The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1901-05-08
THE MARKETS.
Wall Street Review.

New York. May 1.--1odays stock market
showed all the s'adations Of sentiment IRON,
alarm vcrging on decentralization in the latter
part Of the day. The market hinged almos,
tirely on Northern Pacific. The extraordinary
demand for that stock continued and it almost
duplicated yesterdays rise, advancing an extreme
.aA compared with % yesterday. The supposi.
ton is that the recent effort to secure control
Of Union Pacific led to a rataatory movement
on the part OF the powerful capitalists who
control Union Pacific to cmbartass the North.
crn Pacific interests with IN enforced contest TO
maintain thcir control. The OF the plan
must be admitted If sucl struggle is really the
cause OF the buying in Northern Pacific. Tie
brokers' employed in the buying serve some
coirohoiation for such a superstition. \ house
which was credited with buying two hundred
thousand shares yesterday was buyer Of tens
OF thousands of shares today. and was at the
same time lending out the stock for the benefit
OF the shorts to an amount estimated at
hundred thousand shares, thus striving TO allar
the alarm OF the short interest aud thus dis.
conragng the hypothesis that the buying move.
men, was designed for a squeeze against ;llc
shorts. The appearances rather went 10 show
that the short interest was among the insiders
The pres,mpt ions which might flow from the
fact OF such Il struggle between great groups oi
capitalists had chilling effect the whole
speculation. For thing il would point TO a
state OF Nindictivcness between interests which
have been supposed TO be working in accord in
stead OF progress in community OF interests
ii would point to a growth of gigantic rivalry
with resultant power OF competition exceeding
anything III the railroad wars Of the past II
would indicate also that the leading financial
interest which has been the conspicuous teur.s
III all the recent great financial plans had been
outgeneraled. There fears also that the
collapse to follow the volatile rise in Northern
Pacific would untavorahiy affect thew hole stock
market The lu,nors regarding Northern Pacific
did not begin to take this form until late in
the day Reports tina, the preferred stock was to
have the option OF exchange with tho common
a
sent Northern Pacific preferred up over 10
points, Canadian Pacific continued its advance
on the theory that its prospective control by
Northern Pacific gave the latter stock its
strength. Union Pacific was run up to lS0a III
an attempt the part oi its friends to rally
These stocks constituted tho really notable fca.
lures OF strength in the market after the open.
ing bulge. which was quite general and was
due to the nush or D,iyng orders from the
now widely extended speculative public. These
opening gains ran from to points pretty
generally and from to ! points in sugar and
Mon Pacific The quick inroadS made upon
these prices by realizing and the impairment OF
the buying power discouraged the continuance
oihe speculation for the rise. The late selling
was enhanced by the disconragemcnt of timid
holders who are only willing to hold on a ri:c.
The break at the last was severe, reaching 81.
in Northern Pacific. 81. in ST. Paul. in Urion
Pacific. "a in Rock Island. :: in Baltimore and
Ohio, and between , and ! points in the largo
majority of the active list. The United States
steel stocks We're again under pressure through
alton to shifting OF holdings from the steel
stocks into ailroadS. Prices closed above The
lowest as bears took quick profits. hut the clos.
ing undertonc continued distinctly weak Total
sales. 10000 Jhmcs.
The bond marke, was cutie active and rreeu
lar. Total sales. par value. S5,5SO.0OO. L. $.
is declined y. and the Is 4 per cent on the
last call.