The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-05-14

some or the newer members of the
stock exchange. many OF whom are
very young men. 1t is supposed some
Of these made undue sacrifices in the
chaotic conditions on Thursday. There
was some buying back of stocks from
these sources and also by those who
got out in time early in the week and
wanted to get back.
Tomorrow's impending holiday, it was
felt. insured a period for calm reflection
which must ten to clear the situation
still further. There was also some
manipulation of prices for the benefit
of those whose borrowing power had
been largely impaired by the shrinkage
in collateral values. Some of this ma
nipulation was also to the benefit of the
London market where there is a peri
odical settlement on Monday which
is much dreaded by the English opera
tors in America, owing to the heavy
declines since the last settlement,
which would ave to be made good.
The condition of the banks after yes
terday's emergency measures will want
to be gagged before adequate judgment
can be passed upon the outlook.
1t is a remarkable fact that the I'M
p~recedented violence of Thursday up
set should ave resulted in not a single
failure on the stock exchange.
The commission houses generally
WI "fSAS sc ~ o>NoAlip ioN lIC"
business today. About one third Of the
commission houses would only take
buying orders from customers who
could pay for them in full, and
others required so excessive margins
as to restrict trading greatly. The
heaviest buyers came from the syn
dicates that have been active in ar
ranging deals for the absorption Of
other properties. The interests SEEM
ed to regard the developments yester-
day as the most favorable thing that
could have happened for the carrying
out Of their plans and accumulation
of stocks by them was resume on Il
large scale during the day. h buy.
ing was so large hat the supply Of
stocks was continually exhausted and
many orders at fairly high limits could
not be filled.
The LOSSES yesterday were Stupen-
dous One commercial paper places the
losses in the bucketshops throughout
the country yesterday at $780, 900, 900.
and if the figure is anything like cor
rect it conveys a profound impression
of the shrinkage in the legitimate
places. Naturally the greater part Of
these were losses on paper, but they
were all sufficiently tangible to be
counted by owners and could at one
time have been realized pon in cash.
The other side of the story is short.
but 1t is full OF tales OF yankee en-
chantment. The men who had little
dribs of Northern Pacific and claimed
fortunes on them are generally the he
roes of these tales. Then there were
the few men who were wise enough 10
profit by the slump of yesterday and
got the opportunity to do so.
The managers of the consolidated eX-
change have decided to suspend opera
tons tomorrow so there will be a great
lee of house cleaning over Sunday
Some small blocks of stock were sold
under the hammer on the consolidated
exchange today to meet the obligations
of the concerns which went under yes
terday.
A Wall street news agency mad this
statement in the afternoon:
TT is authoritatively stated that the
principal matters in dispute regarding
the affairs and policy of h Northern
| Pacific Railway Company are at a
deadlock. from witch action is hardly
to be expected before the arrival here
of J. P. Morgan. The agreement of last
| night appears to have been prompted
wholly to relieve the actual short in
terest unwittingly n unwillingly cor
nered. From unauthoritatfve sources
claims of control have beer heard in
favor OF both sides. Parties who fire.
quently speak on matters concerning ].
P. Morgan & Co.. insist with vehemence
that the control of the DAD rests alb
solutely with them"