The times., 1901-05-15

NEW YORK. May 1.-THE rises of yes
terday contracted in todays market
prices sagged, and, in fact all OF the
familiar phenomena of post panic were
reproduced. Although the tendency Oh
the market as whole. was 10 sag away
the declines scored in a number of in
stances attained substantial proportions.
Throughout the day the liquidation of
accounts impaired by Thursdays violent
decline was reported. 1t is probable that
few people as yet, can comprehend the
full measure of the individual losses
which have resulted from the corner in
Northern Pacific, and it is quite certain
that the market has not yet fully felt the
liquidation which has been forced by the
occurrence in question.
Wall Street and the stock exchange it
self, for that matter, as well as many in
dividuals were seriously crippled both
by the rise in Northern Pacific and the
panicky decline in the remainder of the
market. and while there have been no
important open confessions of insolvency
it has been necessary to extend financial
assistance to avert bankruptcies in a
number Of cases 1t is not a point to
dwell upon at any length, but its recital
is necessary in order that there should be
the liquidation now in progress.
No further light was thrown today upon
the situation, ard it may be that the
Northern Pacific matter win remain liz
its present shape until Mr.. Morgan's re-
turn from Europe; or perhaps. the
other hand, matters may not come to
head until the Union Pacific annual
meeting next fall In the meantime, the
crippled may nurse wounds sustained dur
ing the crash
The days general situation, such as it
was, bore no relation to the course of
prices in the stock market. The morning
grew easy. another familiar feature of
poSu-panic situation. Apparently the bulk
of the cable transfers Of funds Incidental
to the settlement on the London stock eX-
change have new been concluded.
The few returns of railway traffic sub
mitted made good showings and the ad-
Vances from the surplus grain growing
States were highly encouraging.
Material declines We're shown IL the
London market for American stocks, the
only noticeable exception being ST. Paul,
which was decidedly strong. The subse-
quent dealings here for foreign account
were, however, upon trifiing scale, and
the arbitrage houses agreed in saying that
they did not expect any revival Of inter-
est in this market for foreign account for
any definite period.
Early movements in the market were
somewhat Irregular, but subsequently,
general decline set in, there being few ex-
ceptiOns 9f any consequence to the spec
ulator.
The railway list led in the declining
movement which set in after the first
hour of business. Union Pacific, after a
show of strength, broke badly. as did St
Paul. New York Central, and Missouri
Pacific Among the lower priced issues
heavy pressure was apparent in the Erie
stocks, Ontario and Western. and the
Southern Railway shares. The local
Fresh outbreaks Of liquidation appeared
from time to time and the market showed
little or no rallying power As was to be
expected in the circumstances, the pro-
fessionai element of the room was quick
TO take advantage of the plain facts in
the market 1t was also quick to realize
profits and the loan market for stocks
showed no material increase in the short
interest