The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-05-10
STOCKS AND BONDS.
slump and Panic on Floor of the
stock Exchange.

New York, May 9.-The threatening con-
dition of affairs which developed in the
stock market yesterday eliminated to-day
in one of the severest twists ever expert
enced in Wall street The corner In
OF the crisis, owing 10 the threat. con-
tanned in the ruinous terms forced upon
the shorts in that stock that disastrous
Liquidation would be forced at other
points.
Strenuous efforts were made by the
most powerful financial interests in the
country to avert the threatened trouble,
and almost unlimited supporting orders
were placed in the market for the open
ing, In anticipation of the heavy selling
which was to come. Reassuring express
sions were disseminated from the princi-
pal parties in interest to the Northern
Pacific controversy, designed to dissaude
alarmed holders from precipitate selling
of their stocks, but an these precautions
proved unavailing in the face of the I'M
mistakable index afforded by the price
of Northern Pacific that the corner in
that stock was intact, and therefore the
bitter controversy over the control of
the property was still unsettled. When
Northern Pacific began selling at 200 and
800 and &c., and even as high as 700, on
regular transactions and at 1000 for cash,
the appalling possibilities. OF the forced
covering 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 traders. Be-
fore any check had come to the tremend-
Gus liquida ton, Delaware and Hudson had
lost 50 points, Manhattan 80, Union Pacific
80, Rock Island 351s, Atchison, 321k, St
Paul S01z, Missouri Pacific 80, and a long
list of other stocks from 5 to 80 points
The predominahce OF the Northern Pa.
cific corner on the situation was DEMON
strated by the quick rally in the market.
when announcement Was made that the
contending interests ia Northern Pacific
would not require deliveries or stock to-
day. Pretty broad ordinations were also
thrown out that suchs delivery would not
be required so long as present conditions
last. The exemption OF Northern Pacific
from the usual clearing house require
ments of delivery 'stiii further allayed ap-
prehension. The quotations of the stock
fell back to 300 for BOTH cash, ana on reg
ular transactions. after these announce
ments 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 reflected in rallies ex-
tending In Delaware and Hudson ito S.
Manhattan 81, Rock Island 80, Atehison
30. United States preferred 20, actually
carrying the stock "a points over yester-
days close, Missouri Pacific 49, Louisville
70, Amalgamated Copper %. St. Paul d,
and large number of other stocks from
to 20 points. This rally was not fully
held. -as
The market became much queter during
the latter part of the day, but the ex-
IRENE feverishness and nervousness con-
tinued. Even the action of the bankers
by agreement In lending SIC, 100000. on the
exchange at per cent. failed to relieve
the close from such very erratic move
ments, and renewed bad breaks in prices.
The extension of shrinkage In the value
OF securities and the corresponding de-
crease in crdits made mony very string
ent, and so per cent. was bid at one time
by those seeking aecommoda ton. The
action of the associated banks forced the
rate down to per cent. The feverish
tone of the market at, the close and the
fact that. the controversy which has pre-
cipitated the trouble was still unsettled,
left the feeling of uneasiness retaining
large force In the financial district. o..
ings made that department. weak In SYM
pathy with stocks. United States, new
As advanced Il on the last call b. IN
The total sales of stocks to-day were
S,25l,60o shares. Including Atohison, ,237, =
so0 do preferred. 106.4Oe Baltimore, and
Ohio, 11,5O0; do preferred e.400; Canadian
Pacific, 1900; Chesapeake and Ohio 80
3OO Burlington. %, 100; Chicago, Indianap-
oils and Louisville, $500; Rock Island. 30.-
800; Delaware and Hudson. 14l0O. Erie.
1850; do first preferred, 10, 800; Illinois
Central, $500; Louisville and Nashville,
S07oo; Manhattan, 1880; Metropolitan, H.
400; Mexican Central IL, 800; Missouri Pa
chc, 1920; Missouri Kansas and Texas,
1900; do preferred, 1880: New York Cen
trail, 3O,7oo; Norfolk and Western, 600;
Northern Pacific. 200; do preferred, TO- :
500; Ontario and Western, q, 400; Pennsyl-
vania, $500; Reading, 1850; do first pre-
ferred, 22,loo; do second preferred, II 100;
st. Louis and Southwestern, 8, 400; do pre-
ferred, $500; ST. Paul. 9s.S00; do preferred,
500; Southern Pacific, lSe,7O0; Southern
Railway. 60,i00 do preferred. 1890; Texas
and Pacific. 1880; Union Pacific, 800, 100;
do preferred, 1880; Wabash, 800; do pre-
fcrred, 1900; Copper. SO 800: Tobacco, 49,
600; Anaconda, 1i,i00; Brooklyn, 1890; Col
orado Fuel, 1920; Continental Tobacco.
5000; Glucose, $500; Peoples Gas, 1900;
Sugar, $500; Tennessee Coal and Iron
e,40O; Leather. 3i,400; do preferred. 800:
United States Steel, 81 300; do preferred.
$4,000; Western Union. 1880; Chicago
Terminal. 1900; do preferred, IA, 100; Chi
cago and Alton. 1900; do preferred. o.
200; Erie second preferred. 1000; Mexican
National, 500; Consolidated Gas. $500.
New York stock and Bond List.