Ottumwa semi-weekly courier. [volume] (Ottumwa, Iowa) 1899-1903, 1901-05-09
Rises Higher and High. e,
Bidding.
SHORTS ARE GIVEN A BAD l -sdlT
The Panic the Second Hour This
Morning Carried Prices With a
Whirl Ten to Sixty Points Below
Last Nights Close.

New York, May 9.-The great excite
ment of the heavy decline in practic-
ally all securities except Northern Pa
cific, which began on the stock ex-
change yesterday afternoon, continued
today. From the moment of the ex-
changes opening, trading was furious
ly active, and for the first half hour
apparently without any support, al
though Northern Pacific rose higher
and higher on the bidding and fright
ened the shorts. This stock rose rap
idly from ITO to 100 and then almost
without a pause, the advance kept on
on until 10:30 am, when three hundred
was paid for five hundred shares for
immediate delivery. AT the same time
livery sold for 230. Trading became
so wild and excited toward IL o'clock
that prices changed as rapidly as
twenty-five and fifty points at a time.
A sale of $50 was recorded and imme-
diateIy another at 700. This is for to-
morrows delivery and is not cash
sale as some of the earlier ones had
been, thereby indicating belief on
the part of the purchaser that short
commitments are so large that stock
which arrived from the European
steamers last evening would afford lit
tie relief. J
Sells for $1,000 Per Share.
Shortly after II o'clock Northern
Pacific sold at $1,000 share for cash.
All this time other stocks were going
down and after IL o'clock all the sup
port seemed withdrawn from the mar
ket and prices began tumbling in a
sensational manner, the like of which
had not been witnessed for many
years.
Other Prices.
Union Pacific sold at so; Missouri
Pacific at 8S; st. Paul at 145; United
States Steel preferred at SO; Atchison
preferred at S5; Southern Pacific at
As; Western Union at 81; Amalgamat-
ed Copper at So; Erie. at 81; Atchi-
son at 81; Rock Island at 14S, and
Louisville and Nashville at 99
Center Of Interest.
Great interest was centered on the
reports of the conference to be held
to patch. up truce preliminary to a
permanent basis of agreement be-
tween rival interests in Union Pacific
and Northern Pacific. While no def
mite steps have been taken it seems
certain there will be a meeting and
with it will come peace.
Rally Comes.
At 11:40 o'clock the statement was
made that Morgan and company and
Kuehn, Loeb and company had just
agreed not to enforce the deliveries
on the Northern Pacific today. With
this announcement there came rally
in prices throughout the general list.
Panic Lowers Prices.
The panic which swept over the ex-
change during the second hour carried
prices with whirl from ten to nearly
sixty points below those of last nights
level. The last figure was for Della
ware and Hudson which dropped SO
points.
Easier at Noon.
Liquidation had spent some of it's
force toward noon with the announce
ment of the agreement above mention
ed, and just before IL o'clock there
were rapid, violent rallies throughout
the list ranging from 10 to 3S points,
the latter in the Delaware and Hud-
son.
Broker Assigns.
At noon the assignment of Charles R.
Sickels, the broker, was announced.
Charles R. Sickels is the sole mem
Der of the firm. According to rough
estimate, made by the assignee, the
liabilities are $4,000 and the assets
fully as much. The failure is attrib-
uted to the slump in the stock market
and because customers failed to make
good margins.
The failure of A. F. Fields, also a
member of the consolidated exchange,
was later announced. The amount of
the failure was not made public.
More Steadiness Given Market.
This afternoon there seemed
to be more steadiness to the
prices. Then came the official
!. announcement on the tame by
! Street & Norton that they would
not demand the delivery today Of 80,
900 shares of Northern Pacific com
mon stock to them. This announce
ment was followed by another rally
in many stocks.
Sells for $500.
IHy- :