The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-05-11
THE STOCKS REBOUND
Il. COMPLETE RECOVERY FROM
THURSDAYS COLLAPSE.
NOT MANY SERIOUSLY HURT.
stock EXCHANGE MEMBERS ALL
SHOW CLEAR SHEETS.


Confidence-A Heavy Days Busi-
ness Done and the Leading Stocks
in Great Demand - The stock
Gamblers Show General Dis
uosition to Help Each other Out.
We're Doubtless Many Losers, But
They Are Managing to Keep Quiet.
New York, May 10.-WaH street
emerged from it's gloom this morning and
with growing confidence ended the day
with something like buoyant elation.
Prices of stock went up with rush, at
the last. closing at about the top and
with The net losses left after yesterdays
session pretty largely recovered. There
we're some clouds remaining on the situ-
alton this morning and some natural
trepidation lest the violent collapse OF
Yesterday should have left some casual
,ies which would not be disclosed until
tbe clearing house sheets of the Stock
Exchange had been made up. Early in
the day the official announcement was
made that the sheets of all the members
Of the exchange had been cleared perfect
w. and that all their checks had been
bonored. This relieved the last feeling of
epprehension, and the feverish and earn
est signs which were manifest in the stock
market during the first hour disappeared.
Things quieted down into a steady con-
6ition of business such a has not been
witnessed in Wall street for many weeks.
The measures taken overnight to clear
tbe situation left little to fear. The
agreement to allow the shorts in North
ern Pacific to settle at $50 really went
to the foot of the crisis and wiped out
the mpelng cause of yesterdays panic.
The announcement by the banks that yes
terdays loans which had been provided
by agreement among the leading insti-
tutions Of the street, would not be called
to-day. kept the situation free from ad-
ditional tension.
stocks Go Up Again.
With threatening conditions removed,
rebound in prices was natural and in
evidence. The extent 10 which it ran was,
however, a surprise, and was attributed
10 v2rious 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
sporting instinct. and determination
10 recoup losses by following the mar
ket. It was the popular be-
lief that some Of the Western
potentates who were admittedly
forced to walk sideways" during a
portion of yesterdays events, were again
in the market this afternoon in bold
attempt to retrieve their losses The OBJ
vous leadership of the movement Of
Union Pacific and the Southwestern group
gave ground for the conjecture that it
was based on benefits expected to accrue
to Union Pacific from a control of North
ern Pacific; control which was still
stoutiy claimed to-day, but as emphati-
caly denied by the Hill-Morgau parti-
sans. 1t was remarkable that the break
ing Of the corner in Northern Pacific by
the settlement with the shorts at $50
brought almost no stock upon the mar
ket But it is evident that the contest
ing parties in Northern Pacific are not
yet prepared to let go of a single avail
able share of the stock.
The settlement with the shorts progress
ed today at the offices both of Kuhn,
Loeb & Co. and J. p Morgan & Co,
and it is probable that only the compile
ton Of the settlement will reveal how
much of the purchases of stock made by
the two parties within the last week can
be delivered.
Young Members Lost Their Heads.
AHt dlSdlu uuulSIS were dlSO Ot manu-
IN Wall street to-day, although their
operations fell away as the recovery in
Prices progressed. During the morning
however there were a large number OF
transactions recorded for cash, both IN
SOCKS and bonds, which is the manner
IN which the bargain hunter usually pays
tor his purchases. There is a belief in
me street that yesterdays panic was
made unnecessarily violent by the ex-
element of some of the newer members
OF the Stock Exchange, many of whom
are very young men. 1t is supposed some
ol these made undue sacrifices in the
chaotic conditions on Thursday. There
was some buying back of stocks from
lnese sources and also by those who got
OUT IN time early in the week and wanted
70 get back. Tomorrow impending hol-
NdF 1t was felt, insured a period for
cain reflection which must tend to clear
tie situation still further. There was
$50 some manipulation of prices for the
peleIt or those whose borrowing power
Hau been largely impaired by the shrink
age IN collateral values. Some of this
MANIPULATION was also with a view to the
te"ent OF the London market, where there
periodical settlement on Monday
"Hch is much dreaded by the English
SSpeIstors in America owing to the heavy
ue2nnes since the last settlement, which
"0uid nave to be made good.
some Big Advances Yesterday.
come Of the more notable of the days
al.ances were Union Pacific, %: st. Paul
Ys nd i'ackawanna, 171a; CONSOLIDATED Gas,
iS burlington and Amalgamated Copper,
80 International Power. ny; Baltimore
Chio. II; st. Louis Southwestern pre-
,e1. lOh; Sugar. Delaware and Hudson
General Electric, 10.
inlS represents a rapid rate of recovery
I'm I'm the extreme low prices Thursday
men had already been largely recovered
me violent rebound of the late trad
on the exchange. There was an OBJ
,'uS disposition to hail this as a revival
,he boom on the part Of some OF the
~ sanguine of the speculative bull ele-
But after the weeks experience
'ne severe penalties of over specula-
" renewal OF the same was strongly
stecated. That the wounds caused by
~. collapse as that of Thursday are
10 be healed in day Is patent
condition OF the banks. after yester-
~ emergency measures. will want to
~ sauged before adequate judgment can
passed upon the outlook.
Us remarkable fact that the IN
.oedented violence Of Thursdays upse'
oIld have resulted IN not a single fail
on the Stock Exchange.
Exercising More Caution.