The Wichita daily eagle., 1901-05-08
.VERGED On A PANC
Stock Market Ranged From
Buoyant to DisOrderly.
NORTHERN PACIFIC STOCKS
Extraordinary Demand for
Them Continues.

New York, May 7.-Today's stock mar
ket showed all the gradations OF senti-
ment from buoyant at the opening TO dis
orderly alarm verging on decentralization
IN the latter part Of the day. The market
hinged almost entirely on Northern Pa
cifc. The extraordinary demand for that
stock continued and it almost duplicated
yesterdays rise advancing an extreme
2214. compared with @ yesterday. In the
early dealings this strength retained a
part of its sympathetic influence on the
general market but it steadily lost that
influence. The reason for the rise ex-
erting a depressing influence on the rest
of the market was shrouded in as much
mystery as the whole movement has
been. As the day drew toward the close
rumors began TO gain currency that the
enormous demand for this stock Of the
last two days was the result Of a des-
perate effort to regain control on the
part Of the insiders. The suppositiOn is
that the recent effort to secure control Of
Union Pacific led to a retaliatory move
ment on the part Of the powerful capital
lists who control Union Pacific TO embar-
rass the Northern Pacific interests with
an enforce contest to maintain their
control The success Of the plan must be
admitted, If such a struggle f. really the
cause Of the buying in Northern Pacific.
The brokers employed in the buying serve
as some confederation for such a suppo-
siton. a house which was credited
with buying 10000 shares yesterday was
a buyer OF tens OF thousands Of shares
today and was at the same time lending
out the stock for the benefit Of the shorts
20 an amount estimated at 10000 shares,
thus striving TO allay the alarm of the
short interest and thus discOuraglng the
hypothesis that the buying movement
was designed for a squeeze against the
shorts. The appearances rather went TO
show that the short interests was among
the insiders. The assumptions which
might how from the fact of such a strug-
gle between great groups of capitalists
had a chilling effect on the whole specu-
lation. For ore thing it would point TO
a state of viE 1ictiveness between inter
ests which age been supposed to be work
ing in accord. Instead Of progress IN
community Of interests IL would point to
a growth Of gigantic rivalry with result
ant power Of competition exceeding any
thing in the railroad wars OF the past. X
would indicate also that the leading
financial interest which has been the fig
ure in all the recent great financial plans
had been outgeneraled. There were fears
also that the collapse 70 follow the vOla-
tile rise in Northern Pacific would unfa-
The rumors regarding the Northern Pa
cific did not begin TO take form until late
in the day. Reports that the preferred
stock was to have the option of exchange
with the common stock and so doing
away with its prior claims sent Northern
Pacific preferred up over 10 points. Can
ada Pacific continued its advance on the
theory that its prospective control by
Northern Pacific gave the latter stock its
strength. Union racific was Fun up to
1902 in an attempt on the part Of it's
friends to rally it TO figures commensu-
rate with Northern Pacific. These stocks
constituted the really notable features OF
strength after the opening bulge which
was quite general and was due 10 the in
rush of buying orders from the now wide
y extended speculative public Those
opening gains ran from I to points pret-
" generally and from 20 4 points in
Sugar and Union Pacific. The quick in
roads made upon those prices by realizing
and the impairment of1he buying power
discouraged the continuance of the spec
ulation for the rise. The higher rate for
money and the demands by brokers for
larger margins also had a repressive in
fluence on speculation. The late selling
was enhanced by the discouragement Of
timid holders who are only willing to
hold on a rise. The break at last was
severe, reaching So in Northern Pacific,
S1a in St. Paul in Union Pacific; 5is
in Rock Island; 5 IN Baltimore and Ohio
and between and points in the large
majority of the active list. The United
States Steel stocks were again under
pressure throughout the current gossip
attributed this liquidation 10 a shifting OF
holdings from the steel stocks into rail-
roads. Prices closed above the lowest
as bears took quick profits but the clos
ing undertone continued distinctly weak.
The bond market was quite Irregular
The total sales $3.50. 600 par value. United
States SIS, declined Z. the other IS L per
cent on the last call.
The leading stocks closed as follows: