The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-05-10
New York Stock Market

New York, May S.-The stock market
today offered the novel spectacle of a
bear panic and q bull panic in progress
side by side. The bear panic in North
|ern Pacific was the impelling cause of
the demoralized rus to sell other
stocks, which was held in check for L
time after the astounding opening N
Northern Pacific. but which gained al
most panic force in the late trading.
Prices were not toppled over as a di-
rect result of calling of loans and
forced liquidation. uch as often Gull
inmate a period of over speculation, al
though there was a very general broad
ening Of margins and added severity
in the scrutiny Of collateral, as was
inevitable in the Uneasy conditions
prevailing, but it was evident that the
holders of long stock were holding their
jstCcks tenaciously and were waiting to
Ibe actually forced out.
| The punishment which was being in
lfiicted on the shorts in Northern Pacific
Twas so distressing an example as to
keep the bears in a timid frame of
mind n they hesitated to attack the
market.
The support which came in on the
Iopening dip helped to encourage the
bulls and intimidate the bears, but the
liquidation seemed so large that the
bears took courage and attacked the
market after midday and secured rich
lreturnS.
AS the recession in prices reached the
10 point line the decline gathered force,
showing h ~dislodging Of long lines Of
long stock by h wiping out Of mar
Ig1ns. A scrutiny of a stock able will
show the large number OF stocks whose
declines extended to between 10 and
20 points. with the resulting wiping
out Of h ordinary margin.
Tho oh otto norl;f;1, ;-t1 rrL:1r. IT.
market was thrown became alarming
in the afternoon. but the determined
support which developed and the re-
Isultant rallies. which reached as much
las 8 points in one or two instances,
took away the effect, to a partial ex-
tent. Of the d~isorderly drop in prices,
and e induced expressions from
some Of h more confident bulls that
the health of the market was greatly
improved as a result of the days
happenings.
The apparently unlimited buying or
Iders which appeared in United States
Steel preferred when the decline a
Preached u points and the resulting
rally Of 81 points gave some of the
bull spectators h courage to claim
that the days reaction was really en-
~lgineered by the powerful financial in
lterests. which have been behind the
bull market throughout, with a desire
Ito shake OF weak followers and that it
WAS not out of the proportion to the
unprecedented advances which had
preceded it, to the unequalled condi-
jtions which at present obtain in this
country and to the prodiguous dimen
lsions Of the market and of the forces
(which a been at work in it. 1t is
the contrary view that ~collapses such
las hat of today do not tend to attract
new buying demand, but such reasoning
las that prices are more attractive at
Hover prices. Any one seeking to ex-
Iplain today's movement will have 10
lgo back Owe a period Of many weeks.
and for every suggestion of great finan-
Icial combination or consolidation he
will have to suppose a deep seated
doubt o. apprehension such as was
lshown by the disclosures Of this morn
ling in Northern Pacific. 1t came with
Ia chilly shock to h speculation that
THE country's great financial forces.
(which 1t was supposed were earnestly