Evening journal., 1901-05-09
BLACK THURSDAY
INSTOCK MARKET
Northern Pacific Advances to
1000, Other Stocks Slump
LOSSES REACH THE MILLIONS
Henry G. Robinson, Piity-lhree Years
a Broker, SAYS Days Market
Was Unprecedented
specInl 10 the ryenInr Ionrnal.

New York, April 9-rhis is a Black
Thursday in the stock market With
the Black Friday Of years ago, thou
sands Of spectators lost heavily. but
to-day's transactions have made tens OF
thousands penniless. IL was the great
est panic in the history of Wall street.
The panicky condition of the market
showed itself Immediately after the
opening. The decentralization affected
everything on the list except Northern
Pacific. In that stock the most sensa-
tionai jump yet recorded took
place. lhe stock went up by leaps
and b0rnis 100 points at a time. touch
ing it0O in the first two hours, a
jump of $40 points over last nights
closing.
Meantime the market in every di-
rection was slumping violently. Union
Pacific opened with running sales of
$4,000 shares from 1l3 to 106. then
quickly shot up to 40. Losses ex-
tended DO sc points, but the market was
neither as wild or moved In as great
disorder as during the last hour yes
terday, presenting the novel spectacle
OF prices recovering while others were
slumping as rapidly. In London North
ern Pacific tumbled over "a points, but
opened here liz points higher than
last night. In Philadelphia the market
fen on, almost everything going down.
Lehigh Valley selling at 34%. Reading
20A, Reading 1st preferred 37M and
Reading I'd preferred at 25A. The
Steel stocks were very weak and the
rest of the list fell accordingly.
The best explanation in the street for
the slumpdesuite semi-onicial denials. is
that the HaTiman-Gould-Ro Rockefeller
| crowd on one side and the Morgan
! Hill-Vanderbilt interests on the other.
have locked horns. The Hartman in
terests believed the projected Burling-
ton deal was menace 90 Union Pa
cihc and bought Northern Pacific
wherever ii could be found and at any
price. by getting control OF Northern
Pacific they could block the objection
able deal. IL was believed by many
that J. ID. Keene also bought heavily
and helped to clean up the floating
stock.
In this way It is explained the cor
ner was brought about. The Harri-
man and Morgan-Hill intorescts are
holding on to their stock so that they
can count noses next meeting day and
see who has control.
This gives the man. or men, free
corner to squeeze the shorts. This has
been done, and the after effect that
follows all corners, slump and panic,
has already set in.
LOCAL sPECULATORS EXCITED
In the city brokerage offices excite
ment was the order of the morning
The phenomenal advance in Northern
!
latOrs. At noon Pacific had reached the
600 mark but there were no sales,
local holders having sold on the small
advances of the past few days. One
lawyer who held ten shares of the
stock sold On Monday at an advance
of six points. To have held them un-
Ill To-day would have meant a profit OF
$4,000 for him.
With the unparalleled advance in
Northern Pacific came a slump in the
price of other stocks, American Sugar,
American Tobacco, Delaware and Hud-
son. Manhattan, New York Central.
Rock Island, Pennsylvania Railroad.
Reading Southern Pacific and Union
Pacific in particular. This slump caused
a general unloading Of these stocks.
, and one uptown broker. fearing fail
lure, dumped one thousand shares on
the market No anxiety was felt after
that but the owners lost thereby. Even
Diamond State Steel declinde from GA
TO 5ia.
Henry c. Robinson, who has been in
the brokerage business since 1S4S, said
this afternoon that the market was the
greatest one in his recollection. That
= Northern Pacific should demand 1000
is unprecedented in the history OF the
o market.