The Hope pioneer. [volume] (Hope, N.D.) 1882-1964, 1901-05-16
Wall STREET GOES CRAZY
Contest for Control Of Northern Pa
cifc Results in Most Exciting
Scenes Ever Witnessed.
STOCK OF THAT ROAD GOES TO $1,000.
Delugc of Other Securities Follows
and Under Heavy Liquidatins
Sales Prices Decline in Every Di-
NEUTRALITY-SUSPICIOUS. Suffer Great
est-Terms of Settlement.

New York, May 10. The worst
~panic--for the short time involved be-
fore it was checked-that Wall street
ever saw came Yesterday as a sequel
to the contest for the control of the
Northern Pacific railroad and to the
%cornering of the common stock of
that road. At the time there was
seemingly no bottom this side of zero
to stock-market prices. Stocks were
offered for sale at any price they
would bring, and under the immense
mass of forced liquidating sales the
market crumbled away in every di-
rection.
Touches $1,000 Mark.
Money rates, as is customary in
times of panic, when banks are call
ing loans, rushed upward to 60 per
cent. on call. Sales of stock were
made at such losses compared with
Wednesdays closing prices Is 80 to
60 points. The frantic shorts in
Northern Pacific were willing to pay
any price at all in order to get the
stock, and in leaps and bounds the
price of Northern Pacific rushed up
from $17O a share. at which 500
shares were sold at the opening, to
$1,000 a share, at which price 800
shares were sold for 100000 cash.
Face Disaster.
Never before in the history of the
exchange has there been such a sen
s%ational movement in a stock. It
helped cause the utmost demoraliza-
ton elsewhere in the list, and helped
along the frantic rush to get out Of
the market at any price. Disaster
for a time stared in the face many
great houses which have been monu-
ments in the financial district for
years.
Danger Line Passed.
The very madness of the panic was
really the protection of a dozen
large firms. So swiftly and ire
mendously did prices shoot down
ward that before the banks could get
out their calls for the increased mar
gins they were entitled to at the low
est levels the market had turned and
the extreme danger line was passed.
4>oO ~ SlhS1C oGOCh. CACl1duSS AOuSC
failed, a remarkable fact.
Fearfu1 Crash in Stocks.
No sooner had the giants of
wealth begun once more the assault
| upon Northern Pacific than there
was a crash in stocks which is un-
| equaled in the history of the board.
All the railroad stocks tumbled with
one accord save Northern Pacific,
which changed hands in lots of thou
sands at $500, $500 and $500. A few
years ago this stock went begging at
$3.50.
Spectators Suffer Greatest.
The indications at the close of the
day were strong that the principal
damage had been wrought upon the
speculative class or upon holders of
securities on margin, for whatever
| purpose. The banks have been SO
well protected by recent extensions
of the margins exacted in the mar
ket value of collateral over the
amount of loans placed that they had
little to fear short of an absolute
| wiping out of market values.
James r. Keene won So, 000,0 900 in
the stock corner, and Russell Sage
2 1000, 900. A. A. Houseman and Dan
iel Lamont are also big winners.
John w. Gates is reported out $5,o0o,-
900, and Isidor Wormser is also a
loser.
Terms of Settlement.
III > Ty-l- r-.l o 80 ~,