Evening journal., 1901-05-10
Dlher Stock CrumbIed Away
With Utmost Violence
llNY ARR REDUCED TO RUIN
is The Result Of Fifteen Minutes
Proceedings on The Stock
Exchange

New York, May 1O.-The threaten
4 ng condition of affairs which develop
\ I'd in the stock market Wednesday cul-
8 minated yesterday in one Of the Sc
3 yerest twists ever experienced in Wall
street. The corner in Northern Pa
y fific was the impelling cause of the
q frisis, owing to the threat contained in
81 he ruinous terms forced upon the
81 horts in the stock that disastrous
liquidation would be forced at other
a points. Strenuous efforts were made
q jy the most powerful financial inter-
& sts in the country to avert the threat
ned trouble and almost unlimited sup
e PORTING orders were placed in the mar
,et for the opening in anticipation Of
he heavy selling which was to come.
Reassuring expressions were dis
eminated from the principal parties in
interest to the Northern Pacific con-
roversy. designed to dissuade alarmed
iolders from precipitate selling of their
tocks, but all these precautions proved
81 navailing in face of the unmistakable
ndex afforded by the price of North
IN Pacific that the corner in that
took was intact, and therefore that the
litter controversy over the control of
he property was still unsettled. When
81 ,orthern Pacific began selling at 200
nd 300 and 500, and even as high as
90 on regular transactions and at
600 for cash the appalling possibili-
les of the forced c~vering of the lar
est shortages at those terms weaken
d the whole market, and prices crum-
led away with the utmost violence
uring the second hour.
Reckless Disregard OF Prices.
The volume of the blocks unloaded
nd the reckless disregard Of the price
'hich they brought were without pre-
cdent in the memory of the oldest
ader. Before any check had come to
le tremendous liquidation Delaware
nd Hudson had lost SO points, Man
attain 80, Union Pacific 49, Rock ISL
nd 3515, Atchison 32ls, st. Paul 30l5,
lissouri Pacific 80 and a long list Of
ther stocks from to 30 points. The
redOminance of the Northern Pacific
1rner on the situation was demon
rated by the quick rally in the mar
4 ct when announcement was made
nat the contending interests in North
n Pacific would not require deliver
s OF stock yesterday Pretty broad
timations were also thrown out that
ich delivery would not be required so
ing as present conditions last The
Semption of Northern Pacific from
le usual clearing house requirements
delivery still further allayed i,ppre-
ension. The quotations of the stock
II back to 800, both for cash and on
sgular transactions after these an
0uncements. ana there was a scramble
} cover on the part of professional
lorts
There were large numbers Of bar
ain hunters also in the market The
lmbined effort Of this buying was re-
scted in rallies extending in Delaware
ld Hudson to So. Manhattan "a, Rock
land 50, Atchison 90, United States
teel preferred 20. actually carrying
ne stock 2k points over Wednesdays
csc, Missouri Pacific 2S. Louisville %,
malgamated Copper %. st. Paul 21
~ ca AtAA cN AhiAb0l Vi OllltI hiOtho
ON to 20 points. This rally was not
lily held.
A statistical review of the transac-
ons in the stock market yesterday
Rows that at low water mark of prices
principal stocks had shrunk to the
emendous figures of s69S, ,3ss. .4O7. This
lrinkage, however. is largely offset
the recovery Of the market towards
ie close
Bankers 10 the Rescue.
The market became much quieter
lring the latter part of the day, but
he extreme feverishness and nervous
ess continued. Even the action of the
mixers by agreement in lending e16.-
lO.OOS ON the exchange at G per cent
lied to relieve the close from such
sry erratic movements and renewed
Id breaks in prices. The extension
shrlnkage in the value Of securities
I'D the corresponding decrease in
edits made money very stringent
I'd 60 per cent was bid at one time by
zs ose seeking accommodation. The
tion of the associated banks forced
,e rate down to 6 per cent. Tn,
& verish tone of the market at tho
M ose, and the fact that the contro-
srsy which has precipitated the trou
e was still unsettled, left the feelinl