The times., 1901-05-11
THE STRONG TONE RESUMED
Prices Go Upward Under Reassur
ing Developments.
breaking of the Northern Pacific
Corner Cnuscs Natural Reaction
noteworthy HecoScrics in the
HALLWAY List Money Not Tight.

-Noteyyorthy HecoVcries in the
Railway List - Money Not Tight.
NEW YORK, May l0-The explanations
Of the fairly violent recovery in stock
market prices today We're patent TO every
observer of the situation. In the first
place such a movement is the nearly in
variable sequel of such a collapse as that
which took place in the stock market yes
terday. particularly as the panic which
prevailed then was due 10 particular rath-
er than general causes.
In addition. this mornings $ developments
We're all Of them of q rcassuTing charac-
ter. Among the most important was the
announcement late yesterday that the
corner in Northern Pacific had been brok-
en- through the agreement of the largest
holders of Northern Pacific to settle with
The short interest at Sl55 share. OF
almost equal Importance was the an
nourcement early this forenoon that all
the settlements IN the stock exchange
clearing house had been satisfactorily ar
ranged
This last information was perhaps as
gratifying news as any that came to
light with the course of the day, as a
great deal of uneasiness had existed in
this regard last night and at the open
ing this morning.
A further strengthening influence was
the publication of the preliminary esti-
mates of the known movements in money
with the course of the week, which in
dicated that the banks had made, includ-
ing the exports Of gold, only a compare
lively small loss. 1t is reasonable to as
sumo that by reason of the weeks enor-
nous liquidation Of speculative accounts.
the loan item in tomorrow's bank state
ment viii show a material shrinkage in
which event il may be that the banks
may be able to add d considerable sum
10 their surplus reserves.
Today's money market continued active.
but yesterdays stringent conditions were
not continued. There was no considerable
disturbance Of standing loans and the
bulk Of the borrowing on call was effected
between and 10 per cent, the arrange
ments made in this way, Of course, carry
ing over until Monday. The recoveries
upon the opening of business were stimu-
lated by the strength which appeared in
American stocks in the London market.
There was a remarkable rise there in
St Paul and Union Pacific and a number
of other issues were likewise shown at
substantial advances above yesterdays
final local prices. There was. however,
little or nothing done here for foreign
account, the arbitrage houses confining
their operations to the evening up Of open
contracts.
The trading of the first hour was char
acterized by little feverishness but
there were no traces of yesterday s eX-
treme decentralization. AS soon as the
successful stock exchange clearing house
settlement was announced the general
market developed strength and increasing
animation The trading during the first
hour was the smallest recorded in many
weeks. but there was subsequently q re-
turn Of the buoyancy and animation
which characterized last week dealings.
Apart from the occurrences already
cited, the days situation was devoid of
new developments Of Importance. There
was small further engagement Of gold
for export announced and a number of
railway traffic returns for the first week
of the month and other periods were sub
mitted- Speculative sentiment was, how
ever, swayed altogether by the culmina-
tion of the Northern acific corner and
by the absence of business casualties
growing out OF that episode.
A number of the recoveries appearing in
the railway list attained noteworthy pro-
portions. The most conspicuous advances
were in St. Paul, Union Pacific, Missouri
Pacific, Delaware and Hudson, Chesa-
PeaiSe and Ohio, the Atchison shares, New
York Central, the Erie stocks and Texas
and Pacific. 1t may be noted that these
were issues which suffered particularly
in yesterdays collapse in prices.
Investment buying of the same char
acter noted in yesterdays dealings was
again reported The industrial quarter
anu the SJtNlGlLltss ADEtllltA with AbNE1t
traction stocks. participated in the re-
covery, although the movements in the
last named were more limited than those
in the remainder Of the market.
The United States Steel stocks, on
enormous dealings, advanced materially,
as did Sugar Refining and the Tobacco
stocks Among the speciaities substan-
tial advances were shown in Amalga-
mated Copper, Consolidated Gas, General
Electric, International Power. Pacific
Mail, and Western Union. These various
movements in the market reflected essen !
tally a reaction from yesterdays extreme
depressions. Not an item of news or gOs-
sip could or needed 10 be cited bearing
on the movements in particular stocks.
Such gossip indeed as was current centred
wholly around the Northern Pacific cpl
sode, its motives and results.
While the opinion, which has been held
all along IN well-informed quarters, that
the actual control Of the property re-
nained in the same hands wherein Il has
rested since its reorganization, was un-
shaken, there was no definite infOrna-
ton obtainabIe as TO the actual upshot
of the weeks sensational transactions In
the stock.