The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-05-09
PANIC STRIKES
STOCK MARKET
New York Bulls and Bears
in Wild Excitement.
NORTHERN PACIFIC
LIKE A SKY ROCKET
Exchange is Thrown Into a
Chaotic Condition.

{ New york May S-The stock market
Z today offered the novel spectacle pr a
I bear panic and a. Dun PANE -
I side 10y side. The bear panic In y orlhern
Pacific was the lmpeL-ns tl7lse oL yl9
4 denlOrafiZed rush to self ot1er stocks
which was held in cheek scr a l+lIie anger
I the astolnalng qpelliis pm ~ t-.s-tt
tuppleQ Over IS "a dIrect result OF catiltls
or tomas and liquidation, sucn IS cllll--
nate a ueriOd of OF er-sp7clilttLlo1lt Az
thoush there vas very se1ela
3 t4e S-tAl--49 - -oL'e' -lf,-
I able inn the uneasy condlLops PKG EauiA=s
4 long stock were holdlng t4elr sleess
/ aOiously ana were waiting 30 be ac-
tqally forced Out
The punishment which was DaInE IN
fIicted on TIE shorts iIl Sort hern Fseifle
I Che bears in timid frame Of mind, and
they hesitated 10 attack the market the
support which came i'm on the opening
/ dip helped a. encourage the bulls and li-
gal-f fi,s r,s~i-sr sfra~
as tle Iece7sioll ~ pic
le-pOinr line the decline sat1ereo Iorce.
showing me dislodging ot long ones q
! lehg stock pS lAe WlllAg ouL max
/ declines extended to between lo and y
points with the resulting Wipiug OUT Of
/ the ordinary margin.
In Chaotic Condition
The chaotic condition into which the
market was thrown became alarming III
the afternoon. bat -ne determined slE-
p0Et which deEeioped and the restlttslri
raiiies. which reached as much as
the effect to q partial extent 81 the ais-
orderly drop i'm prices and even INDUCED
expressions from some OF the illeres con-
tident balls that the healln Ct lhe mar
keL was greatly Improved as q result CL
the days happeuiHgS
The apparent unliTllLed Dug orders
which appeareo pm United states steel
preferred when me ceellIle AaQ reached
- points and the Resulting rally pr SIS
acf8on vras .resIiv eugiReered bv the
been behind the bud market throughQut
with q desire TO shake of weak fplleV-
had preceded fr, 10 the unequaled conoi-
ti0ns which at present obtain lu tnls
eounEry ana % the prqdlslous olnen-
SONS q LAf market anc oL iAe forces
which haEe befn at work in
I such as that of TO-DAY do not tend 80 att
I tract new buying demand by such rea-
s0niug rs thLt stocks are more attractive
plain tgday's movement Feould nave to 60
Combination or consolidation his wiz
have to suppose a deep-seated aotfbt or
G
d1scloslIres OF this morning IN northern
Racific.
speculatlon taat lne country sreat
financial forces, which it was suppressed
were earnestly working in accord 10 se
cure community Of Interests I'D the
whole railroad WORLD were ia fact an
TaNed against each other In measures q
birter retaliation and anttDathl- The
reaching conclusions have been based by
the SPECTATORS; vas seen 20 DE lu 5eoP-
which prices had attained had induce
tnslders, presIr11atiy best posted on the
cient holdings to endangeF their controls
Buying ef Northern Peoihc
+ upon the whore series ~ 17ilnofs OF plans
neHtal combinations amg0s tie rati-
rossis- ln- other words The 4l4stt iHt TINA
I5A o9t ~ t5is NoIsllerA taealie oeL eiop-
peeaialVe anc without tne supposed
this the growing constIlctioas CT the
money supply continued Unsuitable de-
roads upon the narrow bank sUrpEs br
tile JaSns uR 81 tne revenue surplus
oLagold 40 Burope today and growing un-
easIness among moneE tenders as 10 the
q
on the position Is easily seeu
1t Is not surprising therefore THAI the
shoe A@of the Northern pacific epis0de
CamlIlsgs upon Jlls siruaFion topuled prices
ever Northern Pacirics skyToCket
coqEsaf this n1oEIiins 90 istt eomParsa Wllo
( tile -Losfloa parity chis mornine- is au
almost Iinnrec edente7 hapDealns fCr
snort tirne movements in Tie FOCAL stocl1
erlEet This STOCK Has Ip 20 the figure
and hack 10 che opening ieure a l55
ur...l rI-rrr ID
eiosi1s ~ 54 Fe 49,
+ which the shorts were crowded 81 course
explains this movement
Some. Severe Sufferers.
Am0ng the severest sutferefS ia tle arr
/ ternoon slump may be mentioned ST.
Eock island. ~ missouri Pacific. JOS
I Unired States Steel preferred. 81. Dela-
ware x Huasou. 38; Annals a1lared Cop
( per- ia. Pullman, LIS; Illinois Central
/ Transit, l0l2- kansas Il Tess S. 10. vest
I eru Union. 10, and otnar stocks an the
e--e-1 mos % el-ese losses ce5is'iel5-9 l =
oredAlns aneM AZ some points Whlle rae
tettaS h0cl 4allans- Nortnefn FaelAc -
tgeen oneHl4g an.l noon, @ 81 i51 6.
4 g. b d O. at oueline. ass. pfoH.az
~ 20 t9el toAs Rst"et olenE1S nd cio5s
iowlng ductuatous up to poQu l23 ~
Sl9se 10 70 as h4 aala. htil -, i4.
H'oaow1ng are The tpri sbare sold:
Il & o. 5ZS1a, Uniou pacific s.tf
II Ehe tracing was Sc active In The lasr
hour that ii was impossihie for the tiek-
era erft rnI nf7n nn II .