The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1901-05-16

was made in reestablishing confidence
In Wall street yesterday and there was
n natural rebound in prices. Large
progress was made toward wiping out
the net losses which remained Thurs
day night after the recovery had al
ready set in on the exchange. On a
number of stocks which were not
Rcutely affected Thursday yesterdays
price arose above Wednesdays level,
and in Missouri Pacific Thursdays net
loss was recovered with three points to
spare. the extreme advance reaching
fifteen points. There was a great deal
Of trepidation still evident yesterday
morning owing TO the vague dread that
there might be stock exchange houses
which would be unable to meet their
obligations after Thursdays drastic ex-
perience. The market was, therefore.
unsettled and feverish, even after the
strong opening, but when the official
announcement was made that the
clearing sheets of all the members OF
the stock exchange had gone through
the stock exchange clearing house per-
fectly and that all of their checks had
been honored, feeling OF relief was
manifested and steadily grew through
out the day. During the latter part of
the day there was a resumption of
what looked like a speculative move
ment for the rise, led by Union Pacific.
The buoyancy of this stock and the
accompanying strength of the South
westerns was
Based Upon Rumors
and assumptions OF the benefits to ac-
rrue TO Union Pacific from change in
control Of the Northern Pacific, which
was still stoutly claimed by the Union
Pacific party and as stoutly denied by
the Hill-Morgan interests. Undoubted-
" there were very many speculative
losers Of great amounts in the collapse
or Thursday who retained their nerve
and determination and set about to re-
cup themselves by new speculation in
the market Other buyers We're those
who had gotten out early in Thursdays
slump and who still saw a profit in get
ting back at the prices ruling yester-
day. This outcome of affairs was pref
ty we'll assured when the news was
learned yesterday morning of the set
Element effected with the shorts in
Northern Pacific on the basis of $3.50
per share. This removed the over
shadowing fear from the market and
the quotations for, Northern Pacific on
the tape at $3.50 still further allayed the
apprehension. The stock sold at 5000
for cash afterward, and the progress of
the settlement with the shorts at the
Offices of the conflicting interests in
Northern Pacific prevented any further
disturbance on that ground. The
measures taken by the banks which
placed heavy loans in the market yes
terday and their decision not to call
the lonas yesterday completed the
Tranquillixing Instances.
The market closed strong at the top,
with feeling of relief over to-day's
holiday. The gain extended IN Union
Pacific to %; st. Paul and Lackawanna,
Ii IL; Consolidated Gas, 16: Burlington
and Amalgamated Copper. 1912; In
ternational Power. IL IL; Baltimore &
Ohio. IL; st. Louis Southwestern pfd.,
10 Ia: Sugar, Delaware g. Hudson and
General Electric. 10, and representa-
tives OF practically all the important
groups from to 10.
Wall streets speculative bubble.
which has been in course of imitation for
weeks was pricked this week and the
irridescent hues of stock gamblers
winnings disappeared with a pop in
cloud OF spray. Even so soon as this
the fact energies that the vanishing
spray represents principally these spec
ulative winning while the solid sub
stratum of the countrys profitable in
dustries. the hiGh earning powers of
the rehabilitated railroads and the
prosperous business and trade in all
branches is not appreciably affected
AS in the case with all booms the COL
lapse was caused by an accident This
was the corner in Northern Pacific,
which has emerged from it's mysteries
and stands disclosed 70 public view in
It's principal facts and bearings. The
remarkable features Of the
Collapse of Fictitious Values
Is that 1t was precipitated by the very
operations upon which the boom was
largely based. These were the plans
working out for consultations Of rail-
way systems which stimulated dreams
Of indefinite increase in values Of rail-
way securities and furnished the great
incentive to the vast speculative buy
ing. The completeness OF the collapse
seems to have thoroughly cleared the
market of the reckless speculative hold
ers and the market quickly realized
that the generalization OF Thursday
was as far from representing their true
values as were the inflated prices to
which the boom had carried them. The
measures taken by the banks to supply
the needed money and the settlement
of the Northern Pacific shorts quieted
the acute fears Of holders of stocks and
a greater degree of confidence began
quickly to be re-established. But 1t Is
not to be assumed that the necessary
adjustments of damages resulting from
Thursdays shock are to be completed
In day. Bonds shared In the democrat
ization Of stocks, but to much less ex-
tent.