Who these Northern Pacific losers are is only a matter of conjecture, but rumor is busy with many names. John W. Gates is credited with being short no less than 60,000 shares of the stock 50 points below the close of last night, while a number of Western " plungers" are also declared to be rather heavily involved. Mr. Gates smiles when asked about these stories, and declares that he is not short of the stock, and in fact, was never short a share of stock in his life, except some Sugar, which he was glad to cover without profit. In the meantime, however, he has postponed his European trip.
 
 Isidor Wormser, also credited with being short of the stock, was seen by a New York Times reporter yesterday. "They say you are heavily short, Mr. Wormser," ventured the reporter. "Oh, do they? You don't mean to say so!" was the answer. And then, as he turned to go away, "I have nothing to say."

As for the stories of fortunes made, they are many. According to one report, ex-President Cleveland through a "tip" from Mr. Lamont, had rounded out a cool half million of dollars, while other of Mr. Lamont's friends had also done well. If this is so, it does not agree with the report that the Hill people had sold their stock, for Mr. Lamont is very close to Mr. Hill. However, all this is more or less gossip and cannot be verified. One certain gainer is known. He is John Manning, a well-known broker on the floor, who sold the 2,000 shares of stock yesterday at 180-sold it short, at that-and in less than a minute had bought it back at 160, a clear gain of $20,000.
 
 The amount of money lost by the short side in the stock is variously estimated at from $40,000,000 to $75,000,000. As for actual figures, these will not be obtainable for some time, if ever. Mr. Keene is credited with having enriched himself to the extent of $3,000,000 by the corner. To what extent the syndicate have profited nobody ventures an opinion. Some idea of the added worth of the shares may be gained when it is pointed out that they have enhanced just $50 per share since last Saturday. At a conservative  estimate 600,000 shares have been traded in the first three days of this week, so that with an increase of $50 per share the long side of the market finished business yesterday about $30,000,000 richer than on Saturday.

Great Fight For Control
 
 As for the talk telling of a great fight for control of the stock between the Morgan-Hill interests on the one side and the Harriman-Kuhn-Loeb-Standard Oil people on the other, nothing definite can be learned. In some parts of the Street the talk of a fight and of a great clash between these powerful interests is credited. In other parts it is ridiculed. One story has it that over 100,000 shares more than the actual capital stock of the company have been bought by the opposing syndicates, and that it is as yet uncertain where control lies.
 
 In this connection a Wall Street news bulletin yesterday published the following as "on authority." " The Northern Pacific situation is this: The Morgan Hill interest some time ago sold a considerable amount of stock. The Harriman syndicate gradually acquired a very large amount of stock, nearly, if not quite, control. Notice was given that this stock had been bought not for war, but to promote harmony. The Morgan-Hill interests did not accept the proposition, but immediately began to buy and have bought in the last few days a very large amount of stock.
 
 "The two interests, Hill-Morgan on one side and Harriman syndicate on the other, have bought more than 100,000 shares more Northern Pacific than there is in existence. It is impossible to tell with certainty which interest has control until it is known which party gets most certificates, and which gets most of settlement of contracts. Obviously one has voting power and one has not.
 
 "Pending developments, stock is being loaned to legitimate borrowers and assurances are given that the books will not be closed immediately, giving time for arbitrage dealers to adjust their balances. Large arbitrage settlements have been made in London, which will materially reduce the borrowing demand from that source."
 
 This, however, is altogether in conflict with the statement of Robert Bacon, a partner of J. Pierpont Morgan, who to a reporter of The New York Times said yesterday: "The Hill-Morgan interests in Northern Pacific are intact." Mr. Hill himself, seen coming out of J. P. Morgan & Co's office at half past 1 o'clock yesterday, and asked about Northern Pacific, replied: " I have not bought a share of Northern Pacific in six months.

Asked as to the reported differences between the Harriman syndicate and the Morgan-Hill interests, he said: "That has been magnified a thousand times." On the same subject a partner in the firm of Kuhn, Loeb & Co. said: "It would not be wise to make any statement today because not tending to promote the securing of that harmony which we all desire." Asked whether this meant that there actually was a fight on the gentleman in question merely laughed. James R. Keene, who is credited with having engineered the "corner," is the Street declares, "sawing wood and saying nothing."
 
 Appeal To Mr. Morgan
 
 However, whatever the situation, several conferences were held yesterday and late last night, attended by Mr. Hill, Mr. Harriman, James Stillman, Vice President Lamont of Northern Pacific, and several other gentlemen. What transpired was not disclosed. It is said that Mr. Morgan, now abroad, has been appealed to settle all matters in dispute, and that a reply from him in answer to a cablegram sent last night is expected at any time.
 
 As to what will happen to the stock today that is only a matter for conjecture. Brokers sum the situation up thus: "Either the shorts will fail on it, or they will be given the stock by those who have cornered it."
 
 Coming now to the general market, which broke so badly in the face of this great rise in Northern Pacific, it may be said that in large measure this very "corner" was responsible for the break. It showed, first, that in some respects, at least, certain of the advances in prices had been brought about artificially and without regard to real values. But, above and beyond this, particularly when the stories of a conflict between leading financial interests became so persistent, it led to many reports that certain, far-reaching consolidation schemes planned and planning would never be carried through. Specifically it may be said that it was declared with some positive ness that the Burlington deal was among those that would never be completed, principally because of the Northern Pacific development.
 
 From Burlington the story of "clashes" spread to other railways-to St. Paul, to Missouri Pacific and so on all through the list. Then, again, it was declared that some of the larger financiers were "selling out" on one another. And so the disturbing rumors went on, while the uneasiness was added to by a sharp rise in call money rates, at one time to 20 per cent. Where it closed, and by the announcement of an engagement of gold for export. London also was reported to have received the "cue" to sell, and this in a measure was borne out by the much lower prices sent over by London at the opening here, all the international stocks being down anywhere from one to ten points, the big drop being, strangely enough, in Northern Pacific.
 
 But, as already pointed out, in the early trading Wall Street operators gave little heed to any of these disturbing reports or to the lower figures. Instead they went gaily in and bid the general market up from one to five points, Union Pacific leading always excepting Northern Pacific. Burlington, however, lagged, but not Erie, the latter being understood to be in the Burlington deal. Soon Burlington developed actual weakness: but still the market held. Then Erie began to fall off, and then the rout of the bulls began. They ran slowly at first, but as the decline grew greater they ran faster, and thus accelerated their own downfall. In the end they were in full flight and throwing over their stocks, though the nature of the purchases suggested that some of the stronger people were buying at the  sacrifice figures.
 
 Fluctuations In Prices
 
 Prices broke and rose frequently a point and two points at a time. An extreme case was where one sale of Brooklyn Rapid Transit was made at 73 and the next at 77-a clear gain of 4 full points. So great, indeed, was the rush to sell that in the last hour the total transactions for a single hour probably established a new record. It is a fact that the tape did not "tick off" the last transaction until 3:16 o'clock, being a full sixteen minutes behind. Not only that, but then came the Government bond sales, which usually are printed at 2:15 o'clock, but which yesterday were absolutely ignored until after the market's close. The last transaction in them was not recorded until 3:25 o'clock.
 
 What Brokers Say
 
 What some representative Stock Exchange brokers think of the market will appear from these expressions of opinion. S. V. White- What do I think? Why, what is there to think? The Northern Pacific "corner" has killed the market, has sickened it unto death.
 
 Bayard Dominick of Dominick & Dominick-. This market was the result of over-speculation. Men, women, and children have had more on their hands than they could take care of, and the sequence was natural. It was not unexpected by brokers with any experience in Wall Street. The market has had a splendid decline, and the atmosphere has been greatly cleared. A revival will come after the belated liquidation is over.
 
 H. H. Hollister of Hollister & Babcock- "The Street feels that there is a battle of giants for the Northern Pacific, and that if either side got it the Burlington deal would be jeopardized. That is the reason for the nervousness. At the same time today there was a kind of bargain counter here for people who had the money to avail themselves of a good opportunity.

 
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