The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-10


placed in the market for the opening, in
anticipation Of the heavy selling which
was to come. Reassuring expressions
We're disseminated from the principal
parties Of interest in the Northern Pacific
controversy, designed to dissuade alarm
ed holders from precipitate selling of
their stocks, but all these precautions
proved unavailing in face of the unmsta-
kable index afforded by the price of
Northern Pacific that the corner in that
stock was intact, and therefore the bit
ter controversy over the control of the
property was still unsettled. When
Northern Pacific began selling at 200 and
800 and even as high as 700 on regular
transactions and at 900 for cash, the
appalling possibilities of the forced COW
ering of the largest shortages at those
terms weakened the whole market and
prices crumbled away with the utmost
violence during the second hour
The volume of the blocks unloaded and
the reckless disregard of the price which
they brought were without precedent in
the memory of the Oldest trader. Before
any check had come to the tremendous
liquidation, Delaware and Hudson had
lost 50 points Manhattan 80; Union Pa
cifc SO; Rock Island, 351s Atchison, 3219;
St Paul, 301a; Missouri Pacific, 81; and
long list of other stocks from 5 to 30
points The predominance of the North
ern Pacific corner on the situation was
demonstrated by the quick rally in the
market. when announcement was made
that the contending interests in Northern
Pacific would not require deliveries of
stock today. Pretty broad intimations
were also thrown out that such delivery
would not be REQUIRED SO long as present
conditions last. The exemption of North
ern Pacific from the usual clearing house
requirements of delivery still further al
layed apprehension. The quotation Of
stocks fell back to 300 for both cash and
on regular transactions after these an
nouncements. and there was a scramble
to cover on the part of professional
shorts. There were large numbers of
bargain hunters also in the market. The
combined effect of this buying was re-
Elected in rallies extending in Delaware
and Hudson to So, Manhattan "a: Rock
Island. 80; Atchison, 80; United States
Steel, preferred, 20; actually carrying the
stock 213 points over yesterdays close,
Missouri Pacific, %; Louisville and Nash
Vile, 30 Amalgamated Copper, %; St.
Paul 81, and a large number of other
stocks from five to twenty points. This
rally was not fully held. The market
became much quieter during the latter
part Of the day, but the extreme fever
ishness and nervousness continued. Even
the action of the bankers by agreement in
lending S16.000 900 on the exchange at G
per cent failed to relieve the close from
such very erratic movements and renewed
bad breaks in prices. The extension of
shrinkage in the value of securities, and
the corresponding decrease in credits
made money very stringent and sixty
per cent was bid at one time by those
seeking accommodation. The action of
the Associated Banks forced the rate
down to six ger cent. The feverish tone
of the market at the close and the fact
that the controversy which has precipi-
the feeling of uneasiness retaining large
force in the financial district.
Selling of bonds to protect stock hold
ings made that department of the market
weak in sympathy with Stocks
United States new As advanced ~ On
the last call. sx~4
The total sales of stocks today were
3,251, 500 shares, including the following3
Atchison, 237, 800; Atchison, preferred,
LOG, 400; Baltimore and Ohio, IL QUO; Ca
madam Pacific. 1880: Chesapeake and
Ohio, 10000; Chicago, Burlington and
Quincy q, 400; Chicago, indianapolis and
Louisville. 9400; Chicago, Rock Island
and Pacific, 80, 500; Delaware and Hudson
14.100 Erie, 1885, Erie, first preferred,
10000; Louisville and Nashville, 10000;
Manhattan Elevated, $4,000; Metropoli-
tan Street Railway, IL, 400; Mexican Cen
trail, II ,500 Missouri Pacific, 1920; Mis-
souri,, Kansas and Texas, 300; Missouri,
Kansas and Texas, preferred, II, 500;
New York Central. 10000; Norfolk and
Western 5000; Northern Pacific, 100;
Northern Pacific preferred 10000; New
York, Ontario and Western, %, 400 Penn
sylyania Railroad, &c, 100; Philadelphia
and Reading, 22,5oO; Philadelphia and
Reading, first preferred, 22100; Philadel-
phia and Reading, second preferred, H.
100; ST. Louis Southwestern, 8,400; st.
Louis Southwestern, preferred $500;
Chicago, Milwaukee and ST. Paul, $4,000;
Chicago, Milwaukee and st. Paul. prefer
red, 6,4O0; Southern Pacific, 1856. 700;
Southern Railway, 60,100; Southern Rail-
way, preferred, 13,9O0 Texas and Pa
cific, 22,500 Union Pacific, 300, 100; Union
Pacific. preferred 1880; Wabash, 6.100;
Wabash preferred, 1860; Amalgamated
Copper $500; American Car Foundry
$780, American Tobacco, 80, 600; Anacon-
da Mining Company, IL 400; Brooklyn
Rapid Transit $4,000; Colorado Fuel and
Iron, 1920; Continental Tobacco. 10000;
Glucose Sugar, $500; Peoples Gas Light
and Coke Company, 1,6OO; American
Sugar Refining, $500; Tennessee Coal
and Iron, 9,400; United States Leather
81 400; United States Leather, preferred,
$500; United States Steel Corporation,
371, 800; United States Steel CORPORATION
preferred 439, AGO. Western Union Tele-
graph Company, 19,500 Chicago Terminal
and transportation, 1900; Chicago, Ter
minal and Transportation, preferred, a.,
SEQ; Baltimore and Ohio preferred, $500;
Chicago and Alton 21.700; Chicago and
Alton, preferred, 5000; Erie, second pre-
ferred, 5000; Mexican National, 600;
Consolidated Gas, $500.
BONDS.
Il. S Ref. 2'sreg..1o6 N. Y. C. lists. 1o78
S. S. Ref. rs cou 100 NJ. G. gen. 5's..132