not so wide as they had been during tho wild flurries of lh earlier part of tho session. Even Standard Oil declined to 650, a drop of 171 points from last night's close. Kn 11 ore of Tno More Klrnm. At 1 o'clock tho failures ot W. II. Brower of b0 Broadway and J. T. Leo of 63 Broad way wero announced on tho Consolidated exchange. Rumors were circulated affecting the credit of several stock exchango houses but they were joon officially dented. Soon after 1 o'clock A. A. Houseman & Co. loaned $1,000,000 at 6 per cent and It was sold that other strong firms wero lending their avail ablo funds in tho effort to check the declines in prices. The banks, on tho other hand beramo more conservative and decided to loan only to their regular customers, Some oorrowers were forced to pay from 10 to 40 per cent for money, A moro hopeful feeling was strengthened by seml-otllclal statements 'hat tho leaders In tho flnnnclal world bad Insisted that the Harrlmun-Morgan-lIIU peoplo had come to somo basis of agree mnt In order to relieve the situation. Tfie Evening Post quotes an eminent au thority of the railroad world as follows: It will be recognized when tho field of bat tlo clears that the balance of railway power must not bo seriously disturbed. Interests at stake nro too tremendous and too power ful to bo aroused. It only means retalia tion of n disastrous nature, which can be avoided by checking reckless ambition and leaving tho grcnt railroads of the country free from alliances nnd open to all their connections. Further unification of great railways and forming of "transcontinental systems" will bo dropped now, or such .plans will bo recognized as forcing com petitive building on n gigantic scale. Ilniikx o the Hosoiie. At 2 o'clock semi-official announcement was made that the Gallatin Nntlonal bank would lend $16,000,000 at 6 per cent, acting tor the associated banks of the city. James Stlllinan, president of tho National City bank, which carries the largest deposits of any financial Institution In the United States, declined today to discuss the gen oral financial situation. Tho sensational decline of 60 points In Delaware &. Hudson was followed by n quick recovery of 50, and United Steel stocks seemed to hold their own for a time. Southern railroad sold up to 26, then rested to 24. Reading became firm around 27V4, Amalgamated Coppor around 108 and Atchison preferred nt from 90 to 91. Continental Tobacco kept n firm front at 46. Atchison then ran off to 65V4, Mis souri Pacific to 97, St. Paul to 140, Steol to 41, Mnnhatan to 110, Erie to 30 and other stocks declined somewhat in sympathy. Tho feature of tho situation wns the clos ing up for the day of a number of small brokerage concerns, not because of finan cial embarrassment, but because they deemed It unwise to do any business at nit In such a market as today's. At 1:30 p. m. prices seemed to bo fairly stead)', United States Steel common finding support around 40 and the preferred around 90. At this time thcro was some activity In bonds, with apparently good absorption of the standard Issues. A clearing house notice wns sent out nt 10:30 saying that all transactions In North em Pacific common would bo ex-clearlng house until further notice. This means that sellers of the stock will not bo called upon to dcll"cr It at present. At 1:40 CO pet cent was bid for money. Union P.'clflc preferred made a strong rally to 96, American Tobacco advanced to 110 nnd Amalgamated Copper sold at 1091J. Twenty-five hundred shares of Chicago & Alton preferred changed hands nt 76. West- em Union met support nt 88 nnd Now York Central was steady at 115. After money hod gone to b0 per cent It was reported In the street that a number of bank presidents went into conference with the object of making arrangements to lend $16,000,000 on the stock exchange nt low rates. J. P. Morgan & Co. were lenders of large sums today at 6 per cent. Union rnclflc preferred could not hold the rally and It fell off quickly to 87!4. At the same tlmo the common sold at 92. Notwithstanding that Kuhn, Locb & Co. claim tho control of Northern Pacific, It was said nt the office of J. P. Morgan & Co. that that firm has contracts for delivery of stock sufficient to give them a majority. HxrhunKu Mnllcrlr Orilrrril Cleared. For the first time In the history of the Stock exchange' all the galleries nnd the Inclosures reserved for spectators were or dered cleared tit 2 o'clock this afternoon. The evident desire of the banking Interests to lend support caused a continuance of tho rally, and after 2-15 prices 'held fairly steady. Union Paclflo became feverish and roso from 88 to 944, United States Steel went to 42. Conner to 106W. Erie to 33V Pennsylvania .to 144, Missouri Pacific to 9i and Atchison again got up to 70H. St. Patil sold ot from 147 lo 148. American Tobacco went up to 114 and Manhattan held around 109. Southern Pacific was steady at 44t and Rending stayed close to 37; Burlington ruled about ISO. The following was sent out by a news bureau: It may be stated authoritatively that It tho same condition of affairs existed tomorrow as today J. P. Morgan & Co. and Kuhn, Loeb & Co. will continue the agree ment not to lnslt on deliveries of Northern Pacific common or adopt a measure that will nfford similar relief. The closing transactions showed an ex cited tone to the market, some stocks be lng well supported and others declining. Continental Tobacco, which throughout Ihe day- had shown considerable strength, sold at 48, and nt the same time Amalgamated Copper wns off to 106. Southern Pacific held well at 45. The last sale of New York Central was at 147 and ot Union Pacific nt 90. Tho market continued feverish but' much quieter and generally worked higher. The agreement of the banks to lend $16,000,000 at 6 per cent nnd the other agreement to omit stock exchango clearing house require mcnts ror mo present in contracts on Northern Paclflo had a good effect Union Pacific got up 1S4 from the bot tom, Tobacnn 15 nnd other stocks smaller amounts. The higher prices brought on a renewed shower of offerings, under which prices broke ngaln, Union Paclflo fell back 84. Missouri raclflo 8, Atchison 64 atid other stocks from 1 to fi points. Tho clos ing was fovcrlJh .and erratic. BRITISH FEAR CONSEQUENCES London Siieoulntom Anticipate Mon iIhj'm Sf lllrnienl Auprrhrimlvrly, fin SI nny Mny He CiiiikIiI. LONDON, Mny 10. While It Is hoped rather than believed that the British mar ket Is not committed to n great extent to American railroad securities It cannot bo denied that the scttlemunt which will begin Mommy is anticipated with keen apprehen sion. It is believed that British speculators held aloof a long tlmo, but were unable to resist the attractions of the long continued boom. Tho panic was the sole topic of conversation at West End clubs last night aud all kinds of rumors are current regard ing Incidents of1 the day. It Is assorted that an American who arrived from the can ttnent Inquired the prlco of Northern Pacific and was told that the quotation was 100 In New York nnd 130 In London. As ho had his stock deposited wlth'NW York bankers ho wns ablo to sell at 190 In Shortcrs Court nfter hours. A prominent young dealer be camo completely unhinged aud offered stocks at prices largely below the worst quota tlons. No ono, however, tried to profit by bis temporary aberration. The stock exchango Is very superstitious and ominous talk was heard last night of another "Black Friday." It Is regarded as fortunate that tomorrow Is a holiday In New York and that the "carry-over" will be romploted hero Monday before the Now ork stock exchange opons. Many largo dealers nro standing out al together until they can neo bow the situ ation win hape Itself. While thousand of Northern raclfies were sold yesterday on tno exchange at 120 and 122, Gorman buy crs wero busily picking up all they could get tor immediate delivery. Long dispatches rlcicrlbtng the scenes In WU street are published by all the morn Ing papers and the comments dwell upon tno unprecedented naturo of yesterday' scenes. "Unhappily," jays the Dally Mall, "Lon don has shared In tho disaster, although fortunately thero Is reason to think tha tho British commitments are nothing like tho American. Thero were all the appear anceo, however, of a crisis which will mak the boom a recollection of terror for th next decade That, at the outset, the boom rested on solid foundations Is not to be do nled; but the British public avoided the market when the advances Justified entering nd only camo In on the lop floor. This bitter experlenco had been theirs before In matters American." Tho Dally Telegraph, In Its financial ar ticle, says: "The quarreling of great capi talists Is to be greatly deplored because It diminishes confidence generally and may upset tho American money market to such ti extent ns lo make tho United States raw on their balances on this side. In such an event the situation here would be como very serious." .Mail SU-i-m-K of the Hnrt)- Honrs. LONDON, May 9. (6 p. in.) Not In the memory ot the oldest stock broker In I.on- on has thcro been such a panic as pre vailed this afternoon In Americans. After the closing of the stock exchange hundreds of dealers endeavored to struggle Into the narrow confines of Shortcrs Court, where outside dealings arc done, In efforts to raise r reduce as the case might be, Americans to Now York parity. Suddenly there do- eloped a terrific slump in Union Pacific, which was knocked down JO points In as many seconds. St. Paul suffered almost as badly. Largo and small brokers rushed to the scene until Throgmorton street became Im passable. The rain poured down, but the excited crowd paid no heed to It. Parties formed thomsclvcs Into flying wedges In endeavors to force their way Into tho center of Snorters Court, at which spot tho principal dealing was done. All sorts f coudltlons and prices were shouted at the top of operators' voices. Down, down went Americans. The leading houses sent urgent orders to buy or sell, but found It amost Impossible to have their orders ex ecuted. Railroads of every description wero quoted at rock-bottom prices and Steel nd other securities fell In sympathy. Then reaction set In. Up nnd down went Americans. Half an hour ot this panicky speculation and a more rcoronnblo feeling prevailed and stocks roso o within h tow points of tholr prlco when he stock exchange closed, nut long nftcr the usual hours hundreds of stock brokers, most of them drenched to the skin, tarried In tho hope of getting clear before toraor row's opening J. I'lcrpont Morgan, Jr., said to a rep resentative of tho Associated Press: "So far as I know thero was no reason for this afternoon's panic except utter lack of In formation regarding tho conditions of the railroad market In America. I do not ap prehend any serious results," Mr. Brown, a partner in the firm of Speyer Bros., said: "It ennnot bo called anything but a panic. Still, I do not ex pect failures, except possibly a few small ones. The crowd Is now too terribly ex cited to transact many dealings, and not much stock hna changed hands. Thero Is no earthly reason for today's scene, ox- ccpt the endeavor to keep pace with New lorlt, which Is being done In tho dark and led to a panic such as wo havo novcr had before. The rluo that came to an end was only to bo expected, but the affair will hurt Americans here and It will prob ably be some time before a feeling of se curity Is thoioughly re-established," A representative of Scllgman Bros, said: 'The market hero is only a reflex ot Now York. Without accurate knowledge ot the conditions there It is impossible to say what will happen here. We are qutt In tho dark, but do not anticipate any serious results." BURLINGTIN DEAL IS A FACT One of thr Wine Unen Snj II Con- mi m unit Inn Will He Mndc Known Todny. NEW YORK. May 9. Tonight an Indt vldual who has been party to the confer ence relating to the strained conditions In Wall street this week, made statements and explanations which give to tho contest In Wall street a different construction than was generally accepted downtown today, lie said: "Tomorrow morning Kuhn, Loeb & Co. will publish a notice saying thoy will let out their Northern Pacific to shorts at $150 Positive statement is mado tonight that to morrow J. P. Morgan & Co, will notify shorts that they will be released on short obligations to Morgan & Co. on the basis of $160. This will be the penalization. The shorts will get no stock from Morgan & Co. They will get only freedom. "The Burlington deal will be known to morrow as an accomplished fact. It has already bcecn accomplished. The Morgan Hill Interests control the Northern Pacific stock and tho board of directors has abso Into power to close the Northern Paclfic- Burllngton merger without the consent of two-thirds of the Northern Pacific stock. Tho old law of tho Northern Pacific pre scribed that two-thirds of the stock should assent to such a transaction as tho present deal. This provision, still printed In the manual, accepted as authentic, has misled the opponents of the Morgan-Hill pinna be cause In the reorganization the two-thirds provision was abolished and the power was vested solely In the board of directors. "Tho board had stipulated that when two thirds of the Burlington stock had been do posited In a designated trust company the Northern Paclflc-Burllngton deal should thus bo automatically closed. The stock has been deposited and the transaction Is con summated. "Meanwhile tho Kuhn, Loeb & Co. Inter ests, believing that two-thirds stock con sent In Northern Pacific nccossary to con summation, hav striven to nbaorb enough Northern Paclflo to prevent two. thirds con sent, with results seen In Wall street this week. This afternoon they discovered that tw-o-thlrds consent of Northern Pacific stock was not necessary to the Hill-Morgan deal; that they had acted on wrong Infor motion on that point. MUr n Hold Ilrl-U. "Moreover, they learned late today that while tho Northern Pacific scrip they bold and their paper contracts made the aggre gato tbey had sought, the paper contracts were In part empty, for the shorts could not get the stock they had agreed to de liver. "Conviction was compelled that Morgan Hill bad tho real goods tho scrip, and therefore, that the accumulation of North ern Pacific In tho hands of Kuhn, Loeb & Co. was strategically valueless. "Henco, according to a statement to me by one of tbo Kuhn-Loeb group this even lng, tho Northern Paclflc-Burllngton deal I sure nnd safe. This bolng true. Kuhn Lenb & Co. have no tactical use for tholr load of Northern Pacific and will, there foro, let It out tomorrow to shorts at 150 and discharge makors of paper contracts to deliver stock they could not get on the Bruno basis, "This action makes logical tho stated do sign of Morgan & Co. not to deliver North em Paclflo to shorts, though shorts may purge themselves of tholr short obligation nt 150. "This rolease by Morgan-Hill, and th lotting out of actual stock no longer useful to them by the opposing Interests Is ex pected to rollove the tension and smooth ou the complications In Wall street tomor row. "In the light of these facts and condition It becomes apparent why Morgan-Hill In terests declined tho propositions of the! opponents to loan stocks to snorts pro rata." Schin" Slnlcmrnt. Jacob II. Schlff refused to seo reporters a his residence tonight concerning the stock market, hut a series of questions was writ ten out and sent to him with the request that he answer as many of them as con rlstent with bis Interests. These questions covered the ground as to whether any permanent plan of settlement, or an agree ment between the opposing Interests I Northern Pacific affairs had been reached and If he anticipated any change In the Ituatlon when the Stock exchange opens tomorrow. Mr. Schlft's written answers to tho ques tions follow: "As far as tho stocks coming o Kuhn, Locb &. Co. arc concerned, which tho parties owing delivery have declared themselves unable to procure from any other source, they have been notified that they csu close their contracts nt $150 per hare." James J. Hill, president of the Great Northern railroad, took dinner with his son at the Metropolitan club this afternoon. When seen concerning the struggle In the stock market, he said: "When I have spoken at all I have tried o make peoplo understand that I have had nothing nt all to, do with these mar ket transactions, I have been busy all day long buying locomotives for the road. 1 have not been In the street, and 1 hnvo neither bought nor sold a share of North ern Pacific." MAKES PRESIDENT WHISTLE Sir. Mellon of Hip Northern l'ni'lflc Much Anmsed hy Jnm In Itnnd'n Stock. ST. PAUL. May 9. At the Northern Pa- clfic general offlces In this city today the fluctuations of the New York market were watched with some Interest. No explana tions of the rise were attempted. President C. S. Mellon positively refused to talk about the affairs ot the Northern Pacific. When Northern Pacific common was re ported as going to 250 Mr. Mellon gave a whistle of surprlso, which was repeated with Increasing emphasis at overy climb In tho stock. When told that the stock had touched the $1,000 mark Mr. Mellen gavo verbal cxpres son to his amazement. He told several gentlemen around the building that he was absolutely unable to explain such violent Jumps. ' CONTROL DOES NOT MATTER llostnn nnrllnKtnn Offlclnt Sn Oviiiershlp of Northern 1'nL'lfltt Doeii N'ot Affect Sterner. BOSTON, May O.-Chlcago, Butllngton & Qulncy people here stated today that no matter who Is in control of Northern l'a- clflc It should make no dlfferenco with tho proposed merger of the Burlington vlth the Northern Pacific nnd Great Northern. A leading director said: "A change In control of Northern Pacific should not af fect our relations with that road. The pro posed Issue of collateral trust bonds dots not require a stockholder's vote, ns would a mortgage Issue, and the Union Pacific Interests, If they succeed In getting control, could not take over the property until the next annual meeting, which docs not hike plnco for many months." MILEAGE PLAN DIVIDES THEM Other Western Ho nil lo Combine AKnlnit Mock Inlnnd and Missouri Pacific. CHICAGO, May 9. At a meeting of the executive committee of the Western Pas senger association, held here today, a fight developed over the attempt which Is being made to get nil the lines west of tho river to adopt a uniform Interchangeable mileage book. At present the Rock Island and Mis sourl Pacific have an Interchangeable book, but the other lines were for some reason adverse to adopting It. It Is thought there will be a combination of all other lines against the Rock Island and Missouri Pa clfic. WILL REMOVE TO NEBRASKA Wife ot Missing St. Joseph Bnuk Cashier lo Lite at Tan-nee City. ST. JOSEPH. Mo., May 9. (Special Tele gram.) Mrs. Eva Harding, wife of Ernest V. Harding, the missing cashier of tho German-American bank, announced to friends here tonight that sho would no longer search for her husband, but that sbn would dispose of all the property here and move to the homo of her parents at Pawnee Cltv Neb. No word has been received from Hard Ing. who by many Is believed to have com mitted sulfide because of domestic troubles Million In Imprmc SI. Paul. CHICAGO, May 9. The entire northern division of the Chicago. St. Paul. Mlnne. apolls & Omaha line, comprising nearly 350 miles of track. Is to be thoroughly over hauled this summer nt an expense of scl eral millions of dollars. Over n large por tlon of the division ninety-pound steol rails will be laid. The Improvements mainly af fect the line from St, Paul to Diiluth and from Enu Claire to Bayfield and Ashland. Mali lo Cnnncll muff. As n result of arrnnrfements mndo be tween Asslstnnt Superintendent of the Rnllwny Mall Horvlep W. C. Vnndervoort and the Council Bluffs & Omaha Bridge and Rnllwny romnanv the malls between the rltlns of Omnhn and Council Bluffs will bo carried on the electric ears. The rate to he pain nv tne government Is a cents per car per mne, ami extra rnrs win ne put on the line to provide the service required. Tha Stir that meant quality fB For nearly lxty years the Blatz watch-word hns been honest quality wliltih means absolute purity and correct methods. ' I i on merit alone bus held fai to public favor. BLITZ MILT-VIVINE (Non-Intoxicant) SPRING TONIC. Druggists or' Direct. VAL BLATZ BREWING CO., MILWAUKEE OMAHA MIA.VCII, 1-ll'J Douglas St. Tel. lOSt. $500 REWARD I W will pay tha above reward for tor case ot Liver Complaint, Uyspepllr, Kick Headache. Indigestion. Constipation or C'04tlvtn6i wa cannot euro with Mvorlla, the Up-To-Dat Little Liver Pill, when the directions are strict ly complied with. Tbey are purely Vegetable, and never fall to give lallifactlon. 24o boxes contain 100 Mils, lOo bores contain 40 I'llli. 60 boxes contain 15 Mils, lleware of .aubjtltutiona and Imitations. Kent by wall. Btampi taJcen. NERVITA MEDICAL CO.. Cor. CllnWO Bad iacksoa su., Chicago. I1L Sold by For isj by Kuuu " lsu nl LiuukiU t. OmahaNibi uvl' Council atiuBsi low. RENOVATOR Invigorates and renovate the irstoia; purines and enriches tbe blood; cures the wont djKpepsta, constipation, heodaebe, llvcraadkllnojrs. S6oandtl ut druggists. Freo R advice, sample and hook. BBSMW Dr. n. J. Kay, Saratoga, NY. ENOVATOK I. . I I 1 ' t It! It. I Small Boys Have many advantages among others, their trousers do not bag at the knee, and again look at the count less variety of styles invented for them, our Boys depart ment is full of choice suits, prices ranging, $2.00, $2. 50, $3.00 up to $5.00, for a nobby suit. CONTINENTAL GkCbTHINGts m. a. coRiraa lBtfc ajcd douolajl. II m ttMM )ou till tthatt-ilws Un'i toll m. WANAMAKER & BROWN THIS I'OHHMOST TAlt.OllING HOl'SU OF AMDH1CA. IT'S EASY ENOUGH to sell the "cheap" cheap: but to sell the lntrlnlcnlly Kood nt n lower tlKUre than most everybody, cannot be accomplished by ordinary trading. Thlit enn only como from n Brent Volume of UuslnesH tho little profit on n single pala makltiR n satisfactory whole because of the quantity dis posed of. Suits? $132" Guaranteed all wool. 122 So. 15th St Near corner of Douglas DR. McCREW Office uien eout luuoniil,' from 8 aw to U p. ui. Sundays from a, u, tt S p. in. (Dr. McGrew at Ate 52.) THE MOST SUCCIWSt'UL SPECIALIST In the trentnicnl ot all form ot DIM cones and Utanrdera at Men only, 2 ycara' eperlenie, IB years In Omaha. VARICOCELE AND HYDROCELE. A permanent cure guaranteed In low than 10 duys, without cutting, pain or loss of time. CTOIOTIIOC cured In less than 6 day olnlulUnu without pain or hindrance from business. A perfect cure guaranteed. DLOOD POISON S3idrfVyBtr?ftSSa which Is far more satisfactory and aticeesa ful than "Hot Springs" treatment and at less than half the cost. All breaking out and signs of the disease disappear at once. A cure that is guaranteed for life. nlCD On find cases cured of nervou UVtn ZUiUUU debility, loso of vitality bashfulness, gleet and all unnatural dis orders. Carea Gnnranteed.' Consultation Free. CHARGES LOW. Medicines sent e-varywhere frea Jtom Irate. V. O. Box 766. Office over 21i Souttt tth strtet, betwaen Far nam and. Doufiaa ItlNU, OU AHA, NBU. AMIISISMU.VI3. OSIIOHTON Omaha'a I'opular Family Theater. I'hona1 1531. Last Week. commeiicniB Suiidny matinee. May 5-UltACK VON HrUUDltunD. OUj IsAtO AND liAii.l'.V, i Ul.liEK, MULLIS1 SuUJtKK. I'UW aUU.V, UIJKTUN AND SliU, ClUOVltlKIKlNoDHOMK 1'rlevn Novcr CIiuiibIiik-livening, 10c, 2jo, Km Matinees: Woanosday Children, loc; adults, c. Saturday Chllurcn, loci adults, iM. bumliiy Itcaerved suats, 50c. 1'erfurnianccH begin every evening at 8:20, matinee, iil'u sharp. Another big uinuieur carnival Saturday, May H- Ucticr ttwn over. Tho kind yoi will enjoy. -r f -T r Woodward & Burgeia LiJ X U S3 Miinunem. Tm. Mi. TIIUItSUAY, MAV 1IITII. o.M-: .imi:ar..ck o.i,vr .Mil. It I CI I. UI l MANSFIELD In HU.MtY V. Curtain punctually at 7:45. l'rlcts-K.60, U',00, Jl.W, ll.trt, Sue. Heats on salt ctt i) u. m. today, Heals now on sale. Sitco'rTrocadiro- Ten' M.til.MIK TIII1AY lOo and liOc. Entire wuek, Including Saturday Kvon ing. Just as reported, the season's beat, Watson's Oriental Burlesquers I'retty girls, new songs and scenery. Star olio acts, Evening prices, 10c, 20c, fOo. Binnko If you like Matlneu every aftqr noon. Sunday Matlnee-NIQHT OWLS. ,