Show 1 tI Casualties in Yesterdays Contest Heavy Field Strewn With Wounded and May Be I With the Dying Northern Pacific Was the Ooal > and in the Wild Charge Made to Reach It Many Went Down Finally an Armistice Was Declared for a Day Securities of Great Railway Tduched 1000 a Share Panic Prevails t In view of Iho great fluctuation In street tho following table Hrr In Wall Kins Uio highest and lowest prices of he StOCkS which figure In tim contest dtirjng the the past threo years and ycslcr wl bo of ntcrcft vlw by intercjl 1ss 1S High Low High Low I urIIngt0fl Northern ff ifMil I Grent 5 I 79 57j IZ COfli > 0 Pacific rutimi 8E 41 i S cut GS o 41a 16 Mm S UntoR pacific i fd 74 I5 SI1A > ¼ I Union JO lesterdiiy I High Low 1u I9 170 Burlington Great Norlhern 19U 1iP CU I I5 3000 Ko Pacific com Sfl j o IMciflc nfd Mte Ko Pncltie SKa 1 I Union Union Pacific pfd Sota O 9O cw York May H Bitter stress developed de-veloped in Wall street by the second hour of trading on the stock exchange today The violence of the commition Kid spent much of its force at least for the time being when the chair mans gavel fell announcing the close of the days proceedings The casualtIes casual-tIes were great and the field of battle pas strewn with the wounded and maybe with the dying But of actual finalities there were none recorded of laportance during the day HUMORS OF INSOLVENCIES During the height of the panic there irwe rumors of Insolvencies which vui handed about more quickly than they could be reported TJul no confirmations con-firmations could be had of the Intimations Intima-tions of financial wreck Those against u hem the rumors pointed refused even to show any signs of distress and professed pro-fessed themselves ready 10 meet all obligations In more lhan one case the answer lo these rumorswas for a representative of the house lo go upon the stock exchange and place loans for a large amounr as Jndirallnp the abundance abun-dance of resources at hand CREDITS SHRINKING But notwithstanding these and similar simi-lar dcvtecMor keeping up credit and cpnudtncfc ttc fact was too obvious I iiorn t ihe cTb < pt values on the exchange ex-change that credits and borrowing jioner were shrinking at too prodigious a rate to not leave the mind of the I Whole financial world in a condition of I Intense strain But the Indications at I the close of the day were strong that I the principal damage had been Wrought upon HID speculative class or vpon holders of aecurltlcs on margin for whatever purpose BANKS WELL PROTECTED The banks have been so vcll protect wl by recant extensions of margins ex acted In the market value of collateral iler the amount of loans placed that Si11110 to fear short of an ab jsolulc wiping out of market values The shrinkage of collateral made it necessary for the banks In many cases to exact additional collateral during the yraml this added much to the stress for a lime PLENTY OF MONEY IN SIGHT But In the late dealings the Principal banks in the nfieIU agreed to form a liooI to n loan the V tiie money rate down lo G i per cent ° n the Rtock ± fo money had been exchange run up lo The 1 cent and VIS threatening to ahir keep the Panic The dozen banics I quicj cam to an agreelnent to raise l6QCOOOO with Implied willingness Ulsum lo nerease the sum If uecesscuy There vere u Individual Very heavy baks oans placed also by caEs In nnn n SOniC UUUVUU anci 5oO 000000 I SIX PER CENT THE RATE bankr ltlrlng the early part of the day the baa h exacENi the market rate for with tlc gj rowing need of doj1 the Panic oferel < the rate to r the biiks Per ccnl Old customers of 1r tcre not halgeti over G t iders at time but when out Ilie law carie in asiclng for new loans lowell of lupiIv nitcl clelnand vas al to run Its course FEW SPNSArJoN4L SCENES The F 1ttnt LaLe ill 1 of CI2ItCII1eIJt was very np luring the Iliroligh the nnnolal district ° vre lcriol f the panic > but Lhcri ° I thc n CIwational scenes NOW and from a c0l wom n would peer cal on Uld l Otitsicle a hrolf ° r OftlCO Jlnd i Ihn alter iriveri nit in a faipting conch S flitrior recchfi a mesiugo from tho Whretcr AFJOUL THE rrCKI5I 1 flrhc to I a ihclcrr ny nPlr ° ach could lie I r to a board > on which I hIrong of r wore posted thcro wero gria t eccted 3 f ° r a lcw ShiCctIiLtotM icra mhhhii 1UL t the Ito COIIti ° r the market real stress jf uTorI the llle occasion came rilen ho I flhcr Ih1hr wcru shi UI P In ihrr or Private othcc or t1tijs tir wero strugghhii flnii o i i Th aut Iiooi if ho exclinng S Cx of the cOtIIlr y could obtain little t C theb actual occurrences on tho o J b Ii I it brOkur8 arc remntc from Itthhlc i Wallers o in aillcJe In their temporary RtL half shut the n IirudtIci exchange nail Off from flfoo Vail view by thin six 4 ltlW1cl In TO ABSOLUTE RUIN the brokcrq th10 tre iffiVrs niaiy men fiat I1Illt of ilftcen reriliceil lo absolute ruin as a I Mock inhiiii I os rocccdlngK on t cn Ulailc IX41cIng Some of ihp e hav 1 ai L ° hiLIlPnt wiitiii a tuw weeks a i l Prl lit the unparalleled rise 3 thr tint gamlllntr spirit CW ViI1urei ririlacact oil theIr winiungs on D b ro11 thiirtfore on cnihi turn Tudiiys Vined tlen nil 0 any CIJi utit hir ii fJrt1tiil rolihil of thc gain i C Crilu Vlthi hiichi t hi chances were licceptod 1txy liECOli IIYSTIRICA4 r lrit thi liar fhltterhig rttt rnt Ion of this t I flr asing lIrought into ll a conmnntly fXPrIencrj of more 8tcLld ILIIII J4qfl Who have ilecIIlatori xron anti wo trlH Trof lilought JOngsanihjng a Ccret JICC3 and from pav S oa lc Vnak6 with Uio IctormW r Llr wSih oae auccc sfu siroku ffllrt With the fdrOCi and to i 3s On from i hiProSCUB flic tlomojiFlra tnanj womon Jncfa VlIIh includes 1111 > l scS Mnnnccul torH furniHhcd hys 1 aiil sensations of tho day cIIIt J uIENlOUS lI lOp2 PRISSSimi it C XChiIhIge 1iit of i ile HLorI h1iUr tict 1llr < 5wIIIIdor < tremendous t the JaV Tho im p LIII IroduLcl by crllact with tiiiit iI d Q ther coolncs atiLl nerve titi most p flif Brnlcir trying anti eccIthn clrcum Ofle boy meengoi boys tile clerlc IIId tlit iIio have learned clurlnr the InsL fow weeks to waste little lime In demonstration They do things in the quickest and shortest manner and so made things go smoothly today at Ii L period whf u lack of coolness might have meant disaster to many per tons ON VERGE OF PANIC There was a strong feeling Ibis morning morn-ing before proceedings haul commenced on the stock exchange that a pnnla could be averted only by the strongest measures mea-sures ami with the greatest difficulty Tho fact was apparent that the coiner In Northern Pacllir wns still unbroken The excited bidding last night to secure the stock for delivery today made that very apnarunl STEPS TO AVERT PANIC Tho llrsi stops Jo avert the panic were devoted lo circulating reports that the conferences between tho contending ln lorests In Northern Paclllo which eon Mnueil In ono form 01 another ihroUKhout I Iho night 1101 l resulted In a oomiironilsi whlcii would free the shorts In the stock from their compromised position 0 NORTHERN PACIFIC JUMP These efforts proved utterly Ineffective In face of the first quotations for Northern North-ern Pacific on the tape The price pnld for the tock ran quickly up to 200 per share and then to 3CO lo 5CO and then 10 TOO per share on regular transactions and 1COO per share for cash The cash price paid meant that unfortunate shorfs who were unable to borrow the stock last night for delivery today had lo pay whatever cash price the engineers of the corner chose to aok for ll DELUGE OF OFFERINGS The figures Indicated In these opening transactions meant ruin for a very large outstanding Interest In the stock Tho perception of this fact was the principal propelling cause In causing tho demorali sation In the stock market The concerted con-certed effort to support the market by buying all slocks which might be offered of-fered which Is always the most effective effec-tive manner of dissuading persons from selling and which vas undertaken according ac-cording 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 deluge of offerings which came upon the market GREAT BLOCKS UNLOADED As prices began to go down the dlspc FlMon lo buy tlqrrcasjcd and the deter minotion to sell seemed to scow in KcciTHlrlcal ratio as a falling body gains In velocity llio fartherll falls Such a shoveling oit of stocks as occurred during dur-ing the second hour of todays stock market was never seen before ON THE TOBOGGAN SClSfe After a sale had beun made at a fixed price u broker vould throw In an additional ad-ditional block at anywhere from 5 to 10 rolms lower without slopping to demand de-mand any Intermediate price for Ills offering The oxlent of tho decline during dur-ing the halfhour was HS preat as In some cases has taken weeks to attain on the advance nlthoush til observers have agreed that the rate at which prices have been going up has exceeded any previous experience PROPORTIONS OF DROP The fiqur > > 3 alone suffice lo Indicate tim proportions of the drop In Delaware Hudson the extreme decline was 59 points Mnnhnllan CS Rock Island 85fc Union Pacific nS Atchison 3I4 Atchison nreferrcil 2 < t St Paul 3O4t Missouri Pacific 32 Southern Pacific Mi United States Steel profornid 2iiV4 vhllc a range of 5 to 00 points would cover tile collapse In nearly every active stock in the exchange DEMAND FOR FUNDS In the outside mirk6t the stress of tile demand for fuiiOB WIR shown by the per pcndlculnr drop in the price of Standard OIl of lit points ovqrnlghl The same urgent need was reflected in the bond market where nil grades of bonds were offered on a declining scale The saerlr flics theco were nniurallr much less than In the stock distrIct market NOTICEABLE BOND SALKS After the urn in the inarkot cameo which il did about noon some noticeable selling nf bonds still continued and this was explained as being duo to t a wish to secure funds lo buy stocks al the attractive at-tractive level of prices to which the market mar-ket hnl fnllnn In fnt1 lImo linppnlii hunler wnh on hand and alerl and oVen I lit such s1 scene of disaster as that presented pre-sented there are those who reap tile bcnclll The drop in prices carried slocim of many substantial properties down to a level at which the current rate of dll lendS pold upon them IB well assured making them attraollve mvestmenls INDUSTRY AND BUSINESS 71 was a very no bible fact that throughout through-out the most acute period of todays disturbance dis-turbance tinmre < was nothing heard lo indicate in-dicate doubt of the sound mid prosperous conditions of Industry and business at huge in the country fIe nlock market mar-ket collapse was attributed exclusively to overspeculation and not IIIL over oxlenslnn of credits used In holding sloci whkh It wac not designed to kOp but lo sell at a higher price CAUSE OF COLLAPSE The shock which caused llio collapiie was the Northern Paclilc corner with ont dispute The harm which might result re-sult from the Northern Pacific episode was by no means so great in i my ones mind as lo justify the extent of the cal lapse In prices But the dellcnie sllua Lion of the mnrkel due to overextension overexten-sion of speculation made It vulnerable to ibis Block BlockMARGINS MARGINS WIPED OUT The decline once In force pained cumu lative Mrcnglli SpcculalorH margins wore wiped out and brokers bad to hell time securities placed with them as collateral col-lateral lo save thcmkcJvpfi < rom loss thus adding 10 iho weight of the selling The bhrlnkago In tha market value of we 1 furliles placed with bankers as eel I laliral nujde ll necessary that they should demand Increased collateral or call ihe loans wllh vhlcli fcpuculalors were holding slocks vith their credit f thc huufcM reduced fiirt her Bales of slicks had lo be made anil so It came from ever quarter SOARED LIKE A ROCKET Tho imporlanct uliarhcd 10 the Northern North-ern Pacific oMlPOflo was made clear by the I tHgoniotfK of all clat es lo learn nil developments concerning It and lie Immediate Im-mediate duct of any announconienl ro gardlnf U upon the sto1c market Tho upward shoot to SKX a KharC was the I effective CUUKC of the rnatoxt domorall ratlon In the market The announcement hat or In the day of the measures for the rellif of Hie shorls and iho rclnps In iho price of slock to CCO allayed tile demoralizatIon de-moralizatIon almost Immediately RESPITE FOR A DAY Announcement by 1 i P Morgan Co and Kuhn Toeb t Co who respectively represent iw two contcHtlng partlox In Northern Pacific that they would noi require deliveries of tIme slock loday meant a ic < plte of lone day at least from ruIn for thoshorty In the stock Lulcr I In tho dnv Streil7 ft Norton uiinpunccd i thaI hey also would noi require dellvr erics oX tho sloclf This firm Mirn l > r > on crc < fltodwfUi l noting foriJAines R Koene and bAuglil 2COCOO Khiirfc > < of Northern Puciile tilt Monday Itislfl lornlni 130CCO shaies that nijiit I and calling In the rcator part of It ihe next day ihlia dlb I clnslng lie I cornor In 4ha I aiock The 1 IecrY that Mr Kccnca ctunpalsa Had been directed toward a squeeze of Iho shorts was fomewhni shaken by this leniency toward his victims ONE SIGNIFICANT FEATURE It was slgnlflcanl also hot l although the parties to the contcBl for control showed ihelr willingness lo relievo the shorts by l remluliiK the requirement to deliver stoIc they failed to com > to any mutual agreement to lend tile stock sucn ns was propose by one party lasl night Tho surmise ecins warranted from this unwillingness of either parly to let any of their stock got out of their hands oven lo relieve the shorts that there was continued con-tinued doubt In tho minds of both OH lo where the actual control of tile property lies Representatives i of both parties made emphatic claims loday tile ono thai they had maintained the control nnd the other than Ihey secured ll C RELIEF IN COMPROMISE Tho hopo of relief from the conditions lroii fling on Iho stock exchange today centered in llio possibility of at solllo ment or n compromise between Iho contending con-tending Interests ns lo sharing the bcnn flu of the Burlington deal which Is expected ex-pected to be the form wlilh tile compromise com-promise will take Incidentally tho set llemenl of Iho terms on which tim shorts Is of course of will bu allowed lo cover great Importance flour intlniailons wore conveyed loday anpnrcnlly on au Ihorlty that the figures at which Northern North-ern Pnclllu Hold today wero far above any terms which ll would ho thought of exacting from limo shorts lo the final sci llcmonl The probability tonight seems lo bo bat 2CO represents about the figure which will be demanded ENORMOUS LOSSES The strong rally In the stock during tile latter part of Ito day did not entirely al Icvlalo the nervous fears prevalent In the Unll street district Rumors wero very perslsluiit that many prominent houses had boon compromised seriously by Ito violent slump In prices All of these spcclllo rumors wero mplmtlcally duilid on the direct authority of tho I pur lies nffccud But so violent a collapse In prices as occurred today necessarily Involves enormous losses omewhcrc EXTENT OF DECLINE The extent of the decline was far In excess of lie ordinary margin demanded i by brokers which Is 10 nor cent Indicating Indicat-ing that they wore unablo lo savo them M > VCS from considerable losses In addition addi-tion to those of their siioculallve customers cus-tomers The situation was still felt to bo 1 sufficiently serious after lie closlm of tho days market lo constitute the heaviest moral pressure upon the groa financial Imprests whoso conflict precipitated precipi-tated the crisis to adjust and compromise compro-mise their differenced and confidence In tho future is based upon a strong hope that iomo menus of doing this will be found NORTBI RN PACIFIC CORNER Beckoning Comes Today What the Besult Ho One Can Forecast New York May 9Night closed upon the eventful trying day without definite settlement as to the Northorri Pacific the cenlial llguro in the fierce struggle It was anticipated that here would bo an agreement for settlement with the yhoris but It was evidently not llnally concluded Shortly after the market closed it was somlofilcially announced that a basis of settlement had been practically agreed upon and Hint it would bo flinched be foro nightfall Al o oclock however Kuhn Loeb Co whom the street accepts ac-cepts as masters of the situation announced an-nounced that nothIng could or would bo IT Id as lo tIle stock tody There was a spirit of compromise and conciliation In Limo air but until It should bear Iho fruit of definite settlement time sItuation In Norlhern Pacific W IF felt to bo a nmenacou time whole market EFFORTS TO PREVENT PANIC Kuhn Loch Co and them men enlisted en-listed with thorn In the Ilarrlman syndi cateseem disposed to a reasonable peace and on the outside the strongest influences in-fluences of tim financial world are moving mov-ing determinedly for a financial truce hat will protect the market avert panic and restore confidence In addition to an arrangement with tim shorts ll Is believed that the selllomcnt of time light will also Involve time future relations of the Union Pacific Northern Pacific Great Northern and Burlington BURLINGTON AND 1 GREAT NORTHERN NORTH-ERN Men close to tho IlarrlmanKuhn Loeb Co group inslsl lint the deal for the sale of the BurlingtonGreat Northern will be carried through Granting that the HurrlmanKuhn Loch Co and thtilr associates are dominant In North ern Pacific It Is assumed thai hey will claim and win a voice in the future of Burlington It IB believed thai the settlement with time shorts In Northern Pacific will be mado at 2iK or under Kuhn Loch Co say ihey deprecate time policy and iho thIrd interest In taking enormous profits from the shorts and their friends avow regret that outsiders suffer ONE PROBLEM UNSOLVED A settlement with the shorts would clear the situation materially but there would still remain the great problem In railroad politics of the future of time road Itself On that point the following state menl from u member of tho Harriman syndicate Is significant Northern Pacific Is liv control of Kuhn I loeb Co rime only thing that can I affect this control will bo the possible in I ability of certain people lo deliver the stock to them J P Morgan Co are in the same posilion BATTLE OF THE GIANTS Tho struggle of time tlnanclal giants which broke the most remarkable move menl lint American stocks IULVO ever had dates back bill a fortnight E II harriman and his associates so they rc into the story la the street discovered that brokers representing J P Morgan t Co were buying Union Pacific Harrl man at once began Increasing his own holdings buying on market thai rapidly rapid-ly advanced and when sure of control submitted a proposition for some basis of agreement ns lo the control of Burlington Bur-lington Just acquired by the Great Northern pad Northern Pacific Thai offer of-fer vas rejected FIGHT FOR SUPREMACY On Monday last there began a sonsn llonul movement In Northern Pacific and the public got the I first intimation of tIme battle for supremacy Street St Norton took all of Hit stock they could get seemingly without rpgiird to price Mivh of the stock sold lo Ihem was for short account and could nol be delivered THREE INTERESTS IN PROPERTY It developed finally that there were three large Intercuts In lie property two seeking its management and the third n speculative profit Both time liar rlman syndicate and the MorganHill In crests claimed control and iho prcdlen mont of tIme shorts was made worse by the fear of both the Jlarrlman and Morgan Mor-gan syndicates to lend the stocks lo time short SHORTS SEVERELY CORNERED It was this fear that Jed Kuhn I oeh Co of the Harrlman Inicresls to seek an undCpUandlng with Morgan Co art to the lending of stock to shorts To havo loaned without an understanding wa to court the danger of lonliif Uo stock and possibly the dearlypurchased opportunity lo control lime frhorls learned yesterday that they weru severely se-verely cornered and made frantic efforts to secure block RECKONING COMES TODAY Tile movement for their relief began last night but time failure of the loarlors to agree left thorn In dewpomlo straits There was romo consolation In the ex tension of time for delivery bin that after nil was merely defcrrliiFr Uie reckoning reck-oning Kuhn 1oob Co this mornlnp renewed Ihelr offer lo loan the Mock they hold but It wan slalod that the Morgans for some reason did not rare lo outer the compact Tho reckoning Is to come tomorrow and despite the promising featured fea-tured of the closing hours today a doubt lingers as to the effect of the Norlhern pacific slluallpn upon the whole maKtir tomorrow I STOBItl IS WEATHEBE > V i 1 I Banker Believesthe Crisis Has t Baeii Passad r 1 i Now York ityuA banker yjio par liclpaleil in the movement to relievo the Continued on page 2 TI v WALL STREET BATTLE S Continued from page 1 I market this J evening mod this statement state-ment to tho Associated Press Wo loaned JlOOOCOO in the street after oclock today some of It as low lAG ter 1Q C per cent and feel that the crisis is over I 1 do not believe that single large 110llBO will IJo down There huc been tremendous losses Thousnn l oC accounts reprcseiiting million mil-lion oc dollnrs MC wiped out Hilt tile banks arc linn and the large operators I think capable of caring for them I arc velvc You sec they have been taking htrgo profits and nro capable of standing I up At present price I ell that Floclt are a good Investment and look for I heavy buying orders A good day and I the market will bo steady again Thc banks acted togethor today hut there was no consonance or agreement about It Wo placed about 10100000 In th t aggregate and tho morale was good Wall llko this street but could ns I it not Is tim stand l storm many Is weathered days weath-ered and the situation will Improve from tim openlhg tomorrow An industrial leader muo this state mont to the Associated Press I bo llcvc the worst of the storm Is over Thero have been conferences of importance im-portance among the larger financiers and It has been directed that every man I of standing In tho street shall be protected pro-tected I hud thought there would be failures but thoro arc Influences strong I enough to avert those at work ami 11 am sure now they will succeed 1 look for buying orders and a rally In tho market There will also bo peace among the Jn trrusts now at war 5 |