Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-08
NORTHERN PACIFIC
WAS THE STOCK UPON WHICH THE
MARKET HINGED ALMOST
ENTIRELY.
ALL PHASES OF SENTIMENT
FROM WILDLY BUOYANT TO DIS
ORDERLY ALARM WE'RE
SHOWN.

opening to disorderly alarm verging on
decentralization in the latter part OF the
day. The market hinged almost entire
ly on Northern Pacific. The extraor-
binary demand for that stock continued
and it almost duplicated yesterdays
rise, advancing an extreme 22A compar-
ed with % yesterday. In the early deal
ing this strength retained part of its
sympathetic influence on the general
market, but it steadily lost that inf
ence. The reason for the rise exerting
a depressing influence on the rest of the
market was shrouded in as much mys-
terry as the whole movement has been.
AS the day drew towards a close ru-
mors began to gain currency that the
enormous demand for the stock of the
last two days was the result of des-
perate effort to regain control on the
part of the insiders. The superstition IS
that the recent effort to secure control
of Union Pacific led to retaliatory
movement on the part of the powerful
capitalists who control Union Pacific to
embarrass the Northern Pacific inter-
ests with an enforced contest to main
tain their control. The success of the
plan must be admitted, if such strug
gle is really the cause of the buying in
Northern Pacific. The brokers employ
ed in the buying serve as some corrob-
Grafton for such a supposition. A house
which was credited with buying 10000
shares yesterday was buyer of tens OF
thousands of shares to-day, and was at
the same time lending out the stock for
the benefit of the shorts for an amount
of 100000 shares, thus striving to allay
the alarm of the short interest and thus
discouraging the hypothesis that the
buying movement was designed for a
squeeze against the shorts. The ap-
pearances rather went to show that the
short interest was among the insiders.
The presumption which might flow from
the fact of such struggle between
great groups of capitalists had a chilli
ing effect on the whole speculation For
one thing, it would point to a state of
vlndlctlveness between interests which
nave been supposed to be working in
accord. Instead of progress in a COM
munlty of interests it would point to
growth of gigantic rivalry with re-
sultant power of competition exceeding
anything in the railroad wars of the
past. 1t would indicate also that the
leading financial interest when has been
the conspicuous figure IN all the recent
hnanclal plans had been outgeneraled.
there were fears also that the collopse
y follow the volatile rise in Northern
Paclflc would unfavorably affect the
whole stock market.
Inc rumors regarding Northern Paci-
nc d1d not begin to take this form I'M
I'll late in the day. Reports that the
preferred stock was to have the oppor-
tunlty OF exchanging for common stock
and so doing away with its prior claims
sent Northern Pacific preferred I'D over
10 points. Canadian Pacific continued
its advance on the theory that it's pros
pective control by Northern Pacific
gave the latter stock its strength. In
ion Pacific was run up to 1907 in an
attempt on the part of its friends to
rally 1t TO ngures commensurate with
Northern Pacific. These stocks consti-
tuted the really notable features Of
strength in the market after the open
ing bulge, which was quite general and
was due to the thrush of buying or
ders from the northwest widely extend
ed speculative public. These opening
gains ran from / to points pretty gen.
orally and from to 4 points in Sugar
and Union Pacific. The quick inroads
made upon these prices by realizing
and the impairment of the buying pow
err discouraged the continuance of the
speculation for the rise The higher
rate for money and the demands by
brokers for larger margins also had
represslve influence on speculation
The late selling was enhanced by the
discourse cement of timid holders who
are only willing to hold on a rise. The
break at the last was severe reaching
so in Northern Pacific, Sk in st. Paul,
s in Union Pacific, 5A in Rock Island,
5 in Baltimore & Ohio and between 2
and 5 points in the large majority of
the active list The United States Steel
stocks were again under pressure
throughout the current gossip attrib-
uted this liquidation to a shifting of
holdings from the steel stocks into
railroads. Prices closed above the low
est as bears took quick profits but the
closing undertone continued distinctly
weak.
The bond market was quite active
and irregular. Total sales par value
$5,5S0,000.
U. S. SIS declined Il and the 3's II
per cent on the last call.