The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-05-09
CAUGHT In WHIRL.
Santa Fe Descends 80 Points
But Partly Receivers.
Offer Of Banks to Loan $16,-
600, 900 at 6 Per Cent
Has Steadying Effect Upon
the Market Near Close.

New York. Mag s.-The trading in
Northern Pacific became so wild and ex-
cited toward II o'clock that prices
changed rapidly rs and 50 points at a
time A sale at $50 was recorded, and
almost Immediately another came out
on the tape at ZOO This was for tomor-
rows delivery and not a cash sale as
some of the earlier ones had been, there
by indicating a belief on the part Of the
purchasers that the short commitments
were so large that the stock to come
from Europe would afford little or no
relief The great excitement in the stock
this morning and the frantic efforts to
buy would seem to show that the short
sales were much larger than were sup
posed on yesterday.
At HIS Northern Pacific sold at ST.
600 a share for cash
BOTTOM FELL OUT.
New York, May 9-ShortIy after II
o'clock all support seemed to be with
drawn from the stock market and prices
began falling many points between
sales. Union PACIFIC went down rapidly
and 1000 shares of the stock were sold
at So The same moment ]. 900 shares os
Missouri Pacific were sold at 81. Peo-
pies Gas Of Chicago. Brooklyn Rapid
Transit, Amalgamated copper, the AtcE-
isons and St Paul fell off. and sensa-
tiOnaI declines, the like of which had
not been seen on the street for many
and many a year St. Paul sold down to
145. Missouri Pacific to 90. Erie to %
United States steel preferred to 80, Atch-
isOn preferred to IS, Southern Pacific to
As. Western Union to Stand then almost
Immediately Amalgamated copper fell
to So, Erie to p, Atchison common 70
81. Union Pacific to S6 Rock Island to
14s, Missouri Pacific to S8 and Louisville
& Nashville 49, Then the tape recorded
the sale of 1880 shares Of Union Pacific
at so.
PRICES RALLY.
New York. May Sat 11.40 the state
ment was made that J. p. Morgan &
Co and Kuhn, Loeb 81 Co had just
agreed not to enforce deliveries on
Northern Pacific stock today. With this
announcement there came a rally in
prices throughout the general list,
AtSh1son common selling up to 6l7z
and the preferred to co. Manhattan to
100. and others In smaller proportions
but the better tone did not last and the
tape recorded sales of Union Pacific at
81. then rally to So Pennsylvania sold
at lSS, New York Central 143. Peoples
Gas 1885, Atchison 65. Erie 255k. Balti-
more & Ohia preferred S61z u s Steel
29, Missouri Pacific rs, Amalgamated
upper 80 Ald4lAtaLLan southern Pa
ciflc 80, Atchison preferred p Louis
vile 80. Brooklyn Rapid Transit Y.
Rock Island 141, Steel preferred So. Bal
umore & Ohio 96S4, and Peoples Gas
1o1. Northern Pacific after selling at
1.000 fell to 500 on the next sale
At the stock exchange clearinghousa
1t was said the balance Of Northern Pa
cific common stock to be delivered was
SO. 0.0o0 shares. practically all of which was
TO be delivered at $50 The largest single
lot was $1,000 shares by a large inter-
national banking house and there are
several lots Of from seven to y thou
sand
The floor Of the exchange at the open
Ing showed the most excited throng of
brokers seen in years and among those
present were many members who are
rarely seen in the trading crowds
The opening was chaotic The one
desire seemed to be to sell. sell anv-
thing 10 anybody who was willing to
take stocks ana give money for it. When
4t appeared thatsthe corner operators
were determined to have their pound of
&esa 9xc9n the pecplc caught in their net.