The Butte inter mountain. [volume] (Butte, Mont.) 1901-1912, 1901-05-08
NORTHERN PACIFIC PASSES FROM
THE H|Ll-M0RGAN SYNDICATE
Spectacular Scoop in Revenge for the
Morgan Hill Interference in Union
Pacific Affairs-Corner $780,
100000 Worth of Stock in
the Open Market-Price
Almost Doubled.
(By Associated Press. }

(By Associated Press)
New York, May S.-The stock market
Was utterly demoralized at the opening
to-day by the development in Northern
Pacific. What were rumors yesterday
became assertions Of fact to-day. that
the Hartman interests in retaliation for
the recent attempt to secure control OF
Union Pacific had turned upon the Nor
gan-Hill interests and wrested from them
the control Of Northern Pacific. The COM
petitive buying which resulted. caused
a virtual corner in the stock to the dis
cOmfiture and panic of u very large short
interest.
The collateral consequences of the open
war thus disclosed between the most
powerful financial interests in the coun-
try caused acute alarm among the large
operators long Of the market. The Har-
riman syndicate, supposedly backed by
the Goulds and Standard Oil interests
in bitter warfare with the Vanderbilt
Morgan-Hill combine, offered alarming
suggestions to the heated magination
Of spectators. While shorts were bid
ding any prices for Northern Pacific
spectators We're unloading other stocks
all through the list. BY some means
Northern Pacific had been forced 1OA
points under last nights closed here in
the London market this morning.
The opening sales were of 1000 shares
at 1885, rise of 11h over last night )
close here. and 22A over the mornings
London price. On subsequent pur-
chases of blocks noted in 1000 shares
the prices jumped five points at a tim.
to $50 and then fell back to 1866. The
price fiuctuated violently afterward be-
tween 1855 and 145. The preferred stock
broke points; Canadian Pacific broke
AZ and then rallied 81. Union Pacific
rose a fraction, broke and then came
back 3. Some of the most urgent buy
ing of Northern Pacific came from arbi-
TRACE houses, showing that foreigners
were largely represented in the short in
terest. The disorder on the stock ex-
change was extreme during the first
hour, but strong rallies in the general
market and the relapse in Northern Pa
ciffc reassured holders and the market
became quieter.
After brief rally in the market with
heavy selling prices stumped at such a
rate during the last hour that panic con-
ditions developed. Holdings We're thrown
over without regard to price and declines
of half to point between sales We're the
rule in the active stocks. There We're oc-
casional feverish pauses in the down.
ward course due to desperate attempts to
check the liquidations but their dura ton
was only mOmentary.
The drop in St. Paul reached 10 3-4, in
Union Pacific 16 1-2c, in Rock Island IA,
In Brooklyn Transit / 1-2, in New York
Central 3-S in Missouri Pacific 9, in
Louisville and Nashville s, in Pennsyl-
vania Z, in Peoples Gas s, in Texas and
Pacific H. in Southern Pacific 8, in
Canadian Pacific and the general run of
active stocks to 5. United States Steel
stocks suddenly collapsed the common
falling ga and the preferred II by rap
i'd stages AS the declines reached great
er proportions and wiped out the more
strongly margined accounts, the weight
of the confusion aided by nervousness
seemed to deprive the operators of their
power of judgment.
When United States Steel preferred had
reached a decline of IL points apparent
ly unlimited buying orders appeared in
the stock which rallied it to points.
There We're other rallies in sympathy,
Brooklyn Transit recovering six points
and other prominent stocks from two to
three and half points. Other
stocks, however, continued to break to
still lower levels. Missouri Pacific touch
ed 99h, Amalgamated Copper lost 12A
Illinois Central II, Western Union 10,
American Tobacco 9. Erie Sh, Manhat-
tan Z and Union Pacific extending it's
lass to II points. In the closing dealings
the market continued it's wild. erratic
character, sudden rebounds in some
points being Offset by renewed decline
in Others