The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1901-05-10
THE MARKETS.
Wall Street Review.

New York. May o.Thc threatening conditions
OF aifaiis which developed In the stock market
yesterday eliminated today in one. Of the Sc.
ycrrst twists ever experienced in Wall street.
The corner in Northern Pacific was the impclling
cause of the crisis owing TO the threat cot
tanned in the ruinous terms forced upon The
shorts IN the stock that disastrous liquidation
would he forced at other points strenuous
efforts were made by the most powerful hnan.
,ial interests in the country to avert the threat.
oncd trouble aud almost unlimited supporting
orders were placed in tho market for the open.
ing, in anticipation Of the heavy selling which
was to come. Rcassuring expressions were dis.
scminatcd n,m the principal parties in interest
10 the Northern Pacific controversy. designed 10
disstade alarmed holders fiom prccipitatc sell.
ing of their stocks, but all these precautions
proved nnayaing in face Of the unmisiakabc
index afforded by the price OF Northern Pacific
that the corner that stock was intact and
| therefore ln, tho bitter controversy over the
| control OF the property was still unsettled. When
Northern Pacific began selling at 200. and 300.
and 800. and even as high rs 200 on regular
tons and at LOCO for cash, the appalling
possibilities cf the forced covering OF the larg'
est shortages At those terms weakened the whole
market and prices crumblch away with the ut
most violence during the second hour
The volume of the blocks unoadcd and the
reckless disregard of the price which they
brought were not present in the memory OF the
oldest trader. Before any check had come to
the tremendous liquidation. Delaware and 1i,id.
son had lost 80 points, Manhattan. 80; Union
Pacific, 80: Rock Island 35,a; Atchson. 32is;
St. Paul. 3OlR; Missouri Pacific, ~. and II
long list of other stocks from five to thirty
points. Tic prcdominancc of the Northern
Pacific the situation was demonstrated
by the quick rally in the market when an.
nonncemcnt was made that the contcndine in.
tcrcsts in Northern Pacific would not require
deliveries Of stock today. Pretty broad init
nations also thrown out that such delivery
would not be required SO long AS present con.
ditohs last The exemption OF Northern Pacific
from thc usual clearing house requirements of
delivery s,ill further allayed apprehension. The
quotations of the stock fcll back to 200. both
for cash and on regular transactions after these
announcements, and there was scramble to
cover the part of the professional shorts.
There were large numbers OF bargain hunters
also in the market. Tho combined effect OF
this buying was reflected in rallies extending
in Delaware and Hudson to So: Manhattan. "a;
Rock island. 81 Atchison. 20: l.. $. steel
preferred, 20. actually carrying the stock BE
points over yesterdays close; Missouri Pacific.
.S: Louisville. %; Amalgamatcd Copper -:
ST. Paul. u, and a large number of other stocks
from to 20 points. This rally was not fully
held. The market became much puictcr dwi::s
thc latter part of the day. but the extreme
fercrslncss and nervousness continued Even
the action of the bankers by agreement in lcni-
ing si.0oO,mO or the exchange at per cent
failed 10 relieve the close from such vcrv crraiic
movements and renewed bad breaks in prices
The extension of siinldgc in tho value Of
securities and the corresponding decrease III
credits made money very stringent and 90 per
cent VAS bid a, on" time by those seeking az.
c"'nnod.tion. The action of the associated
banks forced the rate down to per cent. TIE
i,,erisll tone Of the market at the close. and
the fact that ti2 controversy which has PIE.
ripitaed the tio'ibc still unsettled LEFT
the feeling of un2aSncs, retaining large force
III the financial district Total sales today
3,:J1 900 shares
Selling ot bonds to protect stock holdings made
that department oi the inarkc, weak in sym.
patty with stocks. l. $. new IS advanced Il
on the last call.