The Madison daily leader. [volume] (Madison, S.D.) 1890-current, 1901-05-09

New York. May 9.-There was q
nervous and uneasy feeling in Wall
street during the morning as result
Of the sensational rumors afiOat re-
garding developments in Northern Pa
cific. Assertions that control had
passed were met by denials. Quota
tons from London. however, showed
that there was heavy selling Of Amer
leans there. The o'clock quotations
from London showed break of 10 ga
in Northern Pacific. 4 Il in the pre-
ferred. 3-S in Canadian Pacific, 7-S
in New York Central, Is in Louis
Vile and Nashville and ! to points
in other stocks. Northern Pacific
opened on Ae local exchange with such
a series OF wild and violent fluctua-
tions as We're never before witnessed
in this market. The shorts were in an
nngoyernable panic. Compared with
the closing price of 143 II, the first
sale OF 1000 shares Of Northern Pa
cific was at 155. with quick successive
sales of 900 at 50. 500 at 1G0. 900 at
l65. 2o0D at l75, 5000 at l15. 1000 at
$50. 600 at 175. 500 at l13. 1000 at
l75. 300 at l15. 600 at 10. 100 at lis,
500 at 1s0. and 100 at 55. This meas
ured the range of % points within
three minutes after the opening. Mean
time in the rest of the list there was
heavy selling at opening breaks in the
prices Of from TO II points in the
principal leading stocks dealt in.
Northern Pacific preferred pursued
a downward course in the face OF the
excited buying Of the common stock,
| The opening sale was > points on
| The next sale took Il down point and
the third measured downward
| plunge Of t. points. making the ex
treme .. Union Pacific opened up -
and Immediately went off II in sym
pathy with the break In the market
| The opening declines in United State:
| Steel preferred was ! IS. but It came
| back | IA almost immediately
| Northern Pacific after the first strins
| of quotations further decline wa
| recorded to 14S and subsequent fuc
tuations were feverish and violent be
tween that point and 1888. The Who'll
market was in great disorder and tn
excitement was so great on the foo
as to interfere with the progress Q
business and the following OF quota
tions.
Fluctuations in all stocks were Wild
and excited. high priced railroa
| stocks covering range or from . !
G points. These comprised Rock Is
and. Lackawanna. Atchison. st. Pau
Union Pacific and Canadian Pacifi
Many others varied from l to t.
After the opening break the marke
rallied strongly in all directions. on
side of Northern Pacific which contil
ned downward to lto. The advance
recorded were not maintained. the ra
i'll. fluctuations inviting realizing I
the traders who got in and out of v
rious stocks as soon as good prof
was in sight.
) Northern Pacific pursued very c
ratio course after midday. with iiu
tuations of points occurring on tran
actions of only 100 shares. The prit
cot up as high as l1o again. unlC
Pacific rose to 129 IS, but fears tn
t absorption of Burlington might !
ieoparlized by developments on Il
, Northern Pacific caused burlington
break 10 rs to 1Ss.
I There were occasional pauses In Il
5 downward course. but their durati'
| was only momentary. The drop in
, paul reached 10 3-4. in Union Paci
r 1G IL. in Rock Island IA. in Brooki.
y Transit 1 10, in New York Cent?
& 3-S. in Missouri Pacific ., in Lou
Vile and Nashville I. in Pennsylvan
Z in Peoples Gas s. Texas and |
:. circ s IA. Southern Pacific .. Car
dian Pacific 10. and in the general r
a ,.;va ctcolc from I to 9