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. ,
