Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1901-05-09
WALL STREET SPECIAL.

Tho Stock Market Demoralized by De
veiopments In Northern Pacific.
New York, May 8. = The stock market
was utterly demoralized this morning
by the Developments in Northern
Pacific. What were only sinister
rumors yesterday had taken form in
positive assertions that the Hartman
interests, In retaliation for the recent
attempt 10 secure control Of Urior
Pacific. had turned upon the Morgan.
Hill interests, and had wrested from
them the control of Northern Pacific.
This competitive buying which re.
suited caused virtual corner in the
stock to the discontinue and panic oil
very large short interest. The col.
lateral consequences Of the open war
thus disclosed between the most rower
ful financial interests 10 the country
caused acute alarm among tho large
interests long Of the market on the sup.
position that the great financial inter
este Of the country were working in
accord to secure a haronious community
OF interests throughout the entire
world. The Hartman interests, sup.
posedly backed by the Goulds and
Standard Oil interests 10 bitter warfare
with the Vanderbilt Morgan Hill in.
terests, offered alat ming suggestions to
the heated imsg OF apeculators.
While shorts were bidding any prices
for Northern Pacific, therefore, specu.
lators were unloading other stocks all
through the list.
Fly some means, Northern Pacific had
been forced in the London market this
morning l0A points under last nights
close here. The opening sale here was
of 1000 shares at 1855, rise OF 111s
over last nights close here, and of 22A
over this mornings London price. On
subsequent purchases, OF blocks not
exceeding 2, 600 shares, the price jumped
5 points at time TO $50, and then fell
back to loo. One interval OF points,
on O sale Of 500 shAres, was recorded on
the down grade. The price huctuated
violently afterwards below 1855 and las.
The preferred stock broke 9 points
with the rest of the market. Canadian
Pacific broke Az, and then rallied ga.
Opening losses In other stocks ran from
l to Ga.
The market showed an underouFrent
of nervousness, but presented stronger
front on small dealings. An upward
bound in Northern Pacific. which
brought it to l6s, and simultaneous
rally OF 53s, TO 1877. 10 Union Pacific.
had a stimulating effect on the entire
market. Northern Pacific, preferred,
recovered 6I5. General rallies were
from to 5 points for the lowest, with
tie Western stocks conspicuous.
Canadian Pacific broke from 1l5L to
ll0Jh. At noon, the market was quieter
than for months. and there was a gen
eral disposition to trade cautiously in
view OF the sensational events OF the
day. Londs we're irregular.
Northern Pacific pursued a very
errstic course after midday, with fiuo.
tustious OF o points occurring on trans.
actions Of only 100 shares. The price
got up as high as 40 again. Union
Pacific rose to 1895, but fears that alb
soIption Of Burlington might be
jeorardized by Developments in North
ern Pacific caused Burlington to break
l07s, to 1856. The. whole market broke
with violence again. ST. Paul, Rock
Island, Southern Pacific and Missouri
Pacific. which had risen from ] to 3
points above yesterdays close, made
wide declines. Union Pacific slumped
6, St Paul CD, Rock Island 59z,
Atchison, 3Ie, Southern Pacific 8 Mis-
souri, Pacific 8. Canadian Pacific 5l4
and many other stocks from / to 8
points. Burlington rebcunded to 1893,
but did not hold.