Bryan morning eagle. [volume] (Bryan, Tex.) 1898-1909, 1901-05-10
STOCK GOES SKY HIGH
NOrthers Pacific Sells For 0ne Thou.
sand Dollars Cash.
FIGHT FOR THE ROAD
Two Syndleaics Caused the Wild Ad.
vance aud Not until an Under.
standing Was Had Did the
Market Finally Settle.


New York. May g-The great *.
oitement and heavy decline in pmciie'l /
ally all securItiol. except the Northern I
Pacific. which began on the stock Ex-I
change Wednesday afternoon continued
this morning. From the moment
OF the exchange. opening trade was
fuuously active and i0r the trt mli
hour at least. apparently without sup
port. although Northern Pacihc stooE
rose higher and higher Un the bidding
OF the frightened shorts This stock f.
ro-e rapidly from 900 tD 300 audi theu /
almost without pause tue advance
/ kept on ull 300 was paid for 800 shares
for Immediate delivery 80 the same
time l00 share. for tom, rruw delivery
was sold for 23O
Tudiug in Northern Pacific became
o. wild and excited toward n o'clock
that prices changed rapidly % and 80
points at a time. \ sale nt $50 was To
corded aud almost Immediately another
one came out at 700 This was for To-
morrow's delivery and not a cash sale
~ some ones had been thereby indicat-
ing the belief on the part Of the pur-
chaser that the short commitments was
~ large that the stock 10 come from
Europe would afford little or no relief.
At 1913 Northern Pacific .old at 5000
pr share for cash. As fast a. Northern
Pacific went up other stocks We're going
down. AZ the opening. declines In New
York Central. Missouri Pacihc, Louis
Vile aud Atchison ranged from 70 3
points ar 4 10 seemed for a time a. II or.
ders were being give 90 sell without re-.
gard 20 prices This wildncss was unin.
tcrrup,ed until about 1870 when it
seemed that for moment at least there
was a disposition 90 steadiness Then
all support seemed 10 be wishdrawn, the
stock market and prices began falling
many points between snles
The steamships Majestic and Seryia,
which arrived from Europe "Wednesday
evening, had IN their mail. large blocks
Of Northern Pacific common for account
Of arbitmge houses which were dehv.
cred TO them at once. The stocks were
made ready for delivery ON exchange.
but apparently they were not a drop IN
the bucket for the frantic demand foT
= the stock not affected
All interest conferred on reports that
conferences We're being held 90 patch
mp the truce preliminary 10 a perman'
I ent basis Of agreement between rivaI
interests in Union Pacific and Northern
Pacific. II was generally accepted that
the Burlington deal would 20 through
but that il would be- arranged ON some
basis satisfactory 20 the Kuhn.Loeb
, Hartman people. There were many
/ conferences Of various financial leader
/ throughout the morning. II was learn
ed from authorativo sources that up {,
/ II O'Clock no compromise had beer
] agreed upon but the situation was NOR
/ hopeful than II had been.
| Efforts TO arrange conference b.
/ tween conflicting interests was resume,
early this morning and while no def
mite steps was taken It seems certain
there would be n meeting and with
peace. Kuhn. Loeb & Co. who openl
declare they have a majority OF North
ern Pacifc stock said their policy IL
concilitary one and that they hai
\ reached out with all their strength !
4 their position and influence In an effor
10 protect instead Of crushing.
At ll:40 statement was made thf
]. p. Morgan \ CO., and Kuhn, Loe
- & Co, had agreed not 20 enforce deli'
cries on Northern Pacific stock toda'
With this announcement there WI
n rally in prices throughout the gener
list.
Just before l2 O'Clock there was a ra
I'd and sensational rise In the Unite
States Steel Corporation 10 90, Mania
tan got up 20 1906. Suthern Pacific
$751;. Amalgnmated Copper 10 10
Atohison preferred 10 % and othe
rising "a point or two at a time.
After noon there seemed to be mo
steadiness 20 prices, though the mark
continued exceedingly erntic for son
dme after the upward turn had actui
ly come IN tho list generally.
Professional traders who had N
eeoSlessly ON the break had to scraml
10 cover and heavy buying WAS att
bnted 20 large capitalists with ayailal
funds who saw att active investmei
at the level prices that had been reaC
ed. Northern Pacific almost disappe
ed from the record after the announ
ment as 70 It's delivery, which was
effective cau.e ot a.layng the extre
nervousness There was n transact
of 100 shares at 800 shortly before
o'clock.
u As high as 90 per cent was bid