The age-herald., 1901-05-09
 BEARS AND BULLS ]. BOTHKEPT GUESSING Panlcs Were in Progress Side s By Side PRESENTED NOVEL SIGHT Prices Were Toppled Over Only to Re- cover and Take an Upward Shoot.
 The Afternoon Situation : Was Alarming.

today offered the novel spectacle of bear panic and bull panic in progress side by side. The bear panic in Northern Pacific was the impelling cause of the demoralized rush to sell other stocks which was held in check for time after the astounding opening In Northern Pa cific, but which gained almost panic force in the late trading. Prices were not top pied over as a direct calling of loans, and forced liquidation such as often culminate period of over-speculatlon, although there was a very general broadening of margins and added severity in the secur- ity of collateral, as was inevitable in the uneasy conditions prevailing, but it was evident that tho holders of long stock were holding theis stocks tenaciously and were waiting to be actually forced out The punishment which was being in- anicted on the shorts in Northern Pacific was so distressing an example as to keep the bears in a tirnid frame of mind and they hesitated to attack the market ' The support which came in on the op- ening dip helped to encourage the bulls and intimidate the bears. but the liquida- tion aeemed so large that bears took courage and attacked the market after midday and secured rich returns AS the l. recession in prices reached the ten point ! line, the decline gathered force, showing the dislodging of long lines of long stock } by the wiping out of margins scrutiny r of & stock table will show the large num- lber of stocks whose decline extended to between 10 and 20 points. with the result Ing wiping out of the ordinary mar gin.
 The chaotic condition into which the market was thrown became alarming In the afternoon. but the determined sup port which developed. and the resultant rallies. which showed as much as points in one of two instances, took aiaway the effect to partial extent of the disorderly drop in prices, and even ln- duced expressions from some of the more confident bulls that the health or the market was greatly improved as the re- suit of a days happenings. Tney nau apparently unlimited buying orders which appeared in United States Steel preferred when the decline had reached 12 points, and the resulting rally of S1a points gave some of the bulla particular courage to claim that the days reaction was really engineered by the powerful fnanclal III. terests which have been behind the pull [. ma arket throughout with desire to shake off weak followers and that 1t was not out of proportion to the unprecedented advances which had preceded 1t, to the a,neoualled conditions which at present obtain in this country, and to the pro digous dimensions of the market ana or E the forces which have been at work Tn 1t Itis the contrary view that coiiapses' Such as that of today do not tend to at tract new buying demand, as prices are s more attractive at lower figures.
 And one seeking to. explain today movement will have to go back over period of many weeks, and for every sug- eestion of great financial combination 6r consolidation he will have to suppose deen seated doubt or apprehension such as was shown by the disclosures Of this morning in Northern Pacific. It came with a chilly shock to the speculation that the country's greatest nnanclal forces which, it was supposed, were earnestly working in accord to secure community of inter ests in the wnole railroad world. In fact arrayed against each other In measures of bitter retaiia- fion and antipathy.
 In a few words. intimation was car ried by the disclosures growing out or the Northern development that the recent great buying of stocks was for the most part wholly speculative and without the supposed basis in investment purposes Add to this the growing constructions or the money supply. continued lnsatlaDie demands from the stock seculatlon ln- roads upon the narrow bank surplus oy the taking up of the revenue surplus, further shipment of gold to Europe today and growing uneaspess among money lenders as to the stability of values or the securities which they held as col lateral, and the delicacy of the position is easily seen It Is not surprising there fore that the shock of the Northern Pa cific episode coming upon the situation toppled prices over
 Northern Pacific's skyrocket course this morning with last nights close Is almost unprecedented for short time movements in the local stock market. This stock was up to that figures and back to the open ing figure within three minutes It went as low as 145 afterward and as high again as 17O, closing at 160. The close; corner into which the shorts were crowded of course explained this movement Among the. severest sufferers in the afternoon slump may be mentioned St. Paul, which feli 19%; Union Pacific, TIA; Rock Island, H: Missouri Pacific 15; United States Steel, preferred. 12; Delaware and Hud- son, IS; Amalgamated Copper 12A; Pull man, 111k; Illinois Central. IL: Burlington and Quincy, r; Brooklyn Rapid Transit, I01a; Kansas and Texas, 10; Western Union, 10 and other stocks all the way up to 10 points. The final rally reduced most of these losses considerably, but closing. figures showed speculative senti- ment in much disorder and prices were breaking anew at some points with ral- lies ir others. The excitement in the utock market distracted attention from the bond market, but prices went off lower in sympathy with stocks. Total aales, par value, $4,660,0 900. United States old As advanced hc on the last call.
 New York Stock Market.