Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-05-09
STOCKS Co WILD
Greatest Excitement on
Wall Street.
NORTH PACIFIC CORNER
Price at One Time Reached
$1,000 a Share.
ALL OTHER STOCKS SLUMPED
Opposing Factions in NJ P. Finally
Agree to Truce.
ALL OTHER STOCKS SLUMPED
DETAILS OF THE FIGHT

NEW YORK. May a-The great excite
ment and heavy decline in practically all
securities except Northern Pacific which
began on the stock exchange yesterday
afternoon, continued today From the mo-
ment the exchange opened the trading was
furiousy active and for the first half hour
at least apparently without support, al
though Northern Pacific rose higher and
higher the bidding of the frightened
shorts. This stock rose rapidly from 10
to 100, and then almost without pause
the advance kept on until at IO:35 o clock
300 was paid for 500 shares, immediate de-
livery. AT the same time 100 shares for
tomorrow's delivery were sold for go
Trading Wild and Exciting.
The trading in Northern Pacific became
so wild and excited toward II o'clock that
prices changed rapidly twenty-five and fifty
points at time. a sale at $50 was re-
corded. and almost imme ediately another one
came out on the tape at 7U0. This was
for tomorrow's delivery. and not a cash
sale. as some of the earlier ones had been,
thereby Indicating a belief on the part Of
the purchaser that the short commitments
were so large that the stock to come from
frantic efforts to buy would seem to show
that the short sales were much larger than
were supposed yesterday.
All this time as fast as Northern Pacific
went up other stocks We're going down.
The opening declines IN New York Central,
Missouri Pacific, Louisville and Atchison
ranged from to points, and it seemed
for a time as If orders were being given to
sell without regard TO prices. This Wild
ness was uninterrupted until about 1910
when 1t seemed that for the moment at
least there was a disposition to steadness
The steamships Majestic and Servia,
which arrived from Europe last evening,
had IN their malls large blocks of Northern
Pacific common for the account Of arbi-
TRACE houses, which were delivered to them
in the early mail this morning. The stocks
were made ready for instant delivery on the
exchange, but apparently they We're not
drop in the bucket. for the frantic demand
for the stock was not affected
Interest Centered in the Conference.
All interest centered on reports that con-
ferences were being held to patch up a
truce preliminary to a permanent basis of
agreement between the rival interests In
Union Pacific and Northern Pacific 1t
was generally accepted by the street that
NIIC I0N4 IAI4S NpII Nteil "CUlu go through, out
that it would be arranged on some basis
satisfactory to the Kuhn-Loeb- Hartman
people. Indeed, it was said that the Harri-
man syndicate was In position to dictate
terms, but that It did not wish to proceed
arbitrarily in the matter 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 secure
Northern Pacific stock for voting purposes
and not speculative maneuver.
The most prominent figures in the fnan-
cial world were vitality interested in the
outcome Of the unprecedented situation dis
closed by the Hartman challenge for con-
troll OF the Northern Pacific, and throngs
crowded the offices Of j. p. Morgan & Co.
Kuhn, Loeb & Co. the First National and
the National City banks, eagerly awaiting
news. There were many conferences of
various financial leaders throughout the
morning.
1t was learned from an authoritative
source that up TO IL o'clock no compromise
had been agreed upon. but that the situa
tion was more hopeful than 1t had been.
All support seemed Withdrawn.
Shortly after IL o'clock all support seem
ed 10 be withdrawn from the stock market
anu pIICes peSan railing many points be-
tween sales. Union Pacific went down
rapidly, and 1000 shares of the stock were
sold at 50. The same moment 600 shares
OF Missouri Pacific were sold at 81. Peo-
pies Gas of Chicago, Brooklyn Rapid
Transit. Amalgamated Copper, the Atchi-
sons and st. Paul fell off and there
were sensational declines, the like of
which had not been seen on the street
Tor many and many - year. St.
Paul sold down to 145, Missouri
Pacific to 93, Erie to 29 L. S. Steel pre-
ferred to so. Atchison preferred to So,
Southern Pacific to 49, Western Union to
81, and then almost Immediately, Amal9a-
mated Copper fell to SO, Erie to q. Atchi-
son common to 81. Union Pacific to SO, Rock
Island to las, Missouri Pacific to 50 and
Louisville and Nashville to 80 Then the
tape recorded the sale of 1SOO shares of
Union Pacific at so.
At the stock exchange clearing house II
was said the balance of Northern Pacific
common TO be delivered was 10000 shares
practically all Of which was to be delivered
al 15o. The largest single lot sold was
ls,OUo shares by a large international bank
Ing house. and there are several lots of
from seven to twelve thousand.
Excitement Among Brokers',
The floor Of the exchange at the OPEN
brokers seen in years, and among those
present Were many members who are rare
ly seen in the trading crowds.
The opening was chaotic The one desire
seemed to be TO sell. sell anything to any
body who was willing to take stock and
give money forit. When 1t appeared that the
corner operators were determined to