The daily morning journal and courier., 1901-05-10
E1,ra1retal.
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 THE STOCK MARKET.
Yesterdays short Collapse -The Corner
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condition of affairs which developed in the stock market yesterday eliminated to-day in one of the severest short col lapses ever known in Wall street. The corner in Northern Pacific was the ina- polling cause of the crisis, owing to the threat contained in the ruinous terms forced upon the shorts in that stock that disastrous liquidation would be forced at other points. Strenuous ef- forts were made by the most powerful financial interests in the country to avert the threatened trouble, and all most 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 interested in the Northern Pa cffic controversy desiring, to dissuade alarmed holders from precipitated sell ing of their stocks.
 But these precautions proved unavail- ing in face of the unmistakable index afforded by the price of Northern Pa cific that the corner in that stock was intact and therefore that the bitter con- troversy over the control of the prop erty was still unsettled. When North ern Pacific began selling at 200 and 300 and 500, and even as high as 700. on regular transactions and at 1000 for cash, the appalling possibilities of the forced covering 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 the blocks unloaded and the reckless disregard of the price which they brought were without prece- dent in the memory of the oldest trad CT. Before any check had come to the tremendous liquidation Delaware and Hudson had lost 59 points, Manhattan 39, Union Pacific SS, Rock Island 35h Atchison 32a, St. Paul 30h, Missouri Pacific 30 and a long list of other stocks from to 30 points
 The predominance of the Northern Pacific corner over the situation was demonstrated by the quick rally in the market when announcement was made that the contending interests in North ern Pacific would not require deliveries of stock to-day. Pretty broad intimi- dations were also thrown out that such delivery would not be required SO long as the present conditions last. The ex- emption of Northern Pacific from the usual clearing house requirements of delivery still further allayed apprehen- sion. The quotations of the stock fell back to sOo both for cash and on regu- lar transactions, after these announce ments and there was scramble to cover on the part of professional shorts. There were large numbers of bargain hunters also in the market. The com bined effort of this buying was reflect ed in rallies extending in Delaware and Hudson to 55, in Manhattan to 34 Rock Island 33, Atchison So United States Steel preferred 23, actually carrying the stock 21z points oyer yesterdays close; Missouri Pacific 2S, Louisville 23, Amal- gamated Copper 22 St. Paul 21 and large number of other stocks from 5 to 20 points.
 This rally was not fully held. The market became much quieter during the latter part of the day, but the ex- treme feverishness and nervousness continued. Even the action of the bank CTS by agreement in lending $16, 6,000,000 or the evchanee at per cent failed to