The Montgomery advertiser., 1901-05-11
SHORTS WELL TREBTED
Northern Pacific Settlement
 on a Basis of 15O.
Prices Went up With Rush ana the Closing Figures, as .
 Rule, Were at the Top.

New York, May 1o.lWall Street emerged from it's gloom this morning, and, with growing confidence in the day, manifested something like buoy ant elation. Prices of stocks went up with a rush at the last, closing at about the top and with the net losses left after yesterdays session pretty largely recovered. There were some clouds remaining on the situation this morning and some natural trepida- tion lest the violent collapse of yes- terday should have left some casualties which would not be disclosed until the clearing house sheets of the Stock Ex- change had been made up.
 Early in the day the official an- nouncement was made that the sheets of all the members of the Exchange had been cleared perfectly and that all their checks had been honored. This relieved the last feeling of apprenen- sion and the feverish and earnest signs which were manifest i'll the stock mar ket during the first hour disappeared. Things quieted down into steady condition of business such as has not been witnessed in Wall Street for many weeks.
 shorts Let Down Light.
 The measures taken. over night to clear the situation left little to fear. The agreement to allow the shorts in Northern Pacific to settle at l5O re- ally went to the root of the crisis and W,ped out the impelling cause of yes- terdays panic. The announcement by the banks that yesterdays loans which had been provided by agreement among the leading institutions of the street, .wclld not be called today, kept the situation free from additional tension.
 With the threatening condition re- moved, a rebound in prices was natural and in evidence. The C'xtent to which it ran was, however, surprise and was attributed to various causes. There is no doubt that among those who were heavy losers in yesterdays slump were many of ample resources. who viewed the situation with a sporting instinct and determination to recoup losses by following the market. It was the popular belief that some of the Vest ern potentates who were admittedly forced "to walk sideways" during a portion of yesterdays events, were again in the market this afternoon in a bold attempt to retrieve their losses. .The obvious leadership movement of the OuiOn dIu Iuc oOutiWCbtCTh group gave ground for the conjecture that 1t was based on benefits expected to accrue to Union Pacific from a con- trol of Northern Pacific; a control which was still stoutly claimed today, but as emphat.cally denied by the Hill Morgan parties.
 Settlement With Shorts.
 1t was remarkable that the breaking of the corner in Northern Pacific by the settlement with the shorts at 150, brought almost no stock upon the mar ket. But 1t was evident that the con- testing parties in Northern Pacific are not yet prepared to let go of a single available share of the stock. The set tlement with the shorts progressed to- day at the offices, both of Kuhn Loeb & Co. and ]. r. Morgan & Co.,, and 1t is probable that only the completion of the settlement will reveal how much of the purch ases of stock made by the two parties W thin the last week can be de- livered.
 The bargain hunters were also on hand in Wall Street today, although their operations fell away as the re- covery in prices progressed. During the morning. however, there were 2 large number of transactions recorded for cash both in stocks and bonds, which Is the manner in which the bar gain hunter usually pays for his pur- chases There Is a belief in the street that yesterdays panic was made un- necessarily violent by the excttemenJ of some of the newer members of the stock exchange many of whom are very young men. TomorrCws impending holiday. 1t was felt, insured a period for calm reflection which must tend to clear the situation still further. There was also some manipulation of prices AIa nf xxyhn ing power had been largely impaired by the shrinkage in collateral values. Some of this manipulation was also with 9 view to the benefit of the Lon don IT rket where there is periodi- cal settlement on Monday which is much dreaded by the English operators in America. owing to the heavy de- clines since the last settlement, which would have to be made good.
 Some of the Advances.
 Some of the more notable of the days advances were: Union Pacific, 22: St. Paul and Lackawanna, 17 12; Consolidated Gas. 16; Burlington and Amalgamated Copper, 12 1-2; Interna- tional Power. Il 1-2; Baltimore and Ohio. II: St. Louis Southwestern, pfd., 10 1-4: and Sugar, Delaware & Hud- son and General Electric, 10. This rep resents rapid rate of recovery from the extreme low prices Thursday which had already been largely recovered in the violent rebound of the late trading on the Exchange. There was an obvious disposition to hail this as a revival of the boom on the part of some of the more sanguine of the spec I,Iatiye bull element. But after the weeks experience of the severe pen alties of over-speculation, renewal of the same was strongly deprecated. That the wounds caused by such collapse as that of Thursday are not to be healed in a day is patent. The condi- tion of the banks after yesterdays emergency measures must be gauged before adequate judgment can be passed upon the outlook. It is re- markable fact that the unprecedented uAaiANAs es Thursdays upset should