The times., 1901-05-09
UNSETTLED And CHAOTIC
The Stock Market Approaches a
DemOraliZed Condition.
Northern Pacific Breaks After
Another Advance - The Fluctun-
tions Wide and Irreguiar-sharp
Declines in Harrington and Eric.

Northern Pacific Breaks Attcr
Another Advance - The FIuctun-
lions Wide and Irreguiar-sharp
Declines i'm darlington and Eric.
NEW YORK. May S.-The conditions
prevailing in todays stock market couid
not be described otherwise than as sim
plv chaotic The main influence In the
thorough unsettlement, both in prices ana
confidence, which was so plainly reflected
was beyond question the practical corner
in Northern Pacific stock, which was
again notably in evidence this morning
Northern Pacific common, which closed
last night at 1872, opened up nearly L
points. advanced rapidly % points further
then broke no less than 80, later recover
ing 25 points, and subsequently fiuctuatns
i'm a manner probably without precedent
in the history Of stock market dealings
IN connection with such movements as
those recorded, it was to be noted that
the lutlic 81 large was again wanting IN
any Information which could be described
as definite or authoritative.
Speculative Wall Street has become So
accustomed to bandyiug aboULsuch names
as Morgan. Hin. Hartman. and Keene
that each new street tipster is prepared
at a moments notice to furnish every de-
tan Of the plans he conceiyes these gen
tlement 10 have on foot.
The street has indeed plainly gone
rumor mad. and the sooner ii RECEIVERS its
sanity the better it will be for stock mar
ket stability. About all that can be as
certained that is entitled to credence is
that the dominant interests in the Union
Pacific property have obtained a very
large interest in Northern Pacific. 1t IS
f.r14
give them control Of the latter property
Just why the Union Pacific people should
have elected to place themselves in the
position in question is not altogether easy
TO understand.
In the meantime it is obviously to the
interest Of the speculative public at large
TO proceed with the utmost caution in
such a market as that now prevailing.
lest they be crushed between the upper
and neither minstones
After time the public at large will
doubtless become actually acquainted
with the true history Of the current SEN
sational transactions in the stock mar
ket, but until such information is acces-
sible it should be more than ordinarily
wary Of the idle conjectures and asser-
tions now to be had for the asking.
The market changed its superficial tone
repeatedly during the day, but as a whole
IL could, nevertheless, be described as
only extremely irregular. Unusually ex-
tensive movements in both directions fol-
lowed rapidly upOn each other. but from
the start, and except in very few in
stances, it was evident that liquidation
was in progress in tremendous volume A
circumstance which had no little weight
In unsettling confidence was the exceed
ingly sharp decline in Burlington and
Quincy, an incident which naturally ex-
cited suspicion that a decisive check had
been administered to the project for the
absorption OF that property.
The market, apart from the railway list.
scarcely calls for any protracted discus
sion The United States Steel stocks re-
hected heavy pressure at the opening, but
subsequently they participated in the un-
certain fluctuations in the geneEal market
None Of the other movements among the
industrials or the specialties was OF an
important or significant character.
The Erie stocks suffered particularly in
sympathy with Burlington and Quincy,
the apprehenSiOns being that the prOspec-
tive arrangements between those cOmpa-
MES and the Northern Pacific might be in
terfered with. Such fluctuations as were
noticed in stocks Of the character Of St.
Paul and Union Pacific only served TO
show the practically demoralized state of
violent movements were noted IN Missouri
Pacific and the other Gould stocks.
Throughout the ch3OtIc movements IN
the market. however. il might be noted
that the Southern Railway shares and one
or two other securities outside Of the in
huence Of the speculative HSelstrom were
relatively steady. The London market for
American stocks was shown to be in
thoroughly unsettled condition in the ear
~ cables. Declines were common there
and in the instance Of Northern Pacific
the stock was shown at level Of nearly
eleven points below its low price Of yes
terday.
Actual developments outside the mar
kst itself were meagre. Sterling eX-
change declined, in sympathy with the
prevalent money market conditions, but
an additional beiated enga cement Of gold
for export was announced
The unsettlement Of the market became
intensified in the afternoon when the de-
clines scored practically throughout the
list were Of panlcky proportions. As was
TO be expected, such losses as We're
scored induced rumors of impending
trouble, and in fact the market at large
showed all the evidences Of extreme de
moralization.
The Western Railway issues continued
the most severe sufferers. Declines Of 10
points and over from the best figures Of
the day were common throughout the list