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About Morning Oregonian. (Portland, Or.) 1861-1937 | View Entire Issue (May 10, 1901)
THE MORNTKG OHEGONIAN. FRIDAY, MAT 10, 1901. DEAL WILL GO THROUGH HILL-MOEGAX INTERESTS "WIIjIj GET THE BUBXIXGTOX. Their Plana Xot Upset By the Harrl man. Corner Knh-n, Ioeb fc Oompanj- 3Iitnke. NEW YORK, Hay 9. Tonlgh an indi vidual wio'has been a party to the con ference "relating -p the strained, condi tions in-Tyalstreet this week.made,state jnents and .explanations., which " give to the contest in Wall streefc e different con- f structlon than- was generally .accepted down tbferh todayTIe said: J-' 'Tomorrow morning Kuhn. Loeb & Co. will -publish a notice ,sayjng. they will let out their Northern Pacific- to .shorts at 5150. A .positive e'tatement Js -made- to night that tomorrow JrP. ilDrgas& Co. ;wjl notJIr shortsXthat, they mV be re leased on. .short obligations fir -5organ & Co. on theT&sIs ofrttSO. Thrs will be the "penalization, The shorts will get 310 stock from Jlorgan & Co. They will get only freedom. "The Burlington deal will be known to norrow as an accomplished fact. It has already .been, accomplished. The. Morgan Hill interests control the Northern Pa cific stock and the board of directors has absolute power to close the Xorthern Pacific-Burlington rnergef without the "con sent of two-thirds of Northern Pacific stock. The old laws of the Northern. Pa cific prescribed that two-thirds of the Stock should assent to such" a transaction as the present deal. This provision, stiA printed in the manual, accepted as au thentic, has misled the opponents of Mor-gan-HIH plans, because In the reorgani zation the two-thirds provision was abol ished and the power was vested solely in the board of directors. "The board had stipulated, that when two-thirds of -the Burlington stock had been .deposited In a designated trust com pany, the Northern Paciflc-Burlington deal should thus be automatically closed. The stock has been deposited and the transaction Is consummated. Meanwhile, the Kuhn-Ioeb Interests, "believing a two-thirds stock consent In Northern Pacific necessary to consumma tion, have striven to absorb enough North cry Pacific to prevent two-thirds con sent, with results seen in Wall street this week. This afternoon they discov ered that two-thirds consent of Northern Pacific stock was not necessaryto the Hill-Morgan deal, that they had acted wrong information on mar poinu 'Moreover, they learri&d late today that while ' the Northern Pacific scrip they hold and their paper contracts made the aggregate they had sought, the paper contracts were In part empty, for the shorts could not get the stock they had agreed to deliver. Conviction was com pelled that Morgan-Hill interests had the real goods .the scrip and, -there-Yore, that the accumulation, of North ern Pacific in the hands of Kuhn, fc,oeb & Co. was strategically val ueless. Hence, according to a state ment made by one of the Kuhn-X-oeb group this evening, the Northern Pacific-Burlington deal Is sure and safe. This "being true, Kuhn, Loeb & Co. have no tactical use for their load of North ern. Pacific and will, therefore, let it out tomorrow to shorts at 150 and discharge makers of paper contracts to deliver fetoclt they could not get on the same ba sis. The action makes logical the stated design of Morgan & Co. not to deliver Northern Pacific to shorts, though .shorts may purge themselves of their short ob ligations at 150. This release by Morgan Hill and the letting out of actual stock no lopger useful tq them by the opposing In terests is expected to relieve the tension and .smooth out the complications in Wall street tomorrow, "in the light of these facts and conditions it becomes apparent -why Morgan-Hill interests declined tne propositions of their opponents to loan stocks to shorts Tiro Tata." Jacob H. Schlff refused to 'see reporters at his residence tonight concerning the , stock market, but a series of -questldns were written and sent to him with the request that he answer as many of them as consistent with his interests. These questions covered the ground as to whether any permanent plan of settle ment or an agreement between the op posing interests In Northrn Pacific af fairs had been reached, and if ho antici pated any change in the situation when the Stock Exchange opens tomorrow morning. Mr. Schlff's written answers to the questions follow: "As far as the stocks coming to Kuhn, loeb & Co. are concerned, which the parties owing delivery have declared themselves unable to- procure from any other source, they have been notified that they can close their contracts at ?150 per share." The Evening Post quoted an eminent authority of the railroad -world as fol lows: "It will be recognized, when the field of battle clears, that the balance of railroad power must not be seriously disturbed. Interests at stake are too tremendous and too powerful to be aroused. It only means retaliation of a disastrous nature, which can be avoided "by checking reckless am bition and leaving the great railroads of the country free from alliances and open to all their connections. Further unifica tion of great railways and forming of transcontinental systems' will be dropped Tiow, or such plans will be recognized as forcing competitive building on a gigan tic scale." The assignment of Charles R. Slckels, stock broker. Is announced He Is the sole member of the firm. According to a rough estimate made by the- assignee, the liabilities will be JSO.000, while-the assets will be fully as much, if not more. Mr. Slckels failure is attributed to the slump in the stock market and to the failure of his customers to make good the margins on certain stocks he was holding for them. He was a member of the Con solidated Exchange, and when the set tling hour came this morning at the ex change he found himself unable to make payments. At 1 o'clock the failure of W. H. Brow er. of 60 Broadway, and J. T. Lee. of 62 Broadway, were announced on the Con solidated Exchange. Rumors were circu lated affecting the credit of several Stock Exchange houses, but they were soon of ficially denied. The failure of A R "Fields, a member of -the Consolidated Exchange, was also an nounced. The amount Involved "Is not made public. "" AN INTERNATIONAL AFFAIR Italian Laborers Driven Ont of Kansas ToTrn. KANSAS t:iTY. May 9.-Jerome Fedell. Italian Consul In Kansas City, Is quoted as saying today that the labor trouble at Iola. Kan., that resulted last night In sev eral Italians being driven from that town, after having aeen assaulted "by American waftrdea, will be made an international "affalrC . , , "Eleven of the Italians reached .here to day?" said Consul Fedell. "Two or'three were, injured, and at least onewas carried fronrvthe train in a blanket I shall re port the matter at once to Count Rosewa dowski. in Chicago, who has jurisdiction of the State of Kansas; The expulsion of the Italians from the lola Cement Works Is a serious matter, and will assuredly be come an international incident." Tiie leaders pf last night's mob were ar rested and are held under bond. IOLA, Kan., May 9. The trouble be tween the workmen and the Italians sent here from Kansas City to work In the .. cement plant seems to be about over, t.he ' ItMianshavfng been returned home and the leaderg-of the mob arrested. The -cement compkhy?-.flnding that the Italians were- too scared to return to work, pur chased tickets for them.' and they went -amekttoKansas-City on the first ipassen- ger train. One or two of them carry j bloody heads, but aside .from this the re ports that several were wounded cannot "be confirmed. Indictment Against Thatcaer. SPRINGFIELD, O., May 9. The grand Jury today returned an indictment against George "W. Thatcher, charged with forg 'ing the name, of the late P. P. Mast to three promissory notes aggregating 529S, 000, which Thatcher claims were given in part settlement of the claims of the heirs of. the .Mercer estate, alleged to have been collected by Mr. Mast. Perjnry Charges Agralnst Callahan. OMAHA, May 9. Seven counts charging James Callahan, alleged to be one of the kidnapers of young Cudahy, with perjury on his late trial, were filed this afternoon. PRESENTING THE CLAIM. J China WIU Be Asked to Pay 450,- 000,000 Taels. PEKIN, May 9. An indemnity claim of 450.0000.W0 taels will be presented to the Chinese- plenipotentiaries this evening. Official Chinese throughout the Empire -have been communicating with the court and. gjving advice. Most of them seem to favor a loan guaranteed by the foreign powers. Others, prominent among whom is Chang Chi Tung, believe in raising the money in every possible way without a loan and In paying off the entire de mand within five years. The court has considered methods of raising 20,000,000 extra annually and provisionally ap proved the plan, but the Chinese pleni potentiaries have instructions to obtain a reduction of the indemnity demanded as far as possible. Whatever the final demands of the powers may be, it is not believed that the opposition will Te much more than a matter of form. The Ministers of the powers met this morning and decided that the Chinese should be given to understand thoroughly that the amount did not constitute the claim, but was the total of the expenses, Including private claims considered fair, and was meant more to obtain an opin ion from official sources as to China's ability to pay and also as to what means she would employ. THE CHINESE LOAN. American Financiers May Be Asked to Subscribe to It. NEW TORK, May 9. A special to the Herald from Washington says: American capitalists may be 'asked by the Chinese Government ot subscribe to the loan It will have to negotiate to pay the indemnity to be exacted by the pow ers. Wu Xing Fang, the Chinese Minister, and New York financiers have been in communication on this subject. The com munications are entirely unofficial and have therefore been kept very quiet. Nevertheless, it has developed that the idea has been favorably received in New York. It is, of course, impossible to say what the outcome will be, as interna tional politics will hafve an Important in fluence upon the placing of the loan, but intelligent Chinese favor obtaining sub scriptions from the United States. The Chinese Government is well aware that, provided the "open door? be conced ed, the United StateB at this moment would not go beyond a formal protest in case of the division of China. The situa tion would be changed, however, if Chi nese bonds valued at millions of dollars were held by American citizens. All that the Chinese Minister has done has been to make Inquiries, and American financiers have given an indication of what they are willing to do. The loan will be very large Special Commissioner Rockhill has cabled to the State Depart ment that the Ministers had agreed upon $337,000,000, but he is still trying to secure a reduction ot this amount but the lower it is the easier it will be for China and the better terms upon which she can. ne gotiate it. Foreign representatives in Pekin will un&oubtedly bring strong pressure to bear lh "behalf of the placing of the loan in their respective countries. Mr. Rockhill is not expected, however, to Join in such a movement. It is within the range of pos sibility that China, in order to satisfy all the powers, may decide to place in each country a loan equal to the Indem nity due that particular nation. In this event the share of the United States will probably be less than $20,000,000. and per haps only $12,500,000, In case its proposal for each power to reduce its Indemnity demand should be adopted. Attacked By Chinese Brigands.- PARIS, May 9. An official dispatch from Pekin announces that a band of Chinese brigands from the Province of Kwang Si, recently attacked the French post at Lin An and drove out the .gar rison, killing five and wounding seven men. A few days later the brigands at tacked the French post at Sooglang, but were driven off, leaving 33 killed. The band finally. May 2, was driven into Kwang SI with heavy losses. Ten French men were wounded during the fighting. Preparing: for Emperor's Return. TIEN TSIN, May 9. Hul Ju Fen, ex Director of Chinese Railways, arrived here today on his way to Pekin. He Is said to be one of the five officials whom Emperor Kwang Hsu has sent to prepare the capital for the return of the court. German Troops for China. BERLIN, May 9. The Boersen Courier asserts that at the recent recruit mus ters, the officials Invited volunteers for the China corps, which It Interprets to mean that many months will elapse be fore the German troops are finally with drawn. DANGER IN PESTILENCE. Sanitary Inspectors Appointed at Jacksonville. JACKSONVILLE, Fla., May 9. The congestion in the unburaed section has taxed the sewage system to its utmost and the small tented villages all require a sanitary system of some kind that will keep away Infection. A patrol of sanitary inspectors was appointed today and al most 200 men have been employed clean ing up. The work of cleaning away the debris progressed slowly owing to the intense heat of the brick work in the fallen foundations. Many of the buildings are still smouldering. Right Rev. John Moore, bishop of St. Augustine, and Very Rev. William J. Kennedy, vlcar-general of this diocese, have Issued an appeal to the Roman Catholic people of the United States and Canada, calling upon them to aid the Catholics of this place. A Boston Fire. BOSTON, May 9. Early this morning Are destroyed portions of the double gran ite building, 523 and 625 Washington street. The building was occupied by A. N. Hardy and C. M. Litchfield, photog raphers; J. G. Small & Co., dealers in .la dles' cloaks, etc.; the White Dental Com pany, and Strawbridge & Clothier, drug gists. Theater Wall Collapsed. SALT LAKE CITY, Utah, May 9. The north wall of the Salt Lake Theater, cor ner of First South and State streets, col lapsed about 2 o'clock this morning. So far as known no one was hurt. The building, which will probably be torn down, was built nearly 40 years ago, in the days of Brigham Young, and was one of the landmarks of the city. T. K. Strong: Chosen. ROCHESTER, N. Y., May 9. The Na tional Municipal League today unani mously elected these officers for the en suing year: President, James C. Carter, New York; vice-president, Thomas N. Strong, of Portland, Or.; secretary, Clin ton W. Woodruff, Philadelphia; treasurer, George Burnham, Jr., Philadelphia. STOCK PANIC IN LONDON WELD DEALINGS IN SHARES. AMERICAN The Excitement Came After the Close of Business on the Exchange " Scramble "in Glaagrovr. LONDON, .May 9. Not In the memory of I tne Oldest stock broker Jn London 'has there been such a panic as prevailed this afternoon in Americans. After the clos ing of the Stock Exchange crowds 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 the New York parity: t Sud denly there developed a terrific slump in Union Pacific, 'whieh was knocked down 20 points in as many seconds. St. 'Paul suffered almost as badly. Large and small brokers rushed to the scene until Throck morton street became Impassable. 'The rain poured down,- but the excited crowd paid no heed to 'it. Parties formed them selves Into flying wedges in endeavors to THE EARL FIRST GOVERNOR OF force their way into the center of Short er's Court, at which spot the principal dealing was done. All sorts of conditions and prices were shouted at the top of the operator's voice. Down, down went the Americans. The leading houses sent urg ent orders to buy; or, sell, but found It al most, Impossible to hay,e thekorders exe cutedC Ralls .'of every' description were quoted at rock-bottom prices, and steel and other securities fell in 'sympathy. Then, without rhyme or' reason, a reac tion Bet in. Up arid down went Americans. After-about half an hour'of this panicky speculation a more reasonable feeling pre vailed and stocks rose to within a few points of their" opening price, when the Stock Exchange closed. But long after the usual hours hundreds of stock brok ers, most of them drenched to the skin, traded in the hope of getting clear be fore tomorrow's opening. J. P. Morgan, Jr., said to a representa tive of the Associated Press: "So far as I know, there was no reason for this panic except utter lack of information re garding the conditions of the railroad market in America. I do not apprehend any serious results." Mr. Brown, a partner In the firm of Speyer Bros., said: "It cannot be called anything but a panic. Still, I do not ex pect failures, except possibly a few small ones. The crowd Is too terribly excited to transact many dealings, and not much stock has changed hands. There is no earthly reason for today's scene, except the endeavor to keep pace with New York, which is being done in the dark, and led to a panic such as we never have had before. The rise that came to an end was only to be expected, but the affair will hurt Americans here, and it will probably be some time before a feeling of security is thoroughly re-established." A representative of Seligman Bros, said: "The market here is only a reflex of New York. Without accurate knowl edge of the conditions there, it is im possible to say what will happen here. We are quite in the dark, but do not an ticipate any serious results." Upon receipt of the Wall-street quota tions a panic seized tne (Glasgow &iock Exchange, and a wild scramble was wit- f nessed, the brokers scrambling to rid themselves of their noiaings oi siock. in the street, Chicago, Milwaukee & St. Paur. which had closed officially at 165. dropped to 145, but afterward rallied; Union Pacific, which opened at 118, dropped to 98. There were other falls of less -magnitude, and great apprenension exists as to the outcome of the settlement which will commence next Friday. The Financial Times, commenting on the situation, thinks that the comparative absence of feverish excitement In London until after the closing hour affords reas suring evidence that the London Stock inOinruro is Tint- fipprtlv committed to Americans, although there Is' no doubt i, that some individuals nave neen Damy hit. "In such wild markets," says the Finan cial Times, "the Jobbers are wisely re fraining from committing themselves ex cept on a very v,lie margin, which- in many cases has been absolutely refused. One point comes clearly out of the -hurly-burly. That is that the consolidation ru mors and belief irt community Interests In railroads will receive a severe check. Yesterday's experiences -would more fit tingly be embraced between the covers of a Jules Verne romance than lnr the records of ordinary life, and If the al leged new day In American railroad af fairs Is dawning. It is dawning through stormy skies. When professional oper ators with ample means at their disposal are being ruined. It behooves the gen eral speculator to stand aloof." The Standard, In Its financial article, says the position may be summed up as one of extreme uncertainty rather than of actual alarm. "Not only is the situa tion in New York Imperfectly understood here,1' continues the Standard, "hut there must also be uncertainty as to the. extent of the recent rise in prices which has at tracted buyers on this side." The Chronicle, in its financial article, remarks that the gamble was not ex tended to bonds, and that the latter show few signs of business. BRITONS LET OFF 'EASY. Ifot Heavily Committed to American Securities. LONDON; May 10. While it is hoped, rather than believed, that the British market is not committed, to a great ex tent, to American railroad securities. -it cannot be denied that the settlement which will begin Monday Is anticipated with keem apprehension. It la believed that British speculators held aloof a long time, but were unable to resist the at traction of the "long-continued boom. The panic was the sole topic of con versation at West .End. clubs JaBt night. It Is regarded as fortunate that tomor row Isa holiday In 'New" York and. that the carry over will be completed hero Monday before the New York Exchange opens. Many large dealers are standing " out altogether until they can see how the situation will shape itself Long dis patches describing the situation in Wall street are published in the morning pa pers and comments dwell, upon" the un precedented nature of yesterday's scenes. "Unhappily," says the Dally .Mall, '"London has shared "in the disaster," al though f ortuhately there Is" reason' to think that the British commitments are nothing like the American. There were all the appearances, however, of a crisis which will make the boom a recollection of terror for the next decade. That at the outset the Juoom rested on a 60lld foundation Is not to be denied, but the British public avoided the market when tthe advances Justified entering and only came ,ln .on the top floor." The Dally Telegraph, in its .financial article, says: "The quarreling ot great capitalists is to be 'greatly deplored because It dimin ishes confidence generally and may upset the American money market to such an extent as to make the United States OF HOPETOUN. FEDERATED AUSTRALIA. draw on their balances on this side. " In 'such an event the situation here would (-'become very serious." -'The Financial News, like most of the other papers, dilates upon the difficulty 'of ascertaining the "true inwardness of ;the' extraordinary movenient In Wall street." -It -considers theMssues' at stake I so "gigantic asTto render 'It Inconceivable that a little personal Irritation wodid-'bc" permitted '-tof ,put .anvend ,4 to all the schemes 'ofconeollflatron 'and. mutual 'ad--vantagesi. for which! the great "railway , magnates have been -negotiating. v ' e , -----a THe Capital of . Australia. AH afcout Melbourne, the government headquarters of the new commonwealth, Frank G. Carpenter writes: It has half 'a' "million people, a hundred thousand homes and( many 'miles of wood pave mentsThe Town Hall and other build ings A city run for the citizens Its .famous racetrack The coffee palaces and, hotels The Australians as drink ers Pretty barmaids A look at the stores for how business Is done The American element A Yankee city and its wonderful real estate boom. In The" Oregonlan next Sunday. ' TEMPTATION TO GAMBLE. Increased by the Stock .Market Ex- citement. BOSTON. May 9. "One only has to ..listen to the spouts in the stock market during the past few weeks." said Bishop Lawrence in his annual address to the Massachusetts diocesan convention ot the Protestant Episcopal church, "to be ' impressed with the dansrer in which our young men and women, our boys and girls stand from the temptation to gamble, to get something for nothing,, to try to make money fast, to hazard what is of value simply for the pleasure of the hazard. "I am not drawing fine distinctions, much less am I making the stock market the scapegoat for an increasing popular danger and vice. Vicious gambling which catches the popular eye Is but the symp tom of a spirit pervading the community, that of an unwillingness to work steadily for the legitimate reward of labor, an unrest at" the moderate and fair returns of capital, a making .haste to get rich, a keen love of the sport of. overreaching another, a fascination in living by one's wits instead of by one's sober thoughts and careful work. , "Two generations ago playing cards was forbidden because It was associated with gambling. Then the cards were brought forth from their hiding places and given a place In the Innocent amusements of the home. Today they are returning to their old calling as the Instrument of gambling. There are men and men wor shipers In our churches, some eyen com municants, who waste the daylight and concentrate all their thoughts and .nerve upon the game and the game is not com plete without some stake, small or. large. . "What will you give for the future or the boy whose pin money Is the gain of his father's game at the club? "The point I want to make is that In stead of dwelllmr on the excesses "of the ,.stock. market or criticising the police for not suppressing the worst torms or. gamD llng, we should look to ourselves, and dis cover the symptoms of the same .vice, in us." - . . , Our Mall Not Tampered With. WASHINGTON, May 9. Np United States official mall was included in the lot of foreign mall which is reported to have been tampered with while, passing through Turkey thus forming- the sub ject of a protest from the diplomatic body at Constantinople, The official mall from our Minister, Mr. -Leishman, and his mall for the State Department never passes through Turkey In transit. President of College Resigns. WILLIAMSTOWN, Mass., May -9. At a meeting of the trustees -of Williams Col letK heM here today," President Franklin .Carter tendered- his resignation .-to take effect September W President Carter has been in noor health for some time. THE COLLAPSE INSTOCKS (Continued from First Pace.) nouncements by Jl P. Morgan & Co. and Kuhn, Loeb & Co., who respectively rep resent the two contesting parties In Northern Pacific, that they would not re quire deliveries of the stock today meant a respite of one day at least from ruln-j for the shorts In the stock. Later 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 B. Keene, and bought 200,000 shares of Northern Pacific Monday last, lending 150,000 shares that night anl calling in the greater part of it the next day, thus disclosing the corner in the stock. The theory that Mr. Keene's cam paign had been directed toward a squeeze of the shorts "was somewhat shaken by this "leniency towards his victims. It was significant also that, although the parties to the contest for control 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 either party to let any of their stock get out of their hands, even to relieve the shorts, that there was con tinued doubt in the minds of both as to where the actual control of the property lies. Representatives of both parties made emphatic claims today, the one that they had maintained the control and the other that they secured it. "The hope of relief from the conditions prevailing on the Stock Exchange today centered in the possibility of a settlement or a compro mise between. the contending Interests as to'sharlng the benefits of the Burlington deal, which. Is expected to be the form which the compromise will take. Inci dentally, the settlement of the terms on which the shorts will be allowed to cover is, of course, of great importance. Clear Intimations were conveyed toaay, appar ently on authority, that the figures at which Northern Pacific sold today were far. above any terms which it would be thought of exacting jfrom tne snorts io the final settlement. The probability to night seems to be- that J200 represents about the figure which will be demanded. The strong rally in the stock during the latter part of the day did not entirely alleviate the nervous fears prevalent in the Wall-street district. Rumors were very persistent, that many prominent houses had been .compromised seriously by the. violent slump in prices. All of these specific rumors were emphatically denied on the direct authority of the par ties affected. . But so violent a collapse In prices as occurred today necessarily In .miirac oTinrmniia losses somewhere. Tne extent of the decline was far in excess of i the ordinary margin demanded Dy Drov ers, which Is 10 pec cent, Indicating that they were unable to save themselves from considerable losses in addition to those of their speculative customers. The sit uation was still felt to be sufficiently serious after the closing of the day's mar. ket to constitute the heaviest moral pres sure upon the great financial Interests, whose conflict precipitated the crisis, to adjust and compromise their differences, and confidence in the -future is based upon a strong hope that some means of doing this will be found. Efforts at Settlement. Night closed upon the eventful, trying day without definite settlement as to the Northern Pacific deal. It was antici pated that there would be an agreement for settlment with the shorts, but It was evidently not finally concluded. Shortly after the market closed It was seml-ofhcially announced that a basis of settlement had been pracucany ab'cu upori and that It "would be clinched be 'fore nightfall. At 5 o'clock, however, Kuhn, Loeb'"& Company, whom the Vtreet accepts as masters of the situa tion, announced that nothing could or ouloy'be said as to the stock today. Thee""was ' a spirit of compromise and Conciliation 'iri the air. but until it should bear the fruit of definite settlement the situation in Northern Pacific was felt to be a menace" to the whole market. Kuhn, Loeb & Company and the men enlisted with them In the Harrlman syn dicate seem disposed to a reasonable peace, and on the outside the strongest Influences of the financial world are moving determinedly for a financial truce that will protect the market, avert panic and restore confidence. In addition to an arrangement with the shorts it Is believed that the settlement of the fight will also Involve the future relations of the Union Pacific. Northern Pacific, Great Northern and Burlington. Men close to the Harrlman-Kuhn. Loeb & Company group Insisted that the deal for the sale of Burlington to the Great Northern would be carried through. Granting that Harrlman, Kuhn, Loeb & Company and their associates are domi nant in Northern Pacific, it Is assumed that they will claim and win a voice in the future of Burlington. It is believed that the settlement with the shorts In Northern Pacific will be made at $200 or under. Kuhn, Loeb & Company say they deprecate the policy of the third inter est In taking enormous profits from the shorts, and their friends avow regret that outsiders suffer. A settlement with the shorts would clear the situation materially, but there would still remain the great problem In railroad politics ot the future of the road itself. On that point the following statement from a member of the Harrl man syndicate is significant: "Northern Pacific is In control of Kuhn, r Loeb & Company. The only thing that can affect this control will be tne possi ble inability of certain people to deliver the stock to them. J. P. Morgan & Company are in the same position." History of the Fight. 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. Harrlman and his associates, so they relate the story in the street, discovered that brokers representing J. P. Morgan & -'Company were buying Union Pacific. Harrlman at once began increasing his own holdings, buying on a market that rapidly advanced, and when sure of a control submitted a proposition for some basis of agreement as to the control of Burlington, Just acquired by the Great Northern and Northern Pacific. That nffor was relected. Monday last there began a sensational movement in North ern Pacific and the public got the first Intimation of the battle for supremacy. Street & Norton took all Of the stock they could get, seemingly without re gard to price. Much of the stock sold to them was for short account and could not be dellevered. It developed finally that there were three large Interests In the property, two seeking its manage ment and the third a speculative profit. Both the Harrlman syndicate and the Morgan-Hill interests claimed control, and the predicament of the shorts was made worse by the fear of both the Har rlman' and Morgan syndicates to lend the stock to the shorts. It was this fear that led Kuhn, Loeb & Company, of the Harrimah Interests, to seek -an understanding with Morgan & Company ad to the lending of stock to shorts. -To have lent without an under standing was to court the danger of los ing the stock and possibly the dearly purchased opportunity to control. The shorts learned yesterday that they were severely cornered, and mad6 frantic ef forts to secure stock. The movement for their relief began last night, but the failure of the leaders to agree left them In desperate straits. There was some consolation In the extension of time for delivery, but that, after all, was merely deferring the reckoning. Kuhn, Loeb & Company this morning renewed their offer to land the stock they hold, but it was stated that the Morgans for some reason did not care to enter the com pact. The reckoning is to come tomorrow, and despite the promising features of the closing hours today, a doub,t lingers as to the effect of the Northern Pacific sit uation upon the whole matter tomorrow. Banker's Views. A banker who participated in the move ment to relieve the market this evening made this statement to the Associated Press: "We lent 1,000.0 in the street after 10 o'clock today, some of It as low as 6 per cent, and feel that the crisis is over. I do not believe that a single large house will go down. There have been tre mendous losses. Thousands of accounts representing millions of dollars are wiped out. But the bank3 are firm and the large operators are. I think, capable of caring for themselves. You see they have been taking large profits and are capable of stndlng up. At present prices I feel that stocks are a good In vestment, and Ipok for heavy buying or ders. A good day and the market will be steady again. The banks acted to gether today, but there was" no conson ance or agreement about It. We placed about $16,000,000 in the aggregate, and the morale was good. Wall street could not stand many days like this, but as It is the storm is weathered and the situation will Improve from the opening tomor row." An industrial leader made this state ment to the Associated Press: "I believe the worst is over. There have been conferences of importance among the larger financiers and it has been directed that every man standing in the street shall be protected. I had thought there would be failures, but there are influences strong enough to avert those at work, and 1 am sure now they will succeed. I look for buying or ders and a rally in the market. There will also be peace among the Interests now at war." HILL'S GAME BALKED. Harrlman Defeats Northern Paciflc Grent Northern Scheme. A railroad man who has paid close at tention to railroad developments In the East had this to say vesterdav of the flurry In Northern Pacific stock in New York: "James J. Hill's game was to get control of the Chicago, Burlington & Quincy for the Great Northern and the .Northern Pacific. Had he succeeded, the Union Pacific would have been shut off from a large traffic, and the Chicago, Mil waukee & St. Paul would lose business originataing on the Great Northern and Northern Pacific. Both lines would there fore have been forced to build the Union Pacific feeders, and the Chicago, Milwau kee & St. Paul a long line to Puget Sound. Neither Harrlman's Union Pacific nor the St. Paul could stand this, as the traffic that Justifies additional building is not in the West. It Is cheaper to pay $1000 a share for Northern Pacific stock to defeat Hill's game than to build new lines. It may be that Harrlman has not been able to buy the controlling Interest of North ern Pacific stock, but he has undoubtedly secured holdings large enough to have a say Iri the company's policy. The policy which he will dictate will undoubtedly be that the Great Northern-Burlington-Northern Pacific combination shall not be used against the interests of the Union Pacific, Chicago, Milwaukee & St. Paul and other roads In this territory. What ever may be the outcome, it is reasonably certain that Harrlman has balked Hill's aggrandizement scheme in the Pacific West." J. E. Culllson, a well-known Portland broker. In discussing the Northern Pacific flurry In Wall street yesterday, said: "In my opinion, the whole matter will be set tled before the Stock Exchange closes Fri day. My private advices are that the Board of Directors of the exchange for bade the parties In control of the stock to force delivery, and that an anbltrary board had been appointed to determine the value of Northern Pacific stock. To have forced delivery yesterday would have ruined many financial houses on Wall street. The truth is. In my judgment, that the flurry was not caused by the Contending parties in the struggle for con trol of the xsortnern .Facinc, Dut Dy peo ple who had sold short to both .Interests, and .who were In the market lor the pur-1-pose ot making good. The appointment of an arbitrary aoard to determine the value, of the stock will, as I said, bring the struggle to a speedy conclusion." NEW ORDER OF THINGS. Interior Department Holds that Important Reports. WASHINGTON, May 5. A new order of things has been Inaugurated in the Interior Department and Its several branches, relative to making public cer tain reports that are desired from time to time by the Washington correspond ents. Heretofore, the Geological Sur vey, which is one of the bureaus of this department, has been allowed to run along with comparative Independence, and in a way it gave general satisfaction. Under the old regime the newspapers were given access to the many reports that are prepared by the survey from time to time, often when the report were still In manuscript form. Now this Is changed, and no reports will be ac cessible until they are In galley proof, or even a more advanced stage. The objection to the new ruling lies just here. The Survey sends its parties out in the Summer. During the Winter months the field forces are occupied In Washington writing up their reports, which are generally profusely and valu ably Illustrated. It Is well Into the Spring before these reports are com pleted In the manuscript. It very often happens that the reports of a past sea son's observations. If made public In the Spring, will be of great value to pros pectors and others In tne season imme diately following the scientific examina tion. Under the old order of things, when manuscripts were temporarily available, the newspapers could get at the facts at a comparatively early stage, and when much of the Information was fresh and newsy. But no; the Assistant Secretary of the Interior, who, in the absence of Secre tary Hitchcock, is the "whole thing" sets out at once to exert his authority by Is suing an order forbidding the publica tion of extracts from the manuscript. This means that the reports will be held back until late in the Summer or Fall, and possibly into the next Winter, and In' this way the public will be prevented from getting the benefit of the most Import ant facts 'for a whole year, in effect- It Is a notorious fact that any recommenda tion of Assistant Secretary Ryan, of the Interior Department, Is as good as gospe: to his Immediate superior, and there Is little or no promise that this arbitrary ruling will be abandoned. As far as the Survey officials are con cerned, they are willing that the. press should have access to the reports as soon as they are complied, for these offi cials recognize the importance of getting the facts out at an early date. But there Is no doubt that the heads of the de partment are Jealous ot any favorable comment that may come to any of the subordinate bureaus, and take every means to suppress them. In fact, this spirit of spreading fear and terror among subordinate heads of bureaus for making public the workings of those bureaus has been one of the several faults of the present Administration that Is generally condemned. It may be said moreover, that this nractice Is not carried on in any other department of the Government, where bureaus are allowed reasonable latitude In such matters. Sale of First Editions. NEW YORK, May 9. The first edition of John Milton's "Paradise Lost" Lon don, 1667, brought $830 at the auction sale here of the books and letters collected by William Harris Arnold. It Is the high est price ever fetched by an early Milton edition. A first edition ot "Adonals," by Percy Bysshe Shelley, Pisa, with the types of DIdot, 1821, 'sold for $510, and Tennyson's "The Falcon," .London, 1879. for $410. "The Promise of May," by the same author. London, 1882, sold for $430. An autograph letter written In a Vir- glnia JaiL November 17. 1S39. by John Brown, of Osowatomie. to T. B. Mus grove, sold for $220. A long autograph let ter. January 13-27, 1S20. from John Heats. to his sister-in-law. Georgianna. waa,sold tor 5300. A complete holograph manu script of Keats poem, "To Charles Cow den Clarke," dated 1816. went for $325. THE ARTILLERY ARM. Root 'will Increase It to Its Fall Strength. WASHINGTON, May o.-Secretary Root Is a man to whom wide discretion In the matter of interpreting and administering the laws might have been given. This is shown in his determination to increase the Artillery Corps at once to its full strength. Congress, la its abject fear of criticism, -placed a provision in the bill which looked as If the Artillery Corps ot the Army was to be Increased only 20 per cent each year for five yearst But the men who drafted the bill knew what they were doing, and when It came out as a law. It provided that not less than 20 per cent should be raised the first year, and not less than 20 per cent each succeeding 12. montha until the full strength of the artillery was reached. Secretary Root In terprets the "aot less" to mean that he is compelled to have the 20 per cent In crease made; but that he is not prevented from, making the entire increase at once, and so he directed that it should be done. This is a very good thing. No branch of the military service needs men so much as the artillery. The fortifications and the equipment of the fortifications with valuable guns has been far In advance of the increase of the artillery. In the Span ish War Congress was Induced to in crease the artillery from, five to .sevea reg iments, and the last Congress was In duced to make the Increase to 18,000 men. but with an intimation on the wording of the bill that the Increase was to be made only gradually, at 20 per cent a year for five years. Every Coast state, every state where fortifications are needed, and where they have been erected, will applaud the action of Secretary Ro6t, as it means more heavy artillery, and fortifications already In place and fortifications to be erected will have artillery placed upon them, and receive the care of trained and efficient men, a care that very valuable defenses have not received during the past three years. The increase of the artil lery Is not only necessary, but It shows the far-reaching Judgment of Secretary Root. Another thing where Secretary Root showed his judgment was in construing the stupid provision of the Spooner amendment to the Army bill relating to. the Philippines. There were two amend ments, one was that prepared by Senator Spooner, giving the President authority to. control the Philippines, and Henator Hoar secured the adoption of another regarding franchises, which would prevent anything from being done to improve the condition of the islands. Secretary Root did not allow that legislation to interfere with the legislation of the Philippine Commission regarding the removal and cutting of tim ber. Soon after the Philippine' amendment was cabled to the Taft Commission, a re ply was received showing that If it wan adhered to strictly, it would mean great hardship to the people of the Philippine Islands. After mature deliberation, the Secretary decided to allow the regulations for the cutting of timber which the Phil ippine Commission had enacted to remain In force and not to be Interfered with by the Hoar amendment to the Army bill. If the Secretary could, he would, no- doubt construe the Piatt amendment so as to reach the very ends he desired, but Inasmuch a he- probably had more to do than anybody else with the drafting ot the Piatt amendment, he is very glad that he can fall back upon the declaration that the Secretary has no right to change the existing law of Congress. It would have been well, perhaps, to give the Secretary some authority in modifying affairs In Cuba, for he has a way of making such modifications to the best' interests of the government and the people who are. gov erned. Suspended From tne Ministry. CHICAGO, May 9. Rev. James A. Har ris, for several years until recently pas tor ot the Congregational Churchat Mil burn, 111., has been suspended from the ministry for six months, pending an in vestigation of charges which are made by hls parishioners, who declare that they are out over $100,000, which, they nad-entrusted to the minister for speculations that are said to have turned out unfortu nately. 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