Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1901-05-10
A PANIC has
BEEN AVERTED
The New York Stock Market Was Less
Feverish Today and Brokers Feel
That the Slump is
Over.
A SETTLEMENT MADE WITH SHORTS

brokerage offices were filled with spec
ulators at am early hour. Before th
New York opening, the interest center
= ED i'm Lonion's quotations and when
these came much higher than yester
days New York close ebt'ter feelire
became stronger and the New Yorl
opening prices We're awaited with con-
fidence i'm marked contrast to the com.
plete Generalization that prevailed yes
terday morning. The first quotation or
the ticker tape here recorded the sale
of Amalgamated Copper alt 10S, a. rise
of points. Sale after sale off various
stocks showed higher prices AND trad
ers felt that the worst was over. The
opening i'm Northern Pacific waNs a
transaction of 300 shares at $50. This
was taken las, an Indication that all the
minor holders of stock decided to set
tile with the shorts at figures agreed
upon by J. p Morgan & CO.. and Kuhn,
Loeb & Co. Analgamated Copper
rushed up to ITO 1-2. st. PAUL solid at
1866, Union Pacific at 95, AtchisorI pre-
ferred at 95, Burlington at 1888, Missouri
Pacific at 100, all these figures irAdicIat-
ing suibsftantial improvements from last
might. In spite of THE better tome how
ever the market WAS very fevenish an1d
price changes after the first squirt were
Wide and erratic.
| About 1920 the cheering NEWS was
given out that the stock exchange off,
cially anrlnounced the successful pass
ing Of all clearing sheets and thonorllg
all checks given by exchange namIbers
! yesterday This announcement effect
ually disposd of the rumors that cer-
tain houses would be unable ito meet
their obligations on yesterdays COM
tracts.
| There was heavy selling of steel
stocks said to- be for Chicago account,
but ii Seemed to- be we'll itallen and the
price fluctuated from Al to AZ for conn
mon and from 81 to 92 for preferred.
About II O'Clock the general list became
stronger.
There was further clearing of tIhe
financial atmosphere when lit was an
nGunced that an order had lbeen OBJ
ta.nei in the supreme eouth directing
should not be restrained from taraIding
in Northern Pacific, would mot be serv-
ed, am agreement to- settle at $50 having
been accepted as satisfactory. Most of
the buying 'ttls morning was believed
to be for investment ON account ais
commission houses deprecated trading
on margins fer the present.
"A 4 tt,
EN- cut tthlat ]. P. Morgan & Co. would
renew at per cent all LOANS made by
them yesterday. A. A. Housnnan & Co.
announced that they would renew all
Yesterdays loans and lend $1,5000,00O
additional at 6 per cent.
Northern Pacific sold ON THE exchange
at 200, but at the same time Kuhn,
Lo,ab & Co. were settling at $50.
After - o'clock a stronger tone de-
veloped. The belief gained ground tina
the worst trouble was thing of the
past. One commercial paper places the
losses in bucket shops throughout the
country yesterday 'at 100000, 900. and if
the figures are correct 1T conveys "a
profound impression of shrIinkaga in
legitimate places. Naturally THE great
er part of these losses We're ON paper,
but they We're all sufficiently targibie
to be counted by owners and could at
ONE time have been realized upon The
full of tales of Yankee enchantment.
Men who had tlittle dribs of Northern
Pacific amid claimed fortunes on Them,
are generally heroes of tihese tales.
Thare are men whom quick recoNery of
the market alone will save from ulIti-
mate bankruptcy.
The holiday tomorrow and the fact
that Sunday follows. will, lit i's gener-
ably believed, have a tendency further
ITO steady the market.
NORTHERN PACIFIC CONTEST.
New York, May 1O.-There lis "a keen
interest manifested i'm the final result
of the contest for the supremacy of the
Northern Pacific. Kuhn, Loeb & Co.
declined ITO discuss the situation. J. P.
Morgan & Co. showed a similar disir- |
clinaItdon to take the public into tits
confidence. There is growth of the be-
rtaining control, and there lis some ewaIat |
of a uevulsiom in the sentimental feel |
ing that swept the financial district |
yesterday. Both houses were engaged |
in settlements with the shortss and all |
through the morning THE represental- |
tives of the 1atter streamed i'm to- ar
range their reckoning.
/
best of the day.
IN STATUS QUO
New York, May 10-A Wall street |
news agency made this statement this |
afternoon: 1t is authoritatively stated |
that the principal matters i'm dispute |
the af6airs and policy of the |
Northern Pacific railway company ar. |
ait deadlock from which a change IS |
hardly to- be expected before the arriv
al here of ]. P. Morgan.
TREMENDOUS BUSINESS.
New York, May 10.-Yesterday's tre-
mendous business ON the stock ex-
change was reflected in today4a ex-
change of bank checks which aggrega- |
ted 1896, ,537, ,41O and which broke the rec
ord Of $562, 81, ,206 made Tuesday latst.
After 10:30 the market became very |
buoyant and under the Leadership of a |
sensational rise i'm Union Pacific to liz. |
% points above last nights CLOSE. ami |
S6 points above yesterdays low point,
the enttne list made rapid progress to-
ward higher prices. !