The age-herald., 1901-05-10
THUMB SCREWS
 PUT ID SHORTS One of the Severest Twists Ever
 Experienced WHOLE MARKET CRUMBL ED The Corner In Northern Pacific Was the lmpelIing Cause of the Crisis, Which Made Brokers Sweat
 Gallons of Blood.
WHOLE MARKET CRUMBLED

New York, May 9.--The threatening condition of affairs which developed iE the stock market yesterday eliminated today in one of the severest twists ever experienced in Wall street The corner in Northern Pacific was the impeliing cause of the crisis owing to the threat contained In the ruinous terms forced up- on the shorts in that stock that disas- trous liquidation would be forced at other points.
 Strenuous efforts were made by the most powerful financial interests in the country to avert the threatened trouble and almost unlimited supporting orders were placed in the market for the opening in anticipation of the heavy selling which was to come. Measuring expressions were disseminated from the principal parties in interest to the Northern Pa cific controversy designed to dssuade alarmed holders from precipitate selling of their stocks, but all these precautions proved unavailing in the face of the un- mistakable index afforded by the price of Northern Pacific that the corner In the block was Intact and therefore that the bitter controversy over the control of the property was still unsettled.
 When Northern Pacific began selling at 200 and 300 and 600 and even as high as 700 on regular transactions and at l0O0 for cash the appalling possibilities Of the forced covering of the largest shortages at those terms weakened the whole mar ket and prices crumbled away with the utmost violence during the second hour The volume of blocks unloaded under the reckless disregard of the price which they utar vAyifh memory of the oldest trader. Some of the extreme declines in favorites ranged as follows: Manhattan, 39; Union Pacific, 9S; Rock Island S51s; Atchison, 321s; St. , Paul, 30Is; Missouri Pacific, B. and long list of other stocks of from to 30 points The predominance of the Northern Pa cific on the situation was demonstrated by the quick rally in the market when the announcement was made that the contending interests in Northern Pacific would not require deliveries of stock to- day.
 Pretty broad intimations were also thrown out that such delivery would not be required so long as recent conditions last. The exemption of Northern Pacific from the usual clearing house require ments of delivery still further allayed ap- prehension. The quotations of the stock fell back to three hundred both on cash and on regular transactions after these
 
 to cover on the part of professional shorts. There were large numbers of bar gain hunters also in the market. The combined effort of this buying was re- hected in rallies extending in Delaware and Hudson to 55, Manhattan 34 Rock Island s3, Atchison 30, U. s. steel preferred 20 actually carrying the stock 21a points over yesterdays close, Missouri Pacific 2S. Louisville 23, Amalgamated copper 22, St. Paul 21, and large number of other stocks from to 20 points This rally was not held. The market became much quieter during the latter part of the day, but the extreme fevershness and ner- vousness continued. Even the action of the bankers by agreement in lending s16,- coo, 600 on the exchange at per cent. fail- ed to relieve the close from such very cratic movements and renewed bad breaks in prices Tn extension of shrink age In the value of securities and the corresponding decrease in credits made money very stringent and 50 per cent. was bid at one time by those seeking ac- commodation. The action of the Associ- ated Banks forced the rate down to 6 per cent The feverish tone of the market at the close and the fact that the con- trouble is still unsettled left uneasiness stamped everywhere.
 Selling of bonds to protect stockholders made that department of the market weak in sympathy with stocks.
 U. s. new Fs advanced r on the last call
 New York Stock Market.