Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1901-05-09
MARKET REPORTS.
NEW YORK STOCK MARKET.
Features o. the Days Dealings in All the Lead
ing Stocks.

/ New York. May >--'Ehe stock uarl"..
today, offered the novel spectacle 81 =
| BE ar panic ana Il bull pane III pipe''S -
side by side. The bears panic III NORTH
: 'gu Pacific was tn" imp.lilns Cdis" 81 IN"
: dcmoralii"d rush To- sell other stocks
which was held in check for a uin" att
4 the astounding opening In Northern Ia
| cine, bnt which gained almost pane
| force IN the LAKE trading, Their was =
! Vtrl general broadening Of margins aiNt
| added severity IN The scratin> az c"lIht
/ trul inevitable under IN, uneasy cuadi-
I lions prevailing. i;ut IL generally
| evident that the holders az long stock
were t"nAcIuGsly waiting 1" l." actually
/ forced ont.
! Tn, support which came In On the open
ing dip helped to encoura"e the buns and
/ intiinidltr the bears But liquidation
seemed iarp" that the bears to"k
courage and attacked the market after
midday and secured rich returns. w itr
J recession IN prices reached thu ten point
! line tn" decline gathered force. showing
! that disi"dsm"nt "f lars" lines ~ long
| stock 10y the wiping ont ~ margins
Tn" chaotic condition int" which nc
/ market was thrown hct anne alarming ~
! the afternoon. but determined 'itn1-uTt d"-
v.loned and tn" resultant rallies which
( reached as much point. III on" ~
two instances checked to s"mr extent the
disordrrly drop in prices.
! Anyone seeking to- explain t"days
: movement win have 10 z" back over
period of MANY weeks and for every sIg-
E"stion Of great financial combination
| or consolidation he viii have to Suppo-
a deep seated doubt or apprehension
aroused by the disclosure of this morn
ing in Northern Pacific Il caused
shock ~ learn that the coIntry's great
financial finances which were SUPPOSED
~ l.. earnestly working Ia secure Il coin
munlty OF interests in the whole railroad
world were IN fact arravcd against each
other. The Burlington deal on when
such far-r-aching conclusions have been
based by the spectators, was seen TO be-
+ in jeopardy.
II was learned shat the Lowell to which
prices had attained had induced insiders
presumably best posted on the value OF
their prop. rites. to sell sufficient holdings
to endineer their control. This eNplana-
ton of the competitive buying which has
induced some az The recent sensational
advances threw doubt upon the whole
, ri"s Of rumors OF plans frr great consol-
! idations and rnns-cnniin"ntal comhina-
, tions amongst the railroads
Northern Pacitic's sky rocket course.
this morning. to lNl. compared wi'h iiit-
NJ last nights close and 10 for the low
PARITY. this morning. is almost unpreco-
i.nted for short time movements In the
local market. This stock was M Ia that
figure and back 10 the opening figure Of
las within thre" minutes. II went rs low
10 at closing len. The close corner into
i which the shorts wer. crowded OF course
! explains this movement.
Amongst the s.verest sufferers in thu
afternoon slumn may be mentioned s..
Paul. which fen l,s. Union Pacific ~.
Rock Island H. Missouri Pacific II. United
~
Hudson 10. Amalgamatei Copper ~
, Pullman III Illinois Central II BIrling
ton los. BROOKLYN Transit l0ia: Kansas 4
Texas 10 Western Union 10 and other
stocks all the way M To 10 points.
The final rallv reduced most Of these
losses considerably. but the closing show
ed speculative sentiment still In much s.
order and prices We're breaking anew at
some points while ralIying n others.
The excitement, in the stock market dis
tracted from the bond market. blt prices
,l.~- IT,. . ~. .n-Is e1,tyc
Total sales. par value, ste6o,0yl United
States old As advanced \ per cent.
An. AT inciden, ilius'.,atinE the turns rms IN
the Exchange. J. J. Manning, who was
in the center Of the crowd when $50 was
bid for 1000 shares Of Northern Pacific
around. boush, 500 at 10 and so a, $50
This Melted a profit of SIS non. other
traders made equally "nick returns
4 seat on the New York Stock Ex-
change was sold. Yesterday. for $40 90 or
with the initiation fee paid. S1l.H This
is new high record.
Dealiug with the relations Of things In
the turmoil ~ Wall street. today. the
financial writer OF the EVENING Post. in
it, last edition. this evening. says The
fundamental fact in the Northern Pacific
situation. today. was that the Burlington
deal is placed In jeopardy. matters
stand at present MON Pacific interests
who We're alarmed at the danrer to their
property lying in HurInStnn's control bV
the Northern nS-sontiuental lines have
bougth enough Northern Pacific stock t.
prevent the ratification of the Burlington
purchase by the Northern Pacific share
holders, unless some agreement Is made
with them which will sufficiently protect
their interests.
The corner in the shares was unpremed-
itated. That development resulted. II is
said. from Mr.. keenes clever apprecia-
ton of the situation in the stock. tn.
legitimate demand for which had heavily
reduced the floating supply. The corner
is secondary aspect. though the more
spectacular one to the public in a move
ment uf far reaching OBSERVATION-DISCLOSURES
sibly putting n stop to the plans for the
greatest Of railroad mergers. upseIIing
President lin = audacious plan 10 have
Northern Pacific control Burliugton's OPP
crationS.