The sun. (Wilmington, Del.) 1897-19??, 1901-05-10
BLACK THURSDAY.
Wall Street the Scene Of
a Great Panic.
N. P. GOES TO 1000.
Wild Fluctuations Recorded
In Prices of Other Stocks.

w llu EiuctudllCuS h6COTu6u
In Prices of Other Stocks.
soon After the Opening Losses of
Ten to Nearly sixty Points Are Re-
ported-Greatest Drop In Delaware
and Hudson other Notable De-
clines Include Manhattan. Rock Is
land. Atchison. Missouri Pacific.
81. Paul. Union Pacific. Southern
Pacific and United states Steel.
sharp Rebound Carries stocks Up
Again -ReaIizing Causes Fresh
Decline. but support Is Found 10
Force Prices Up once More-Market
Then Grows Understands of the
Northern Pacific Corners Several
Failures Reported.
New York. MAY o.. Panic. absolute
ana unrestrained took possession of
the Stock Exchange at the opening
Northern Pacific was put up to 1900
in the second hour. Meanwhile other
stocks We're thrown overheard regard,
less Of price. The general list then
showed declines Of from 10 TO 80 points
in nearly all active storks
Kuhn. Loeb * Go. issued a statement
saying that HEY had agreed with J. p.
Morgan * co not 10 enforce any de-
liyeries Of Northern Pacific during the
iav. This was done To allay the panic.
II is believed In Wall street that the
Molgan-Hill interests have the stock in
hand, but that the Hartman interests
lave contracts for stock with shorts
and if deliverable would give them con
troll.
The closing price of the stock was
225.
The opening was nothing short of
chaotic. The one desire seemed 10 be
10 >ell-seli anything 10 sell to any
body who was willing TO take stock
ana giv" money for ii. When il ap-
V"ared that The CORNER operators were
determined u have tlirlr pound Of
flesh from the rash people caught in
their net, everybody felt that ~ must
free himself from his load OF stocks
AMI stand from under lest worse
should happen. They had hoped that
hefor" The opening d business some
announcement might 81 made that the
Northern Pacific speculative shorts
might escape on agreed terms bit the
FIRST sales Of thar stock disprlled the
illusion tn. tape read ''5pO Al l1a
2'tN ~ III, 80 ri lSn. 2fn AT 10. 400 al
40. cash" HE stock went On hy
leaps and bounds to ''2225. 80. 800
800 600 800. 700. 1000"
Arbitrare Houses Protected.
.ArlitiaGr houses. whose shortage in
| the stock lad been legitimate in that
/ they trade against shipments of the
\ stock between here and Europe. hat
been protected by loans of such stocl
\ - they needed. the large interests be
4 i."v"d o be in control having announc
4 Cd that they would look out for all sucl
{ persons.
The hrnnt Of the attack thus fell OF
the big spectators, most Of them TIL
western contingent. who had bpei
caught between the upper and tn
neither millStones Mr. Hartman an,
hiS friends on one side. Mr. Hill an,
big friends on tile other with Jane
4 i. Neenc throwing III grit 10 mutipl
their a=oiies. Everybody pxpecte
that this OF THAT SPECTATOR must Civ
h. Fortunes made out Of the stee
mergers were nomontarily being dec
mated Men who r!onth even
week, aln seemed lucky bpyGiIl a pos
sihilitE Of failure ana who colnplaine
ihat they would like 10 lose mi
lion" We're doing this thing with ever
yard ~ tape that was rcrlpa relcntleS.
~ OF
Meanwhile prices in other share
vacillated. weakened cruz. blrd. Tia
thc conditions were not worse was lil
to the fact that many large COMM.