The times., 1901-05-11

/ to be marketed and the public had TO be
| reassured as far as possible to prevent a
worse panic even than that of Thursday
| The fact that the day disclosed what II
! did is not IA the least surprising. But
| the outlook for the future is not without
/ its possibilities Of grave. danger. The
stock on which there is no margins up has
! not all been marketed as yet by any
/ means. This must come on the market in
large blocks very soon. The people who
/ bought on Thursday and yesterday morn
ing win begin TO take their profits quickly
1 and they are not of the class that pyra-
midS on its winnings They are not likely
To get in again right away. The shorts
( have, some of them. made immense sums
Of money in the market and they will be
glad to attack it again as soon as prices
. have advanced much. The general pub
lie. which makes the big booms, has been
ruined i'm many cases and demoraliZed
everywhere and it viii be long time be
/ fore it viii get up courage to buy stocks
: with any vigor again.
! And beside these matters there is the
/ best of reason for believing that the war
/ ring interests in Northern Pacific have
not settled their dispute, and are not very
near TO a settlement. The teellng ne-
/ tween the two parties is said TO be very
I bitter and cut-throat tactics, while not
/ likely. are not impossible. The Burlington
I deal for instance may be allowed to falI
/ through. The entire gaudy tabric OF
community of interests, which was TO
/ DO SO much for railway prosperity, may
tumble to pieces in the West at least
inside OF two months All of these mat
/ ters should be realized and considered
carefully, and viii be in conservative
( quarters They may not result in further
/ disaster. but the experience of the past
/ week should convince the public that
! things often occur that are not generally
! looked for.
The best dividend paying securities, that
! are now selling below their legitimate
value should be quite exciting enough
J for anyone at this time, and even these
should not be bought on the bulges
/ Some of these stocks like Southern Rail
/ way preferred, Atchison preferred, and
/ Reading first preferred, are likely to ap-
preciate in value handsomely in the COM
ing months. Other stocks may go up
/ much more rapidly, but on the other
/ hand they may tumble again. 1t is not
/ an unusual thing for people to make
money in the stock market but the num-
! Der of those that keep it is distressingly
small.
! There was much interest manifested
| yesterday in the statement that the banks
VIII make today. The stock exchange will
be closed today to allow the brokers TO
catch UP with their business. The infer
ence, therefore, from the steady advance
In prices yesterday, is that the street
looks for good statement. Otherwise it
would have been afraid TO stay in the
market over the double holiday. The
1 banks have called an immense amount of
loans, and ether loans have been paid off
voluntarily. which gives good promise of
satisfactory figures. On the other hand
a considerable amount of gold has been
sent abroad this week.
The house OF Bachman & Co. was one of
the few, ii not the only one in the city
that made any purchases for its custo-
mers on margins on Thursday during and
after the panic. Nearly all of the firms
refused to do anything else than sell
stocks owned by customers on which mar
gins We're getting small One or two
bought stocks for cash, but refused to
make any margin transactions Bachman
& C9. made large purchases and on rea-
sonable margins. The firm was fortunate
enough not to be forced to sell out any of
its Washington customers.
There was little news in the street yes
terd;Ey- The brokers did not have time to
hunt fcT'ft or to tell what they knew or
surmised. It was whispered that not
withstanding the very optimistic tone of
the interviews of the different people con-
cerned in the Northern Pacific deal no ar
rangement had been made between the
rival factions. There can be no doubt
that there has been great bitterness be-
tween them. The corner in the stock has
been broken by mutual consent and all
shorts were understood to have been al
lowed to settle at $50 according to agree
ment. But this is only a convention be-
tween foes and not an armistice. This
fact probably accounts for the wide fluc-
tuations in Northern Pacific yesterday
and the price went at one time considera-
bly, above the level of $50. The stock
opened at $50, sold as high as 175 and as
low as 125, and closed at $50.
One of the stories of the day was to the
effect that a corner in Union Pacific is
the next market development likely. No
foundation for this story is TO be found
except the wildness Of the street imagina-
ton at present and the knowledge that
there IS bad blood between the big people
that might lead to almost anything.
Union Pacific stock advanced sharply and
closed the day with very large net gain,
near the top price for the session. The
preferred stock was also buoyant.