The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-05-10
AFTER TEE STORY
Foundationsof a New Fabric Of con-
fdence is Being Laid


New York, May 1O.-The calm that
today The settlement with Northern
Pacific shorts largely eliminated the
eienent OF uanger that py mysterious
processes created the alarm of yesterday
and the statement that he stock clear
anceS of yesterday had been made with
out the dishonoring of a single check
seemed to lay the cornerstone of a new
fabric of confidence. The market opened
in a rather feverish and unsettled state
and there was a rather sharp decline ia
prominent stocks, but later the market
steadied down and prices recovered their
earlier losses and began to advance.
There was keen interest manifested in
the final result Of the contest for su-
prenacy IN Northern Haclnc. The Lead
ing contestants remain silent and con-
servative opinion prefers to wait until
there has been a count Kuhn, Loeb &
Co declined to discuss the situation and
J. p. Morgan & Co. showed q similar
disincl1natiOn to take the public into its
confidence. There is a growth in the
belief that the latter house has succeed
ed in retaining the control and some
what of a change in the sentimental
feeling swept the financial district yes
terday. Both houses We're engaged in
their settlements with the shorts and all
through the morning reports the latter
streamed in to arrange the reckoning.
1t was work that lacked in cheer. Rain
fell in drenching sheets, and Broad and
Wall streets were stool gardens Of UNI
brellaS. The strongest impression that
an observer got in the streets was OF
Worn-Out men. The machinery OF
finance is human, after all, and friction
tells upon it. There was first a period
of tremendous activity that tested the
strength Of the strongest, and then two
days of effort that was supreme that
left its victims physically drawn and
mentally duh. There is no longer room
for doubt that the storm has been
weathered. The banks and large finan-
ciai institutions are at work IN rebuild
ing confidence and stand ready to fur
ther protect the market.
The losses yesterday were stupendous.
One commercial paper places the losses
in the bucket shops throughout the cOun-
try yesterday at $3000O.000 and if the
figure is anything like correct it con-
Veys a profound impression of the
shrinkage in the legitimate places. Nat
1raliy the greater part Of these were
losses on paper, but they were all suf-
hcientlys tangible to be counted by own
ers and could at one time have been
realized upon in cash.
The other side of the story is short,
but it is full of tales of Yankee en-
dribs of Northern Pacific and claimed
fortunes on them are generally the
heroes Of these tales. Then there We're
the few men who were wise enough to
profit by the slump Of yesterday and got
the opportunity to do SO. Everywhere
in the street today they are holding
post mortems. Some Of these inquiries
show that there are men that a quick
from ultimate bankruptcy.
The holiday tomorrow and zle fact
that Sunday follows, it is felt, viii have
a tendency to further steady the mar
ket. The managers of the consolidated
exchange have also decided to suspend
operations tomorrow, so there VIII be a
great deal of house cleaning over SUM-
day. Some small blocks of stock We're
sold under the hammer on the consoli-
dated exchange today to meet the obli-
cations of those concerns which went
under yesterday.