The daily morning journal and courier., 1901-05-08
THE STOCK MARKET
Showed All the Graduations of sentf-
 meMt Yesterday.

New York, May 7.-To- days stock sentiment from buoyant elation at the opening to disorderly alarm verging on demoralizaton in the latter part of the day. The market hinged almost en- tirely on Northern Pacific. The extra ordinary demand for that stock con- tinued, and it almost duplicated yes terday's rise, advancing an extreme 21A points. compared with 23 yesterday. In the early dealings this strength retain ed a part of it's sympathetic influence on the general market, but it steadily lost that influence. But as the day drew towards the close rumors began to gain currency that the enormous de- mand for this stock of the last two days was the result of desperate ef- fort to regain control on the part of in siders. The suppositlon is that the re- cent effort to secure control of Union Pacific led to retaliatory movement on the part of the powerful capitalists who control Union Pacific to embarrass the Northern Pacific interests with an inforced contest to maintain their con- trol
 The success of the plan must be ad- nitted, if such a struggle Is really the cause Of the buying In Northern, Pa cifio. The brokers employed in the buy ing serve as some corrobora ton for such g. supposition. A house which was credited with buying 200, 900 shares yesterday was a buyer of tens of thou sands of shares to-day and was at the, same time lending out the stock for the benefit of the shorts to an amount estimated at 100000 shares, thus striv-' ing to allay the alarm of the short in- terest and discouraging the hypothesis that the buying movement was design- ed for a squeeze against the shorts. The appearances rather went to show that the short interest was among the insiders. The presumptions which might flow from the fact of such struggle between great groups of capi- talists had chilling effect on the whole speculation. Tor one thing. it would point to a state of vindictiveness be- tween interests which have been sup posed to be working in accord. ln- stead of progress in community of interests it would point to growth of gigantic rivalry with rcsulthnt power of competition exceeding anything in the railroad wars of the past. It would indicate also that the leading financial interest which has been the conspicu- ous figure in all the recent great finan- cial plans had been outgeneraled. There were fears also that the collapse to fol- low the volatile rise in Northern Pa cific would unfaYorably affect the whole stock market.
 Rumors regarding Northern Pacific did not begin to take this form until late in the day. Reports that the pre- ferred stock was to have the option of exchange with the common stock, and so doing away with its prior claims, sent Northern Pacific preferred up over 10 points Canadian Pacific continued its advance on the theory that its pro- spective control by Northern Pacific gave the latter stock its strength. Union Pacific was run up to 1S0k in an attempt on the part of it's friends to rally it to figures commensurate with Northern Pacific.
 These stocks constituted the really notable features of strength in the mar