Evening star. [volume] (Washington, D.C.) 1854-1972, 1901-05-10
STOCKS QUIET DOWN
Little Excitement on the New York
Exchange Today,
SHARP REGJTERIBS IN VALUES
Shorts in Northern Pacific Can
Settle at $50.
DAY OF SETTLE " Z \ T

NEW YORK. May 1o-The calm that
succeeds THE storm rervaded Wal! street
today. The settlement with Northern Pa
CiGc shorts largely eliminated the element
Of danger that ty mysterious process Gre
&tad the alarm of yesterday. and the state
1ncnt that tho stock cIearanccs Of ycster-
day had been made without the dish@nOr-
ing Of single check seemed to lay the
corner stone Of q new fabric of confidence.
The market opened in a rather feverfsh
and unsettled state. and there was a rather
sharp decline in prominent stocks. but
later the market steadied down and prices
recovered their earlier losses and began to
advance. There was keen interest mani
Tested i'm the final result Of the contest for
supremacy in Northern Pacific. The lead
ing contestants remain silent and conserv-
alive opinion prefers to wait until there
las been a count Kuhn. Loeb & Co. de-
cIined &, discuss the situation. and J. p.
Morgan & Co showed Il similar disincIina-
hon 70 take tn" public into its confidence.
TheTa is a growth in the belief that the
latter house has succeeded in rotatuing the
control. and somewhat of revUlsion in
the sentimental feeling that swept the
financial district yesterday.
Settling. With the shorts.
Both houses were engaged In their set
Elements with the shorts. and all through
the morning reports Of the latter streamed
in to arrange the reckoning. 1t was work
that lacked in cheer Rain fell in drench
ing sheets and Broad and Wall streets We're
toaIstooI gardens of umbrellas The
strongest impress that an observer got in
the street was of exhausted and wornout
men. The machinery of finance is human,
after all. and friction tells upon II.
There was first period of tremendous
activity that tested the strength of the
strongest, and then two days of effort that
was supreme. that left it's victims physical
" drawn and mentally dull There is no
longer room for doubt that the storm has
been weathered. The banks and larger
financial interests are at work in rebuild
ing confidence and stand ready to further
protect the market.
The Losses Were Stupendows.
The losses yesterday were stupendous.
one commercial paper places the losses in
the bucket shops throughout the country
yesterday at $4,000 $50. and If the figure
is anything like correct it conveys a pro-
found impression of the shrinkage in the
legitimate places. Naturally, the greater part
of these wire losses are on paper, but they
were all sufficiently tangible TO be counted
by owners and could at time have been
realized upon in cash. The other side of
the story is short but it Is full of tales of
Yankee enChantment The men who had
little holdings of Northern Pacific and
claimed fortunes on them are generally the
heroes of these tales. Then there were the
few men who were wise enough to profit by
the slump Of yesterday and got the oppor-
tunity To do so Everywhere in the street
today they are holding post-mortems.
Some Of these inquiries show that there
are men whom quick recovery of the
market alone will save from ultimate bank
ruPtcy.
The holiday tomorrow and the fact that
Sunday follows Will, 1t is felt, have a ten
dency to further steady the market The
managers of the consolidated exchange
have also decided to suspend operations to-
morrow, So there will be a great deal of
house-cleaning over Sunday. Some small
blocks Of stock were sold under the ham
uicr on the consolidated exchange today to
meet the obligations Of the concerns which
went under yesterday.
brokers Were Busy.
brokerage offices were filled with specu-
Iators at an early hour, and to some of
the large houses admission was to be had
only by ticket. Before the New York
opening interest centered in Londons quo
tations. and when these came much higher
than yesterdays New York close. the bet
ter feeling became stronger and the New
York opening prices were awaited with
confidence. in marked contrast to the COM
pete decentralization that prevailed
every !-and yesterday morning.
y dispatch was received from London
saying that at ]: 10 O'Clock in that city all
american securities were higher. with St.
Paul quoted at price equal to 20-point
V 10 points.
Nhe 1880 prices in London the figures
sfVen are the New York euuivalentD, with
the changes from yesterdays New York
close, were follows: Atchison, 20 IA
tadvance. 1-2,; Canadian Pacific. 9s 3-S
tadvance 81. St. Paul, 1J9 1-2 (advance
Is 1-2': Illinois Central 133 advance, 1-2D
Louisville and Nashville. % is advance
Isl; Union Pacific preferred. 81 3-4 (ad-
vance, IL; Erie, 33 81 advance 80;
United States Steel 40 IS (advance, So;
United States Steel preferred. g23 (ad-
vance, 1-4: Anaconda, 45 IS (advance,
3 0-sD: Northern Pacific sold in London at
Il price equivalent to 13i 1-2 in New York
The London pm quotations showed
further advances. Atchison preferred being
up COS. Baltimore and Ohio 5-s, Mexican
Central 23-s, Louisville is and Chesa-
peake and Ohio 2 3-S
Copper Quotations.
The first quotation the ticker tape re-
corded sale of Amalgamated Copper at
Jos. rise of 3 points, and this was follow
ed by sale of Reading first preferred at
71iz. as against 20 at yesterdays close and
as sale after sale Of various stocks showed
higher prices the traders felt that the
worst was over. The anxiously- lacked for
opening of Northern Pacific transac-
tion OF 500 shares at 80 and this was
taken as an Indication that all of the minor
holders of the stock had decided to settle
with the shorts at the figures agreed upon
by J. r Morgan x Co. and Kuhn, Loeb &
GO Analgamattd Copper rushed up to
Il"'2. and St. Paul sold at 155, United
states Steel preferred at 92 Louisville at
%t@. Union Pacific at -. Atchison preferred
at 20. burlington at 1Ss and Missouri Pa
enc at 100. all of these figures indica ting
substantial improvements from last night
In spite of the better tone however the
market was Very feverish and prize, changes
after the first squirt became wide and er-
ratio There was much doubt in the street
as TO whether the decision of the holders of
Northern Pacific to be easy with the shorts
meant more than temporary truce be-
tween the conflicting interests
Many securities have sold at their high
record figures recently on the belief that
they would enjoy much benefit from one or
the other of the vast consolidation schemes
Tor which different railroad managers We're
working. and some hesitation to buy was
caused by fear that the hostiities de-
Seioped during the Northern Pacific con-
test might delay indefinitely or prevent al
together the plans for extensive combina-
lions of railroad capital under closely CEN
traiized management.