The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1901-05-08

New York, May 8.-The stock market
was utterly demoralized at the opening
to-day by the developments in Northern
Pacific. What were rumors yesterday be-
came assertions as of fact to-day that
the Hartman interests, in retaliation for
the recent attempt to secure the control
of the Union Pacific, had turned upon the
Morgan-Hill interests and wrested from
them the control of Northern Pacific.
The competitive buying which resulted
caused virtual corner in the stock, 20
the discontinue and panic of very large
short interest. The collateral conse-
quences of the operating war this dis
closed between the most powerful finan-
cial interests in the country caused acute
alarm among the large operators long Of
the market. The Hartman syndicate, sup
posedly backed by the Goulds and Stand
ard Oil interests in bitter warfare with
the Vanderbilt Morgan Hill combine, Of
fered alarming suggestions to the heated
imaginations of spectators. While shorts
were bidding any prices for Northern Pa
c1hc, therefore spectators were unload
ing other stocks all through the list.
Stock Forced Down.
By some means Northern Pacific had
Deen forced 1CA points under last night 8
close here in the London market this
morning The opening sale here was of
1000 shares at 155, rise of liz over last
nights close here and of 22H over the
mornings London price. On subsequent
purchases of blocks not exceeding 1000
shares, the price jumped five points at a
time TO 180 and then fell back to 1856 The
price fuctuated violently afterwards be-
! tween 155 and 145. The preferred stock
broke 9 points.
Canadian Pacific broke AZ and then ral-
Oino
stocks ran from to 3H. Union Pacific
rose a fraction, broke 8 and then came
back 3, measuring the hopes of advantage
to the stock from the Northern Pacific
coup. Some of the most urgent buying of
Northern Pacific came from arbitrage
houses, showing that foreigners were
largely represented in the short interest.
Extreme Disorder.
The disorder on the stock exchange was
extreme during the first hour, but strong
rallies in the general market and the
relapse in Northern Pacific reassured
holders and the market became uuieter
The market showed an undercurrent of
nervousness, but presented much
stronger front on small dealings. An up
ward bound in Northern Pacific which
brought 1t to 15S and simultaneous rally
| Of 5ss to 127 in Union Pacific had a stim-
Northern Pacific preferred recovered 61b.
General rallies were from 1 to points
for the lowest with the western stocks
conspicuous Canadian Pacific broke
from 115A to 110A. At noon the market
was quieter than for months, and there
was general disposition to trade eau
tiously in view of the sensational events
| of the day
Northern Pacific Very Erratic.
Northern Pacific pursued a very erratic
course after midday with fluctuations of
8 points occurring on transactions of only
100 shares. The price got up as high as
170 again. Union Pacific rose to 129H, but
fears that absorption of Burlington might
be jeopardized by developments on the
Northern Pacific caused Burlington to
break 1O% to 1876.
! The whole market broke with violence
again. st. Paul, Rock Island, Southern
Pacific and Missouri Pacific, which had
| risen from 1 to 3 points above yesterday s
close, made wide declines. Union Pa
cif1c slumped 6; st. Paul, 6%; Rock
Island, 5% Atchison, 31a; Southern Pa
cifc, g. Missouri Pacific, 6; Canadian Pa
cific, 5A, and many other stocks from l
to points. Burlington rebounded to 1913,
but did not hold.
Panic Conditions at the Close.
A brief rally met with heavy selling
and prices slumped at such rate during
the last hour that panic conditions de-
veloped. Holdings were thrown over with
out regard to price and declines of " to a
point between sales were the rule In the
active stocks. There we're occasional
feverish pauses in the downward course.
due to desperate attempts to check the
liquidation, but their duration was only
momentary.
The drop liz St. Paul reached 1871, in
Union Pacific 161A, in Rock Island IA, in