Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1901-05-09
TO-DAY'S TELEGRAPHIC NEWS
Excitement on the Stock Exchange
Nav York MAJ Q-prokara enecu

who 60 to make up the daily life OF
Wall street, came early to their offices
this morning. A crucial day is expect
ed. Early talk in the street was large
ly regarding what has been dubbed the
"Northern Pacific mystery" Who's
got i,?" and "Why" were the conun-
drums spectators propounded. The
beet opinion in the street Is that the
Hartman Gould. Rockefeller crowd on
the one side, and the Morgan-Hill-Van-
derbilt interests on the other. have
locked horns. The Hartman interests
believed the projected Burlington deal
was q menace to Union Pacific and
went to work and bought Northern
Pacific wherever 1t could be found and
at any price. By getting control OF
Northern Pacific they could block the
Objectionable deal. 10 this way, it is ex-
planned, the corner was brought about.
The Hartman and Morgan-Hill inter-
ests are holding on to their stock so
that at the next meeting day they can
see who has control. This gives the
man or men 10 the corner free rein to
squeeze 1.-THE shorts. This has been
done, but the after effect that follows
all corners, slump and panic, seems al
ready to have set 10.
When the chairman announced the
opening OF the market, Northern Pa
cifio opened With splurge. The fret
sale was at ITO, gain OF 10 points, and
then the stock ran mp speedily to 100.
At 1920 it was quoted at 210 and at
1890 it touched 225. The very next
quotation showed drop OF 20 points to
2O5. Before eleven o'clock Northern
Pacific was selling at 400 cash.
As the squeezs continued, the market be-
came panicky and seemed to 20 to pieces
on everything but the cornered stock.
A few minutes after IL o'clock North
ern Pacific sold for $50 cash, showing q
gain OF $50 points in the regular price,
q rise without precedent in the stock
market. Everything Is psnioky bar.
ring Northern Pacific and declines OF
from 5 to 10 per cent are common. Elk.
IRENE losses at Ills O'Clock ranged
to Is and 26 points, the former
in copper and the latter In Union
Pacific. Long stock at that hour was
being thrown on the market in large
quantities, regardless OF prices or con.
sequences. No failures have been noted
up to this hour.
Northern Pacific sold at 1000 cash
before 11:30, while other stocks were
tumblipg all along the line.
Panic reigned reigned In the stock
market this morning. The top-heavy
structure toppled like house of cards
wipipg out the paper profits OF thou
sands. Scene on the exchange were
wild in the extreme, brokers fighting
and tearing about like mad in an en-
deavor to make the best bargain pos
sible for their customers, who placed
with them orders to sell. Northern
Pacific was largely responsible for the
collapse iu stock. In 1896 it was selling
at 2}; today cash sales were made al
/, 0OO, an advance during the morning c
S4Oiper cent. The fight between big final
cial interests made it possible to corner
the stock. This has been done, and II
the squeezing process, now on, top
heavy market has collapsed, as a result
Losses at 11:45 in different stocks
ranged from to SO per cent. Ths
market at that hour was utterly de
moralized. Attempts to steady the
market have thus far been unavailing
At noon today q reaction took plece
all along the line. The gains were sub
stantial. Bargain hunters were largely
responsible fJr the rally and their pres
ence, with bundles OF money to invest
was the feature Of the noon hour. Ths
choicest bonds were sold during thu
morning hour for the purpose OF turn
ing the proceeds into stocks.
While the panic and turmoil were or
10 the stock exchange, the curb or out
side market was having slump of Its
OVID. Standard oil shares led the way
with an extreme drop OF III points
Later it recovered 80 points and ia now
selling at 700. Nearly everything In
the curb market sold down many
points.
The steamships Majestic and Ssrvis
which arrived from Europe last night
brought lsrge blocks of Northern
Pacific common stock for the account
of arbitrsge houses who this morning
signed them for immediate delivery.
Up. Morgan & Co.; Kuhn Loeb &
Co., and Street &, Norton, representing
the big interests that have been fight
ing for control of Northern Pacific, did
much to check the panic by officially
announcing that they would not
demand today the shares of Northern
Pacific due this morning. The out
standing shares have been reduced to
about 10000. This announcement
was soon followed by another that II
the came condition of affairs exists to-
morrow, the agreement not to insist on
deliveries will hold good then. After
these announcements Northern Pacific
dropped to 500 and the general market
began to 90 up.
At p. No., the feeling vas better, all
around. The speculation Is highly
feverish but 1t Is believed that the worst
Of the panic Is over.
New York, May 9.-Sales of stocks
during the first hour this morning were
TAI 800. During the second hour 1t was
impossible for the experts to keep track
OF them. There was chaos Of specula-
ton which battles description. For
minutes ct q time there was practically
no market for the stock offered.
New York, May 9.-Couferences be-
tween the Morgsn.Hill and Hartman
interests were frequent this morning.
There Ia q strong reason to believe that
the difference excited by the fight over
Northern Pacific control will be har.
monized. Very strong financial In
terests are insisting upon an avoidance
OF further trouble. 1t is currently re.
ported In Wall street that there were
from 100, 900 to $50, 900 more shares OF
Northern Pacific sold than really exist.
From l to o'clock the market was
highly nervous and erratic, though the
better tone prevailed, despite high