The San Francisco Call. Newspaper, May 10, 1901, Page 8

THE SA FRANCISCO CALL, FRIDAY, MAY 10, 1901 AOYAL OPENING OF PARLIAMENT Impressive Speech of the Duke of Cornwall and York. Pays Tribute to Colonies for Aid Given in Boer War. e . S0 MELBOURNE, May 9.—The opening of | the first Federal Parliament, which took place at noon, was a most impressive cer- emony. The capacity of the exhibiilon | bullding, the scene of the ceremony, is | 12,000 people, but the available space was taxed to its utmost. The decorations con- sisted of regimental standards, ‘rophies | of arms and floral festoons. The doors were opened to ticket-holders et 8 o'clock this morning and by 11 o'clock the auditorium was filled with the excap- tion of the royal dals. is was located beneath the great dome. It held a sin- gle row of chairs, the largest in the cen- ter being surmounted by a small gold im. perial crown. The whole was overhung with the roval standard. In front of the royal chair w: a small table on which was a telegraph key, by which the Duke of Cornwall and York was to flash the | opening signal throughout the Common- wealth, when the union jack was to be | simultaneously raised in every settlement of the federation. The majority of the sudience was composed of ladies, most of whom were clad in mauve colored cos- tumes, but many of them were dressed in white. Brilliant scattered groups of army and navy uniforms gave color to the scene. A Memorable Spectacle Facing the dais was a slightly raised platform, where seven rows of chairs uc- commodated the members of the Com- monwealth Parliament. The lofty ncrth | transept was devoted to the members cf the State Parliament. East and west of the dals were grouped the Ministerial | staffs. The remainder of the hall and the | galleries were packed with a well-dressed, earnest and expectant crowd. A great < chestra enlivened the ante-meridian heur with operatic airs. The audience was a marvelously varied and interesting assemblage. composed of red-robed and white-wigged Judgcs: speakers wigged and gowned, s‘milar to the Bpeaker of the British House of Com- mons; British and forelgn military and naval uniforms, and Bishops and clergy of many denominations in their respective canonicals and court uniforms, contra ed with the khaki-clad colonial officers. Surrounding all was a mass of cf epectators of all ages, the whole formix & memorable spectacle. Opening of Parliament. The special proceedings were lLegun at 11:54 a. m. with the reading of the procla- matfon summoning the Senate and Repre sentatives. Noon was signalized by a [an- fare of trumpets from the military band outside. The royal party then entered and was conducted to the dais: the orches played the national anthem. The Duk Cornwall ar York wore an admiral's uniform with the ribbon of the Order of the Garter. The Duchess of C: York and Lady Hopeto ernor generai, the Earl the ladies of the suites The Duke, through of Hopetou: all wore the black rod summoned the two houses in accord with the strict formula of the British ment and the members filed in. The h psalm was sung with ail pres then standing. The Earl of Hopetour read a praver, after which the Du Cornwall dress York made a lengthy d declared Parliament open. Tribute Paid to Colonies. The Duke referred to the wishes of the late Queen, who before her death signed his commission to open Parliament. He e to the generous aid rendered colonies in the South African war. splendid bravery of the troops and the services of the squadron in China and ex- pressed the interest taken by King ¥d- | ward VII in the Australian neople. It was his earnest prayer that the union so happily achieved would prove an instru- ment for the further advancing of the welfare of the Australian subiects of tbe King and the consolidation of the em . Prolonged cheering greeted the conclu- sion of the speech, which was renewed when a telegram from King Edward was read. The members then took the oath and subscribed their names to .he roll At the conclusion of this ceremony the Earl of Hopetoun dismissed them to their respective houses to elect officers. The entire audience thereupon rose as th t bars of “The Hallelujah Chorus were played by the orchestra. The chorus | was sung by an opera company. “Rule, Britannia,” followed and finally the whole assemblage joined In singing “God Save the King.” ~A fresh blare of trumpets followed, the royal party retired and the ceremony was over. | | PANIC REACHES LONDON. | Closing of the Echx.nge Followed by ‘ Scramble in Shorter’s Court. LONDON, May 9.—Not in the memory | © the oldest stock broker in London has | there been such a panic as prevailed this | afternoon in Americans. After the clos- £ of the Stock Exchange hundreds of | dealers endeavored to struggle into the narrow confines of Shorter's Court, where | outside dealings are done, in efforts to raise or reduce, as the case might be, Americans to New York parity. Sudden- 1y there developed a terrific siump in Union Pacific, which was knocked down 2 in as many seconds. St. Paul suffered almost as badly. Large and small brokers rushed to the scene until Throckmorton street became impassable. The rain poured down, but the excited crowd not heed it. Parties formed t ves into flying wedges in endeav- ors to force their way into the center of | Shorter's Court, &t which spot the prin- cipal dealing was done. All sorts of con- ditions and prices were shouted at the top of the operators’ voices. Down, down | went Americans. The leading houses sent urgent orders to buy or sell, but | found it almost impossible to have thelr | orders executed. Rails of every descrip tion were quoted at rock bottom price: 2nd steel and other securities fell in sym. pathy. Then, without rhyme or reason, a reaction set fn. Up and down went Amer- | icans. After about half an hour of this panicky speculation a more reasonable feeling prevatied and stocks rose to with- in 3 few points of their price when the | Btock Exchange closed. But long after the usual hours hundreds of stock brok- | ¢rs, most of them drenched to the skin, | raded in the hope of getting clear before to-morrow’s opening. TUpon receipt of the Wall-street quota- tions a panic_seized the Glasgow Stock Exchange and a wild scene was wit- | nessed, the brokers scrambling to rid themselves of their holdings of stock. st DENVER MEN MAKE MILLIONS. DENVER, May 9.—By the tremendous rise in stocks in New York these Denver | men were reported to-day to have made the following sums: Ex-Senator E. O. Wolcott and Henry R. Wolcott, $2,000,000; ex-Governor J. B. Grant, director of the smelter trust, 3:000,000; John G. Mitchell, Denver National Bank, $2,000,000. W. K. | Gillett, president of the Denver and | Southwestern Railway, $2,000.000; Simon | Guggenheim, $1,00.000; Dennis Sullivan, | £.000,000; Thomas W. " E. T. Jeffery president of the Denver | and Rio Grande; ¥rank Trimble procacer | of the Colorado and Southern, and a dozen | other Denver men are mentloned among those who have been successful in stock | dealings. Several of them have gone to | New York to look after the market on the ground, it is said. 'Most of those mentioned bought Colorado Fuel and Iron | st fall, when the stock was about 30, on the advice of John C. Qsgood. president | of the company. Steel and Burlington are | two other stocks in which the winners are said to have bad large holdings. In Den- ver to-day the brokers practically shut up | Shop. When the New York market was | plunged in chaos the brokers here refused to sccept orders. All of them informed their customers that they would,under- take no new business, but would’ simply struggle to protect their patrons, Ish of Ouray, $3,000, | down to 6 per cent. PANIC IN WALL STREET SENDS NORTHERN PACIFIC STOCK TO SKYROCKET PRICES AND RUINS MANY SPECULATORS Unfortunate Shorts, Unable to Borrow for Delivery, Are Compelled to Pay From $200 to $1000 a Share and Rate " of Interest for Money Bounds to 60 Per Cent—-Battle of the Kings of Finance Causes Many Casualties. KING EOWARD HAS NO FORTUNE {Dependent on Revenues and Grants of Par- EW YORK, May 9.—Bitter stress developed in Wall street by the second hour of trading on the Stock Exchange to-day. The vio- lence of the commotion had spent much of its force, at least for the time being, when the chairman’s gavel fell an- nouncing the close of the day’s proceed- ings. The casualtles were great and the field of battle was strewn with the wound- ed, and may be with the dying. But of actual fatalitles none were recorded of importance during the day. During the helght of the panic rumors of insolvencies were handed about more quickly than they could be reported. But no confirma- . tions could be had of the intimations of financial wreck. Those against whom the | rumors pointed refused even to show any signs of distress and professed themselves ready to meet all obligations. In more than one instance the answer to tliese rumors wgs for a representative of the house to g8 upon the Stock Exchange and | plece loans to a large amount, as indl- cating_the abundance of resources at ! hand. But notwithstanding these and sim- i £ crash of values on the exchange credits and borrowing power were shrink- ing at too prodigous rates not to leave the mind of the whole financial world in a condition of intense strain. But the indi- cations at the close of the day were strong that the principal damage had been wrought upon the speculative class or upon holders of securities on margin for whatever purpose. Sixty Per Cent for Money. The banks have been so well protected .r devices for keeping up credit and con- by recent extensions of the margins ex- | ooted in the market value of collateral over the amount of loans placed that they | had little to fear short of an absolute wip- ing out of market values. of collateral made it necessary for the banks in many cases to exact additional collateral during the day, and this added much to the distress for a time. But in the late dealings the principal banks in the financial district agreed to form a pool and raise a fund to loan the money at rates down to 6 per cent on the Stock Cxchange. The bid for money had been run up to 60 per cent and was threatening to alive the panic. The dozen banks quickly came to an agreement to ralse $16,000,000, with implied willingness to i crease the sum if necessary. very heavy loans placed also by vidual banks, ranging in some cases $25,000.000 and $30.000.000. Through the ear! part of the day bankers exacted the mar- There were indi- to ket rate for loans, but with the growing | need to suppress the panic offered the rate Old customers of the anks were not charged over per cent t any time, but when outsiders came in asking for new loans the law of supply and demand was allowed to run its course. The state of excitement was very ap- parent all through the financial district during the period of the panic, but there were few sensational scenes. Now and then a white-faced woman would peer frcm a cab outside a broker's office and would be driven off in a faint condition (flo,r receiving a message from the inte- Tor. be e to a ticker or to a board on quotations were posted there were t throngs of excited speculators mbling for a view of the course of the market. sion came upon the men who were shut ur in either their private offices or those of brokers, or who were struggling and fighting on the floor of the exchange. The outside country could obtain little idea of | the actual occurrences on the exchange, as the brokers are remote from the public galleries in their temporary quarters in the Produce Exchange, and are half shut off from view by the sixteen-foot wall. Speculators Ruined in Short Order. In the brokers' offices many men sat who were reduced to absolute ruin as a | result of fifteen minutes’ proceedings on | ck Exchange. Some of these ha en made opulent within a few week ast a a result of the unparalleled rise in prices. With the true gambling spirit they have replaced all their winnings on new ventures on each successful turn. To-day’s drop, therefore, wiped them all In many cases one could see the ambler’s fortitude with which the chances of gain were accepted. But the glittering attraction of this market has brought into it a constantly increasing as- sortment of more staid and inexperienced speculators—amen and women who have brought long standing hoards from secrct places and from savings bank deposits with the determination to make one suc- cessful stroke and then retire with the proceeds Thé demonstrations from this Class, which includes many women specu- lators, furnished the hysterical scenes and sercations of the day. All classes of employes in the Stock Ex- change district were under tremendous pressure throughout the day. The im- pression produced by contact with those w due to their coolness and nerve un- der the most trying and exciting circum- rtances. Brokers, messenger boys, tele: phone boys, clerks and the like learned { during the iast few weeks to waste little time in demonstrations. i They do things the quickest and shortest manner and made _things go smoothly to-day at a period when lack of coolness might have meant disaster t§ many persons. Thousand a Share for Cash. There was a strong feeling this morn- ing before proceedings had commenced on the Stock Exchange that a panic coul be averted only by the-strongest meas: ures and with the greatest difficulty. The fact was apparent that the corner in Northern Pacific was still unbroken. The | excited bidding last night to secure the stock for delivery to-day made that very apparent. The first steps to avert the panic were devoted to circulating reports that the conferences between the con- tending Interests in Northern Paclfic, which continued in one form or another throughout the night, had resulted in a compromise which would free the shorts in the stock from their compromised posi- tion. These efforts proved utterly inef- fective in face of the first quotations for Northern Pacific on the tape. The price paid for the stock ran quickly up to $200 per share and then to $300, to $500 and then to $700 per share on regular transac- tiens and $1000 per share for cash. The cash price pald meant that unfortunate shcrts who were unable to borrow the stock last night for delivery to-day had to pay whatever cash price the engineers of the cornmer chose to ask for it. The figures indicated in these opening trans- actions meant ruin for a very large out- standing interest in the stock. The per- ception of this fact was the principal im- pelling cause in producing the demoraliza- tion in the stock market. The concerted effort to support the market by buying all stocks which might be offered, which is always the most effective manner of dissuading persons from selling and which was undertaken, according to the current belief in Wall street, by some of the most Powerful capitalists in the country, was | swept away like a whirlpool under the -— ence, the fact was too obvious from the | that The shrinkage | Whenever any near approach could | But the real stress of the occa- | deluge of offerings which came upon the market. Most Rapid Is the Decline. As prices began to go down the disposi- tior to buy decreased and the determina- tion to sell seemed to gmw in geometri- cal ratio, as a falling body gains in ve- locity the farther it falls. Such a shovel- ing out of stocks as occurred during the E3 AR W.K. VANDERBILT [ - s per cent, indicating that they were un- hament‘ able to save themselves from considerable | losses in addition to those of their specu- lative customers. The situation was still | | | felt to be sufficiently serious after the | closing of the day's markets to constitute the heaviest moral pressure upon the great financial interests whose conflict precipitated the crisis, to adjust and com- promise their differences, and confidence in the future is based upon a strong hope | that some means of doing this will be found. House of Commons Agrees to Give Him a Liberal Allowance. LONDON, May 9—The King, sald the Chancellor of the Exchequer, Sir Michael Hicks-Beach, to-day, in discussing the civil list in the House of Commons, had no personal fortune, a fact which could dicate Favor Reasonable Peace. | not be too widely known. He was there- NEW YORK, May 9.—Night closed upon | fore dependent on the revenues of the the eventful, trying day without definite Duchy of Lancaster and Parliamentary | settlement as to the Northern Pacific, the | grants. Continuing, he said that the King central figure in the flerce struggle. It| was anxfous for a further investigation was anticipated that there would be an | into the system of management of the agreement for settlement with the shorts. | royal household in order to correct any but it was evidently not finally concluded. | ayhuses and wastes. The sum of £110.000 Shortly after the market closed it Was | oyt of the total of £470,000 which it was semi-officially announced that a basis of | proposed to grant was the King's privy settlement had been practically agreed | purce out of which came the sums ex- upon and that it would be clinched before | onacq s a result of innumerable re- nightfall. At 5 o'clock, however, Kuhn, | quests for charities throughout the e Loeb & Co., whom the street accepts as | pire, and even from foreign countries, and masters of the situation, announced that out of which also came the sums expend- nothing could or would be said as to the | ed to keep up the private residences. stock to-day. There was a spirit of com- The Liberal leader, Sir r}“(er‘a_\‘ Campb:l‘!; | : vernment promise and conciliation in the air, but | Bannerman, suppafied the Go until it should bear the fruit of definite proposals as reascuxmb]‘e.l T e o5 ! - sh leader, x- Sextlement the situation in Northern Pa- | John Redmond, the Hr's . Gific was felt to be a menace o the whole S S SEEKING A FINANCIAL TRUCE. | Kuhn, Loeb & Co, and Harriman Syn - | laining why the Irish members declined e port the proposals sald it was for market. Kuhn, Loeb & Co. and the men | [0 SUPDOTE 3 : ed Wi h 2 e reasonms: First, the insult to certain enlisted with them in the Harriman syn- ;'}feme 2, o Mabjects In the accession dicate seem disposed to a reasonable | peace, and on the outside the strongest | influences of the financial world are mov- | ing determinedly for a financlal truce | that will protect the market, avert panic | and restore confidence. In addition to an | arrangement with the shorts it is be lieved that the settlement of the fight will also involve the future relations of the Union Pacific, Northern Pacific, Great Nortkern and Burlington. Men close to the Harriman-Kuhn, Loeb & Co. group roceedings; second, Ireland was paying Bouble to-day what she had paid eighteen voars ago, and England was paying 2 per cent less; third, and the real ground for the opposition was that the people of Ire- land were mocked by a freedom Wwhich was devoid of substance. Mr. Labouchere, Liberal, tried to have the allowance cut down from £470,000 to £415.000, the amount granted to Queen | Victorta and the Prince Consort, This mo- insisted that the deal for the sale of the | tion was defeated by a vote of h\ivu: ,61‘. Burlington to the Great Northern would | The civil list was agreed to by a Vote o be carried through. Granting that Harri- | 37 to 3. man, Kuhn, Loeb & Co. and their asso- | e Py clates are dominant in Northern Pacific, | @irtelirb it il AR g AP Bl K By Cihn, Loeb & Co. this morn- Wi voice In the future of Burlington. | [eckerio8 SRLE: 1252 & Toun' the stock they hold, but it was stated that the It 1s helleved that the seftlement with the shorts in Northern Pacific will be made | }Toans for some reason did not care to at 200 or under. Kuhn, Loeb & Co. sa¥ | enter the compact. The reckoning is to they deprecate the policy of the third in-| .ome to-morrow, and despite the promis- ing features of the closing hours to-day a terest in taking enormous profits from | doubt lingers as to the effect of the the shorts, and their friends avow regret that outsiders suffer. Northern Paciflc situation upon the whole market to-morrow. A settlement with | the shorts would | clear the situation materially, but there | 5 leader made this state- would stlll remain the great problem in | yan,. Moustrial leader made this railroad politics of the future of the road | 3 ; itself. On that point the following state- | I belleve the worst of the storm Ils over. ment from a member of the Harriman | There Rave beem comcremees or i peen syndicate is significant: | Godea “that every man of standin “Northern Pacific is in control of Kuhn, | $7eet shall be protected. I had th Loeb & Co. The only thing that can affect | would be failures, but there are this control will be the possible inability | ttrong enough to avert those of certain people to deliver the stock to | am sure now they 11l suce them. J. P. Morgan & Co. same position.” | The struggle of the financial giants, | which broke the most remarkable move- ment that American stocks have ever had, dates back but a fortnight. E. H. Harri- | man and hiihassoda(es, ic;'lhe',' refiue P[‘.‘:e | How Morgan-Hill Interests Outwitted story in the street, discovered that | 3 brokers representing J. P. Morgan & Co. | Their Opponents. were buying Union Pacific. Harriman at| NEW YORK. May 9.—To-night an indi- gnce began increasing his own heldings. | vidual who has been party to the confer- uying arket that rapldly ad- | _ s e ned Vanced, and when sure of control sub- | SICS Telating to the strained condiions Titted” o proposition for some basis of | In Wall street this week made statements agreement as to the control of Burlington, | and explanations which give'to the con- just acquired by the Great Northern and | test in Wall street a different construc- tion than was generally accepted down=- buying orders and a rally in the mar] wiil also be peace among intere war. are in !hr' BURLINGTON DEAL IS SAFE. J. FIERPONT MORGAN - FINANCIAL LEADERS IN THE RIVAL SYNDICATES IN WALL STREET. + | gt second hour of to-day’s stock market was never seen before. After a sale had been made at a fixed price a broker would threw in an additional block at anywhere from 5 to 10 points lower, without stop- ping to demand any intermediate price for his offering. The extent of the de- cline during the half hour was as great as in some cases has taken weeks to at- tain on the advance, although all ob- ervers have agreed that the rate at which prices have been going up has exceeded any previous experience. The figures alone suffice to indicate the proportions of the drop. In Delaware and Hudson the extreme decline was 59 points, Manhat- fan 3%, Rock Island 35%, Union Pacific 28, Atchison 341, Atchison preferred 28%, 'sf. Paul 30%, Missouri Pacific 32, Southern Pacific 29%, United States Steel preferred While A range of 5 to 30 points would over the collapse in nearly every active in the exchange. t?rc‘lklhe outside market the stress of the demand for funds was shown by the per- pendicular drop in the price of Standard Bil of 171 points over night. The same rgent need was reflected in the bond market, where all grades of bonds were offered on a declining scale. The sacri- fices there were naturally much less than in the stock district of the market. After the turn in the market came, which it did abcut noon, some noticeable selling of bends still continued, and this was ex- plained as being due to a wish to secure funds to buy stocks at the attractive level of prices to which the market had fallen. In fact, the bargain hunter was on hand and alert, and even in such a scene of disaster as that presented there are those Wwho reap the benefit. The drop in prices Tarried stocks of many substantial prop- erties down to a level at which the cur- rent rate of dividends pald upon them is well assured, making them attractive in- vestments. Due to Over Speculation. Tt was a very motable fact that through- out the most acute period of to-day’s dis- turbance there was nothing heard to indi- cate doubt of the sound and prosperous conditions of industry and business at large in the country. The stock market collapse was attributed exclusively to overextension of credits used in holding stock which it was not designed to keep, but to sell at a higher price. TRe shock which caused the collapse was the North- ern Pacific corner, without dispute. The ‘harm which might result from the North- ern Pacific episode was by no means so | | | | | great in any one's mind as to justify the extent of the collapse in prices. But the delicate situation of the market, due to overextension of speculation, made it vul- | nerable to this stock. The decline, once in force, gained cumulative strength. Spec- ulators’ margins were wiped out and brokers had to sell the securities placed with them as collateral to save them- selves from loss, thus adding to the welght of the selling. The shrinkage in the market value of securities placed with bankers as collateral made it necessary that they Should demand increased col- lateral or call the loans with which specu- lators were holding stocks. With credits reduced, further sales of stocks had to be made, and so it came from every quarter. Battle for Northern Pacific Shares. The importance attached to the North- ern Paclfic episode was made clear by the eagerness of all classes to learn all devel- opments concerning it and the immediate effect of any announcement regarding it upon the stock market. The upward shoot to $1000 a share was the effective cause of the greatest demoralization in the mar- ket. The announcement later in the day of the measures for the rellef of the shorts and the relapse in the price of stock to 300 allayed the demoralization al- most immediately. Announcements by J. P. Morgan & Co. and Kuhn, Loeb & Co., who respectively represent the two_contesting parties in Northern Pacific, that they would not re- quire deliveries of the stock to-day, meant a respite of one day at least from ruin for the shorts in the stock. Late in the day Street & Norton announced that they also would not require deliveries of the stock. This firm has been credited with acting for James R. Keene, and bought 200,000 shares of Northern Pacific on Monday last, loaning 150,000 shares that night and calling in the greater part of it the mext day, thus disclosing the corner in the stock. The theory that Keene's campaign had been directed toward a squeeze of the shorts was some- what shaken by this leniency toward its victims. It was significant also tHat, al- though the parties to the contest for con- trol showed their willingness to. relieve the shorts by remitting the requirement to deliver stock, they failed to come to any mutual agreement to lend the stock, such as was proposed by one party last night. The surmise seems warranted from this unwillingness of elther party to let any of their stock get out of their hands, even to relieve the shorts, that there was continued doubt in the minds of both as to where the actual control of the property lies. Representatives of both parties made emphatic claims to- day, the one that they had maintained the control and the other that they se- cured it. Chance of a Compromise. The hope of relief from the conditions e TREMENDOUS SHRINKAGE IN PRINCIPAL of $0YS,388,407. NEW YORK, May 9.—A statistical review of the transactions in the shows that at low water mark of prices forty-one principal stocks had shrunk the tremendous figures This shrinkage, however, is largely offset by the recovery of the market toward the STOCKS AT THE LOW WATER MARK OF PRICES stock market to-day ron S electing some of the more prominent stocks and applying to them the low price calculation, gives the following showing: NAME OF STOCK. Stoclk Decline. | Deprectation. / Outstanding. i Amalgamated Copper... $To000.000 | 20 prmr F10,500,000 Afehison COMMON . +rersesss 102,000,000 35 1-4 points 33,995,000 Atchixon preferred..... P e 25 1-4 points 23:095,000 Chesapeake =nd Ohio. ... 60,623,000 iy 1 Eres gt St. Paul....... S bkl 18 | 26,012 Rock Island. .. 45 e b o { 0o Delnware and Hudson.. B Rt ite 2 potnta 16.500.000 Louisville and Nashville 52,800,000 26 1-4 points 17,560,000 R 48.000:000 37 points 17,760,000 e Saibe 55,181,000 22 points 2,139,820 N Tork Cemtx i i A ' points 13,727,170 New York Cemtral. ...l 115,000,000 13 1-4 points 15,237,500 e ki 197,832,100 | 20 points 30,560,420 Union Pacific .......- A 2, pointx 30,504, United States Steel sl prv weus 15532048 United States Steel preferred e & points 110628000 - Northern Paciic. That offer was reject- y ed. On Monday last there began a sen- - » Saifonal movement in Northern Pacific, | ©°W? to-day. He sald: and the public got the first intimation of | To-morrow morning Kuhn, Loeb & Co will the battle for supremacy. Street and Nor- | publish a notice saying they will let out their fon took all of the stock they could get, | Northern Faciflc to shorts at 9150, 2 postivs seemingly without regard to prices. Much | §2{ment 1% Tale Se BOr, PO SRR they of the stock sold to them was for Short | wiji pe released on short obligations to Morgan account and could not be delivered. It| & (o. on the basis of $150. This will be the developed finally that there were three | peralization. The shorts will get no stock from Biorsan & Co prevailing on the Stock Exchange to-day centered in the possibility of a settlement or a compromise between the contending interests as to sharing the benefits of the Burlington deal, which is expected to be the form which the compromise will take. Incidentally the settlement of thc terms on which the shorts will be allowed to cover is, of course, of great impor- | large interests in the property, two seek- They et only freedom. tance. Clear intimatlons were conveyed | INg its management and the third a spec- | The Burlington deal will be known to-morrow to-day, apparently on authority that the | ulative profit. Both the Harriman syndi- | as an accomplished fact. It has al 7 beem figures at which Northern Pacific sold to- | cate and the Morgan-Hill interests accomplished. The Morgan-Hill interests con- trol the Northern Pa stock and the board of directors has absolute power to close the Northern Pacific-Burlington merger without tha consent of two-thirds of Northern Pacific stock, The old laws of the Northern Pacific prescribed that two-thirds of the stock should assent such a transaction as the present deal. This provision, still printed in the manual, accepted as authentic, has misled the opponents of the claimed control, and the predicament of | the shortd was made worse by the fear | of both the Harriman and Morgan syn- dicates to lend the stocks to the shorts. It was this fear that led Kuhn, Loeb & Co. of the Harriman interests to seek an understanding with Morgan & Co. as to the lending of stock to shorts. To have loaned without an understand- | Morgan-Hill plans, because in the reorganiza- ing was to court the danger of losing the | tion the two-thirds provision was abolished and stock and possibly the dearly purchased jsthe power was vested solely in the board of opportunity to control. The shorts | directors. R ied yesterday that they were severely | This release by Morgan-Hill and the letting cornered and_made frantic efforts to se. | Jut of actual stock no longer useful to them e TThe TaoN ot S0 T | BY the opposing interests Is expected to relieve e e last iGht, but the fallare of | (he tension and smooth out’ the compiicaticns fof Despu tast gl e fallure of | jn wall street to-morrow. the legders to agree left them in desper-| In the light of these facts and_conditions it ate straits. There was some consolation | becomes apparent why Morgan-Hill interests in the extension of time for delivery, but | deciined the propositions of their opponents to that after all was merely deferring the | loan stocks to shorts pro rata. day were far above any terms which it would be thought of exacting from the shorts to the final settlement. The prob- ability to-night seems to be that 200 rep- resents about the figure which will be de- manded. The strong rally in the stock during the latter part of the day did not serve to entirely alleviate the nervous fears prevalent in the Wall-street dis- trict. Rumors were very persistent that many prominent houses had been com- promised seriously by the violent slump in prices. All of these specific rumors were emphatically denied on the direct authority of the parties affected. But so violent a collapse In prices as oecurred to-day necessarily involves enormous losses somewhere. The extent of the de. cilne was far in excess of the ordinary margin demanded by brokers, which is 10 ADVERTISEMENTS. You can always smell a “dead one.” He has a costive-looking face. His breath knocks you down. He drags his feet. Listeners to his talk turn their heads the other way. His breath poisons God’s pure air. He ought to keep clean inside; —that means sweet breath, quick brain, swift moving feet. You can’t feel well and act well with your bowels clogged, sending poison all through your body. Clean. them out gently but thoroughly and keep them clean with CASCARETS Candy Cathartic, and you will find that all bowel and liver ills and the nasty symptoms that go with them are quickly and permanently CURED BY TOCTRE: Fr e the Bret box of CASCA TS was soid.. Now It ) over six million boxes a GUARANTEED fsaasis ¥ simllar medie! in the world. * This Ix absolute Freat merit, and our best testimonial, | We have forcn oy Will scil CASCARETS nbsolntely guaranteed fo cure oo money refunded. Go buy teday, two 50 hoxes, give them o fair, honest trinl, us per simple directions, and 1f you nre not satisfied, afier using one 80c hox. return the wAnsed 500 Box and the hox to us by mall, or the Grugtiet from whom you Tt, and got your money back for Bath boxes. Taie our adviee—no matier what al you—start to- day. Heaith will quickiy follow and you will bless tha Gy Grststarted: 'ASC. G S 8 e R ALL DRUGGISTS all bowel troubles. a ndicitis, bil- i1ousness, bad breath, m blood, wind on the stomach, bloated bowels, foul mouth, headache, indigestion, pimnples, pains after elfln". liver trouble, sallow complexion and dizziness. hen your bowels don’t move rezu- arly you are getting sick. Constipation kills morn people than all othor diseases together. It s starter for the chronic ailments and long years oi | suffering that come afterwards. No matier what | ails you, start taking CASCARETS to-day, for you i will never get well and be well all the time until you put your bowels rizht. Take our advice; start with CASCARETS tosday, under an absolute guar- antee to cure or money refunded.