The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-05-10

ware & Hudson the extreme decline
was ffty-nine points. Manhattan, SS5s;
Rock Island. S5i@; Union Pacitic. IS;
Atchis0n- 34ias Atcdtsop pfeferreds zS32;
St Paul Boz. Missouri Pacific. b.
Southerus Pacific. 293s United states
Steel preferred 26t2: WlRle 4 range Of
five to thirty points would cover the
collapse in nearly eEery active stock in
the exchange.
DEMAND FOR FUNDS.
In fhe outside market the stress Of
the demand Tor funds was shown by
the perpendicular drop ia the price of
Standard OIL of Ia points over night.
The same urgent need was reflected IN
the bond market, where All grades OF
scale The sacrifices there were nat
urally much than in the stock dis
tfict of the market.
After the turn in the market came,
which II did about noon. some notics7
able selling OF bonds still continues.
and this was explained as being due
TO q wish to secure funds TO buy stocks
al the attractive level OF prices to
whica the market had fallen. IHs fact
the bargain hunter was on hand and
aStere as that presented there are those
who reap the benefit. The drop in
prices carried stocks of many substan-
tial TopS rites down to q level q which
Itle- cuffent "a lt ~ .1tN ileiitt9 paw 100
Them is swell assured making them ar
t.acnFe' investments.
Ut was very notable fact, that
throughput The most acute period OF
today s disturbance there was nothing
heard to indicate doubt Of the sound
and prosperous conditions of Industry
ana business AT large in the country
The sStOS k market collapse was attrlD-
uteds exclusively 10 over SPECULATION
aud an oVer-exte tension of credits used
in holding stock which il was Dot oe-
signed TO keep. but TO sell at q higher
me shock which aused the collapse
was the Northern Pacific corner, with
OUT dispute The harm WHOA inight
result from the Northerp Pacific epi-
sode was by no means 50 great ia any
ones mind As TO Justify the eXtent 81
the collapse i'm prices. But the 1elicate
situation 81 the market. due to OFeT1
extension Of sf3ecUla ton, made II Vul-
nerable 70 this stock The decline, ofsee
in force, gained cumulative strengti-
Spectators margins were wiped out
and brokers had to sell the securities
placed With them as collateral TO save
themselves from loss. thus adding TO
the weight Of the selling.
The shrinkage n the market value
If securities placed with bankers as
collateral m.lde il necessary that they
should demand Increased coIt8teraT or
can the loans with which Spectators
were holding stocks With their cre1-
its thus reduced further sales OF
stocks had te be made and 50 81 came
from every Quartet.
NORTHERN PACIFIC'S CAREER.
The Importance attached TO the
Northern Pacific episode was made
clear by the eagerness Of ali classes 10
learn al Developments concerning it
and ,e Immediate effect 81 any an
noun INT fegarding t upon the stock
glarlc~6-t The upward shoot to sE09J s
share as the effective cause Of tbs
greatest tsuloraliza ton In ne marked
The announcement later in the day Of
The measures for the.relief Of abe shortS
and the relapse IN the price Of stock to
900 aHayed the 8eTnors Hzation almost
immediately Announcements by J. r.
'dorgaia & co. ana Kuhn, Loeb & Coz.
who respectivefy represent the two
contestfng parties IN Northern Pacifict
THAT -tney yyOuif not require deliveries
Of the stock today meant a respite Of