The Honolulu republican. [volume] (Honolulu, T.H.) 1900-1902, 1901-05-16
FIGHT OVER NORTHERN PACIFIC
cAFITkLIsTIc COMBINES SAID TO
BE FIGHTING FOR THE
CONTROL.
Partial Recovery at Close Of the First
Day but the Next Morning the
Slump Became More Pronounced
Than Before.

NEW YORK, May S.-Wall street
today experienced the greatest ex-
element Il has known in years and,
while prices were soaring up and
down in the widest manner. brokers
and spectators became almost fren-
zlcd In the mad manipulation Of the
market the shorts were squeezed I'M
an t4e financial life was crushed out
0f many Of them.
The Northern Pacific was head and
shoulders above other issues as the
cause Of excitement. but fortunes
were made and lost on other stocks
as well Before the close the entire
market became terribly demoraliZed.
and the food OF long stock swept
prices down many points. Brokers,
loaded down with commissions to buy
and SELL lost their heads in the great
excitement and a panic resulted
Men rushed about the floor OF the
temporary exchange in the Produce
Exchange like maddened animals, and
the din OF many voices raised a moi
sy discOrd that reminded one of the
panic days Of the past, when Jay
Gould was a power in the market.
From the crowded galleries specta-
tors watched the brokers in their mad
rush for money as they would a riot,
and women became frightened They
could not believe that the men below
were merely buying and selling. 1t
looked 20 them as il murder was being
committed
Il is impossible to make a rational
estimate OF the effects OF the slump.
but old operators declare that thous-
ands OF margin spectators who were
reasonably well fixed this morning.
found themselves ruined at night.
Thousands of employees are said TO
be mortgaged for months ahead as
the result OF negotiating their sala-
ries TO risk the money in the financial
whirlpool
The break today started shortly be-
fore / o'clock. and when the market
closed some two hours later quota
tions had slumped in the interval any
where from one TO twenty points.
Fortunes that had been made in the
last SIX months were in some cases
wholly wiped out
Every prominent stock on the list
broke badly. with the one conspicu-
Gus exception OF Northern Pacific,
which held its head so well above
the storm that at the close of the
day il showed an increase of 16ls
points.
The wild variations in prices is
shown by the following:
Northern Pacific. az opening. 1856:
fluctuations between opening and
noon. 10. 100, l50. 146. $50. 147. 155.
15S. Afternoon 10 close. l5S. 163.
l65 l7o, l6S. 167. l66. 100
Chicago. Burlington and Quincy, at
opening. 1876: fluctuations between
opening and close. 1876, 19424. 1874. 1871.
lS1. 1872. lS9. 1904.
Union Pacific. at opening, 1245h:
fluctuations up to noon, 1913. 125. 1881.
l26. l27, l29. LET. Afternoon to close.
l2l, 100, lis. ia, 1871. III. I15ls.
ia. ilS, ll5h. ia. lis. 1i5ls. 1l2
There was talk in the street of
great fight for control between the
Morgan-Hin interests on one side and
the hn-Leob-Standard Oil
people on the other. but nothing could
be learned Of IL In some parts of the
street the talk OF fight and OF great
is credited. In other parts it is ridi-
culed. One story has it that over
100000 shares more than the actual
CaplJal stock OF the company have
been bought by the opposing syndi-
Gates. and that il is as yet uncertain
where control lies.
However, whatever the situation.
several conferences We're held today
in regard 70 the Northern Pacific
stock situation. which was participate
ed in by James Stillman. Kuhn. Loeb
q Co. and F. II. Hartman on the one
side and Daniel Lamont. James ].
Hin and Mr.. Bacon OF j. p. Morgan
a Co. on the other Il Is also under
stood that George F. Baker and some
representative OF the Vanderbilt in
terests were also present during
portion ~ the last conference. Ne
decision was arrived at. but il is m
derstood that Mr.. Morgan had been APP
pealed to in cable dispatch.
Prices Continue to Drop.
NEW YORK, May s.-Shortly after
IL o'clock this morning all support
was withdrawn from the stock mar
kct and prices began falling many
points between sales. Union Pacific
went down rapidly &.e00 shares sold
az s.. One thousand shares Missouri
Pacific sold at 81. Peoples Gas of
Chicago. Brooklyn Rapid Transit.
Amalgamsted Copper. Atohison and
St Paul made sensational declines
the Ike OF which had not been seen
for many years.
ST Pani sold down 70 i45. Missouri
Pacific 80, United States Steel pd. SO. /
AtchisoR pd. So. Southern Pacific As.
Western Union 81. Amalgamated Cop
per SO, Erie -. Atchlson Common 81. /,
Union Pacific Sc. Rock Island 14S. /
Missouri Pacific 50. Louisville and |
Nashville 80. Then the tape recorded |