The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-08

Tuesday. monday
Gail money New York;. .5n-lo 31k-IO
NEW YORK, May 7.-Today's stock
market showed all the organizations OF
sentiment, from buoyarcy at the opening
to diSorderly alarm vergng on demorat-
ization in the la-ter part CT the day. RE
market hinged almost emit cry on North
era Pacific. The extraordinary demand
Tor that stock continued, ana it almost
duplicated yesterdays rise, advancing am
extreme NA, compared with 70 yesrer-
day. In the early dealings tnis ST. enetn
retained a part of its sympathetic IN
huence on the general market, but it
steadily lost that Influence. The reason
for the rise exerting a depressing IN
nuence on the lest of the markOt was
shrouded in as much mystery as the
Whole deal has been. As the dIy drew
toward q close rumo. 5 began to gain cur
rency that tie enormous demand for this
stock for the last two days was the ,e-
suit OF desperate effort 20 gam control
on the part of insiders. The slIDposition
is that the recent effort to secure control
Of Union Pacific lead to retaiatory move
ments on the part of the powerful can
Itdl1Sts who control Union Pacific to en-
barrass the No: thern Pacific interests
with an enforced contest to maintain
their control The success of the pIan
must be admitted if such n struggle IL
really the cause of the buying in North
ere Pacific. The brokers employed in thu
such superstition. A house which was
credited with buying 100000 shares yester
day was q buyer OF tens of thousands of
shares today, ard was at the same time
lending out the stock for the benefit of
the shorts to an amount estimated at
100000 shares, thus striving to sllay tn.
ala:m Of short interests, and thus dis
courage the hypothesis that the buying
was designed for squeeze against tina
shorts. The appearance rather went 20
snow that the short mite: est was among
the insiders. The presumption when
might how from the facts of such a strug
gle between great groups of Capitalists
bad chilling effect cn'stie whole specu,
latien. For one thing it, would roint to
a state of vindictiveneSs- between inter-
eSts Wh1ca have, beeeSaly supposed to be
in community of interests it wooId
point to growth Of, gigantic rivalry
with resultant power RfSSo,npet ition cx-
ceedln@ anything in the .r3iiroad wars Of
the past. 1t would indicate also that tha
leading financial interest which has be- Ell
the conspicuous figure in, all Tie reoenf
great financial plans Fad been Out-een
eralcd. There were fdars also that the
collapse to follow thPgEKNlati!c rise in
Northern Pacific would unfal orably AZ
feet the Whole STOCK market. The rr
mo regarding No:tien9 Pacific did not
Desn to take this form until late in IN
daN reports taat the preferred stock
was to have tho optichAof exchange with
Inc common stock, andfas dpin4s away with
It's prior claims. sent -Northurr Eioacific
pfd up over 10 points. canadian Pacifc
continued it's advance en- the theory thar
IT'S prospective control by Northern Pa
enc gave the latter stock its Strength
Union Pacific was run up to 13Oh in nm
attempt uool. the rartgo it's friends to
rally 1t to figures commensurate with
northern Pacific. These stocks ccnsfi
tuted the. really notable features Of
Strensth In the market after the opening
pulge, WAlch was quite general and was
que TO the thrush of buying orders from
the now widely extended. speculative min
nc. These opening gains raI from / 10
points pretty generally and from 3 to
points in Sugar and Union Pacific. The
quick 1nroads made 5ff5n these nrices
by realizing, and the fnipairnent of tina
buying power, discouraged the continu-
ance of the speculation for the rise. The
hlgher rate for money and the demands
by brokers for larger margins also ha /
a represS1Ve influence on speculation Tho
late selling was enhanced by the dis
cooragement of tirnid holders. who are
only willing to hold on rise The broal1
at the last was SEVERE reaching S% In
Northern Pacific 81 III St Paul, s IL
Union Pacific, 5A in Rock Island, s IN
Baltimore & Ohio. and between 9 and 5
points il the large majority Of the active
list. Tie United States Steel stocks were
again urddr| pressure throughout, and
the current gossip attributed this ;iquida-
ton to Il Shifting of holdings from the
steel stocks into railroads. Prices closed