Morris tribune., 1901-05-11
MARKET VERY EXCITED.
Detailed Report Of Proceedings on the
Stock Exchange.

Detailed Report Of Proceedings on the
Stock Exchange.
New York, May 10.-The great ex-
citement and heavy decline in DFac-
tically all securities except Northern
Pacific, which began ON the STOCK
Exchange Wednesday afternoon, con-
tinued during the day. From the
moment of the exchanges opening the
trading was furiously active and for
the first half hour, at least, apparetIy
without support, although Northern
Pacific rose higher and higher on the
bidding of the frightened shorts. This
stock rose rapidly from ITO to 1870 and
then almost without a pause the adj
vance kept on until at 1895 o'clock
300 was paid for 500 shares for i'm
mediate delivery.
All this time as fast as Northern
Pacific went up, other stocks were
going down. The opening declines in
New York Central, Missouri Pacific,
Louisville and Atchison ranged from
to points and it seemed for time
as if orders were being given to sell
without regard to prices. This wild
ness was uninterrupted until about
10:40 when it seemed that for the
moment, at least, there was a dispo-
sition to steady. The steamships Ma
jestic and Servia, which just arrived
from Europe, had in their mails large
blocks of Northern Pacific common
for the account Of arbitrage houses,
h; oh Al - ~, hn
early mail. The stocks were made
ready for instant delivery on the ex-
change, but apparently they were not
drop in the bucket, for the frantic
demand for the stock was not affected.
Trying to Patch Up Truce.
All interest centered on reports that
conferences were being held to patch
up a truce preliminary to permanent
basis of agreement between the rival
interests in Union Pacific and North
ern Pacific. 1t was generally &C
copied by the street that the Burling-
ton deal would go through, but that
it would be arranged on some basis
satisfactory to the Kuhn-Loeb-Harri
man people. Indeed, it was said that
the Hartman syndicate was in po-
sition to dictate terms, but it did not
wish to proceed arbitrarily in the mat
ter. 1t was denied by Kuhn, Loeb &
Co., and their associates in the deal,
that they had had any desire to
squeeze" the shorts, all of their buy
ing having been done simply to Sc
cure Northern Pacific stock for voting
purposes and not speculative man
euver.
The most prominent figures in the
financial world were vitality interested
in the outcome of the unprecedented
situation disclosed by the Hartman
people for control of the Northern
Pacific and throngs crowded the Of
fees of J. P. Morgan & Co., Kuhn.
Loeb & Co., the First National and
ing news. There were many confer
ences of various financial leaders
throughout the morning.
It was learned from an authorita-
tive source that up to II O'Clock no
compromise had been agreed upon,
but that the situation was more hope
full than it had been.
Meteoric Advance In NJ. p.
Trade in Northern Pacific became
so wild and excited toward IL o'clock
that prices changed rapidly 25 and so
points at a time. One sale at $50 was
recorded and almost Immediately one
came out on the tape at 700, and a mo-
ment later a sale was recorded at
1000.
Shortly after II o'clock all support
seemed withdrawn from the stock
market and prices began falling many
points between sales. Union Pacific
went down rapidly and shares were
sold at As. The same moment 1000
shares of Missouri Pacific were sold
at 81. Peoples Gas of Chicago, Brook
lyn Rapid Transit, Amalgamated Cop
per, the Atchisons and st. Paul fell
off and sensational declines, the like
of which had not been seen on the
street for many years.
st. Paul sold down to 145, Missouri
Pacific to 90, Erie to 90, United States
Steel preferred to SO, Atchison prefer
red to S5, Southern Pacific to As,
Western Union to 81. and then almost
Immediately Amalgamated Copper
fell to 90, Erie to 81 Atchison com
mon to 81, Union Pacific to S6, Rock
Island to 14Ss Missouri Pacific to SO
and Louisville and Nashville to 80.
Then the tape recorded the sale of
1900 shares of Union Pacific at so.
In rapid succession came sales OF