The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-10
WALL STREET WAS WILD.
NORTHERN PACIFIC AT ONE TIME
SOLD FOR A THOUSAND DOL
LARS A SHAaaE
OTHER STOCKS ARE HARD HIT
Declines Reached 80 Points in DeIa-
ware & Hudson. rad Over 80
Points in Many other
Shares.
Closing.

= Closing.
Thurs. Wed.
CAN money, New York ss.s.. $50 Ais
NEW YORK, May S%The threatening
conditions of affairs which develop ed
ated today in one Of the seyerest twists
ever experienced in Wall street. The
corner in Northern Pacific was t. e i'm
pelling cause Of the crisis owing to the
threat contained in the ruinous ,erf-.s
forced upon the shorts in that stock.
that disastrous liquidation would be fore
ed at other points. Strenuous efforts were
made by the most powerfulNfinancial in
terests in the country to avert the threat
enlng trouble and almost unlimited sup
porting orders were placed in the market
Tor the opening in anticipation of the
heavy selling which was to come Re
assuring expressions were disseminated
from the principal parties in interest in
the Northern Pacific controversy, design
ed to dissuade ALARMED holders iron l]1r-
cipitate selling of their stocks. but all
these precautions proved unaVailinc in
face of the unmistakable index afforded
by the price of Northern Pacific THAT tta
corner in that stock was intact and
therefore that the butter cGntroversl Over
the control of the property was still UNI
settled. When Northern Pacific began
selling at 200 and 800 and 500 and even
as high as 700 ON regular transact ms
b!lities weakened the whole market and
prices crumbled away with the utmost
NiOleDce curing uHe second hOur
The volume of the blocks unloaIed and
the reckless disregard Of the price which
they brought We're without precedent in
the memory of the oldest traders before
any check had come to the tremendous
Liquidation, Delaware & Hudson had lost
% points, Manhattan 80. Union Pacific SO
Rock Island $50, Atchison 3215. st. Paul
W.. Missouri Pacific 81 and a long list
of other stocks of from to 30 points.
The predominance of the Northern PACT
nc corner on the situation was demon
nj hN fIa til
ket Vhen the announcement was made
that the contending interests in Nor
thern Pacific would not require deliveries
OF stock today. Pretty broad intimat -onS
were also thrown out that7such deliverieS
would not be required so long as present
conditions last The eXemDtIon AZ Ny,r-
house requirements of delivery. still fur
Their allayed apprehension The Quota
lions OF the stock fell hack to 500 beth
on cash and on regular traHsa ct 'ons after
those announcements and, there was a
scramble to cover on thef part of mo-
fessional shorts There were large num-
bers Of bargain hunters also In the MAJ
ket. The combined effect of this brving
was reflected in rallies extending in Dele
ware d. Hudson to -. II Nanhattan "a
Book Island 30, Atchison2OG United Sites
the stock 2i5 points Notwithstanding clo~a
Missouri Pacific s. Louisville % Amalga-
mated Copper p. st. Paul p. and large
number of other stocks from to %
points. This rally was not fully held.
The market became much Iauieter during
the latter rart Of the day, but the ex-
treme feveriShness and nervousness con-
tinued. Even the action Of the bankers
by agreement in lending $4,000, COO on the
exchange at per cent failed to relieve
the close from such very cratic move
ments and renewed bad breaks in prices.
The extension of shrinkage in the value
OF securities and the corresponding de-
crease in credits made money very strin-
gent and 60 per cent was bid at one time
by those seeking accommodation The
action of the Associated banks forced the
rate down to per cent. The tone Of tbs
market at the close and the fact that
the controversy which precipitated the
trouble was still unsettled left the feel
ing OF uneasiness retaining large Force in
Selling of hc nds to project eto.tl-l, 81 -,
made that department weak In sympa tbv
with stock. New is advanced u on The
last call -, -
STOCK QUOTATIONS.
Furnished by Charles H. F. Smith 4
Co.. members of the New York Stock
Exchange, Pioneer Press building who
have direct wires to Chicago and New
York Closing prices are bid: 20.