The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-05-09
he Price for That Stock Jumped 81 IL
Points on the Opening Call.
bvEL SPECTACLE OF BULL AND BEAR PANIC
he Sky-Rocket Course of Northern Pacific is Almost
Unprecedented for Short Time Movements i'm
the New York Stock Market.

,r York, May S.-The stock market to-
oscred the novel spectacle of a bear
10 and bull panic in progress side by
The bear panic in Northern Pacific
tho lmpelling cause of the demoralized
TO sell other stocks, which was held
check for a time after the astounding
hing in Northern Pacific, but which
he'd almost panic force in the late trad
Prices were not toppled over AS a
ct result of calling of loans and forced
idaton such as often eliminate period
Misrepresentation, although there was
general broadening of margins and
ed severity In the scrutiny of collateral,
HAS inevitable In the uneasy conditions
Mailing, but 1t was evident that the
hers of long stock were holding their
ks, and were waiting to be actually
lea out. The punishment which was
be- inflicted on the shorts in Northern
Rlfc was a distressing example to the
rs who were in a timid frame of mind
they hestated to attack the market.
support which came in on the open
dip helped to encourage the bulls and
mldate the bears. but the liquidation
aned so large that the bears took cour-
- and attacked the market after mid
il and secured rich returns. AS the
fssions in prices reached the 1o.polnt
the decline gathered force, showing
dislodging Of long lines of long stock
\ the wlping out of margins. scrutiny
the stock table will show the large
|nher of stocks whose declines extended
#hetween 10 and 20 points, with the re-
Ting wlping out of ordinary margins
chaotic condition into which the mar
was thrown became alarming In the
Hernoon, hut the support which developed
q the resultant rallies which showed as
jrb as points in one or two instances,
4k away the effect, to a partial extent.
4 the dsorderly drop in prices and even
&'lced expression from some of the more
Ahdent bulls that the health of the mar
was greatly improved as Il result of
days happenings.
buying orders, which appeared in the
Pied States steel, preferred when the
fne had reached II points and the
he bull spectators the courage to claim
1t the days reaction was really engineer
by the powerful financial interests,
8ich nave been behind the bull market
foughout, with desire To shake off weak
Bowers, and that it was not of proper
b to the Unprecedented advances which
preceded it, or to the unequalled con
Ions which at present obtain in this
ntry, and to the predictions dimensions
pc been at work in it. 1t Is the con
ry view that collapses. such as that of
ay, do not tend to attract new buying
nand by such. reasoning as that prices
more attractive nj lower prices. Any
seeking to explain today's movement
nave 10 20 back over n period of many
fks and for every suggestion of great
anciai combination or consolidation. he
nave 10 suppose a decp-seated doubt
apprehension, such as was shown by
disclosures of this morning in Nor.h-
Pacific. 1t came with a chilly shock
tue speculation that the eountry's great
|re earnestly working in accord to 9.
community of interests in the IN lie
road world, would, in fact, be ar"ayed
l3l,st eacn other. in measures of b. ser
aliat on an ana l. antipathyi The Burlington
Fe been based by the spectators, vas
IN 10 be IN jeopardy, . 1t was learned
Ing levei 70 which prices had reached
lnonced Insiders. presumably those
posted on the value of their properties.
sel sufficient holdings TO endanger their
Rlrol This explanation Of the competi-
buying which. has induced some of
recent sensational advances. threw
MI upon the whole series of rumors
plans for great consultations and trans
pental combination among the rail
os. In ether words. the broad intima-
was carried by the disclosures growing
OF, the Northern Pacific development
me most part was wholly speculative
without the supposed basis in an in
'ment purpose. Add to this the grow
, aeenSstrlctlons Of the money supply. con
nrn ihsatlahle demands from the stock
eniation, inroads upon the narrow bank
rus by the taking up of the revenue
n nus py me government. further ship
aa ~ 81 goid to Europe today. and growing
M,lty OF values of the securities which
noln as collateral, and the dclicacy of
s,p posi' ION Is easily seen. 1t Is not sur
s,hhs, therefore. that the shock Of the
~ cs'et tsopnled prices over; Northern Pa
., compared with 143ih Mt last nights
brr,S and lS2 for the London parity this
M W. Is almost. unprecedented for short
TmSG,vements In the local stock mar.
i rms stock was up to that figure and
W. va 10 the opening figures Of 155 within
IA minutes; II went as low as 145 after
n AZ IN bld as high again as 10, closing at
re- crowded, of course. explained this
II tghn n Among the .severest sufferers
mi ilue afternoon may be mentioned ST.
ut rminich fell 1917; Union Pacific. 17l2:
$s,es Steel, preferred. u: Delaware and
|,sso MO 70; Amalgamated Copper 1914: Pull
Hn lniH; Illinois Central IL: Rnriington
bnrI RRIaooklyn Rapid Transit 10l5; Mis-
INA aaat niS and Texas 10; Western Union
naaa. other stocks all the way up to
,paS The final rally reduced most
onySSe losses considerably. hut closing
dsre u speculative sentiment in much dis
bme am ana prices, were breaking anew at
|4ErS. POINTS, while rallying Mt others.
~ excitement in the stock market dis.
ma nrio attentlon from the bond market,
Eoclks went or there In sympathy NTH
AS Iotal sales, par value, S4,66o,ooo,
Stocks.