The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-05-09
lsnocinl to The rost.l


New York. May S..-'rhe stock market to-
dav was the most sensatl II the recent
movement At the opo orthern PA
clhc took n leap upward anu chen tumble
that mndc ths,r, lvcmcnt one Of the most
remarkable An hL history Of the exchange.
In an incredibly short time 1t shot up to
$50 and then dropped to lA5, II quickly
recovered to 40, Its fluctuations In the
subsequent trading were very violent
Following this, there began at 10 o'clock
selling movement that sent a number
Of the conspicuous issues down very quick
ly until the crash extended to every stock
ON the list ana the street was crazy. Union
Pacific. Steel common. Chicago Burlington
and Quincy, Steel preferred, Missouri IA.
cihc. AtchlSon common, 81. Paul, Rock
! Island and Wire all lost heavily.
AS the liquidation Increased In volume
and became moro urgent, prices crumbled
away until the market became dcmoralized.
The breaks extended In individual stocks
up to ana beyond 10 points, Fluctuations
were = and ! per cent between sales.
| stocks were ruthlcssly sacrificed on the
| Consolidated exchange 1 aud PR cent
| under the stock exchange prices. Such
| intense excitement has not heretofore been
! Witnessed In Wall street. Many wild rum
| ors were IN circulation rs the furry be-
came more aggravated and brokerage
houses sent ont calls for additional mnr-
| gins. The market was Slender In the
last fifteen minutes Of trading.
! The scene at the opening was one of
| wild excitement. Unusual crowds gather
cd In brokers offices long before 10 o'clock
and discussed the situation Was the cor
ner IN Northern Pacific upon speculation
or were the Hartman interests struggling
for control of the Northern Pacific against
the lllll-Morgan forces? Was the battle
based on n desire to secure revenge OF
James ]. hin for m alleged attempt q
get the Union Pacific away from tho Harrl
man Interest? Was tho contest due TO
hone that the Burlington and quincy den
might be defeated when n comes to
vote Of Northern Pncl6c stoclsholdcrs2 Doe
tho row mean that the tinanciers have he
come 80 fat and rich that they are bccom
Ing Jealous OF each other and are cngag
Ing in hand 10 hand conflict with million,
rs the stakes? Does this particular episode
mean that the great bull market has wit
posed It's food tide aud Is now about I,
cbb, and many other questions were asked
without any very clear light appear ms
TO guide the Spectator or the broker
Ten days ago there was not a cloud a,
big as mans hand on the speculative
horizon. Today It * concluded that tht
clouds are hunched IN n pretty solid mass
and that stock speculation Is becoming 3
hazardous game when tho leaders Of hlgt
finance indulge In u Northern Pacific heh
such as this one, and one which will nj
ways be marked by white stone in stool
market history.
New York. May s,-DealIng with the re
lation Of things In the turmoil of wal
street today, the financial writer OF tn
Evening Post, in news leader In Its las
edition this evening says: The fnndn
mental fact in the Northern Pacific situa
ton today was that the Burlington de1
ia placed in Jeopardy. AS matters stan
Mt present, Union Pacific interests, WI
were alarmed at the danger to their prol
erty In Burlington's control by the Nortt
ern TranscOntnenta lines, have bough
enough Northern Pacific stock to proven
the ratification Of the Burlington purchas
by the Northern Pacific shareholders VI
less some agreement is made with thei
which viii protect their interests sun
GENTLY. The corner In the shares was M
premeditafed and resulted, 1t Is said, froi
MIR Keeue's clever appreciation OF IN
situation in the stock the legitimate az
maud for which had heavily reduced IN
floating supply The corner is a second
airy phnse, though the more spectaeuiu
one TO the public, In a movement OF Ia
reaching consequences, possibly putting
stop to the plans FOR the greatest oil RAJ
road mergers and upsetting Presider
Hils audaclous plan 10 have Northern ~
cinc control Buringtons operations.
The policy OF KUN. Loeb d CO. ma
been a steady one Of sefprotection nn'
being now in decent position with th
-ihlance Of power In the Western rallW'
situation restored they win content then
/ selves with this rather than create anon
I the great Western railroads the iaslii
hostilItes which would follow the abandol
! ment Of the Burlington deal This pro-
r ably win now be made triangular Il
Z rangement the Union Pacific sharing col
/ troll with the Northern Pacific and Gre
2 Northern under a modification Of the qua
n antee.
- | mn Euhu