Americus times-recorder. [volume] (Americus, Ga.) 1891-current, 1901-05-11
FINANCIAL WORLD
FEELS REASSURED
Corner In Stocks Has Been
Practically Settled.
GOOD NEWS FROM LONDON

GOOD NEWS FROM LONDON
Minority Holders of Northern Pacific
Decide to Settle With Shorts at Fig
ures Agreed Upon by Morgan and
Other ManipuIators.
NEW YORK, May O.-Sentiment in
the financial world was much reassured
today by the announcement last night
that the shorts in Northern Pacific were
to be settled with at $50, thereby end.
ing the corner in the stocks. Brokerage
offices were filed with speculators at an
early hour, and to some of the large
houses admission was to be had only by
ticket
Before the New York opening inter
est centered in London quotations, and
when these came the better feeling
became stronger and the New York
opening prices were awaited with con-
f1dence IN marked contrast to the COM
plete decentralization that prevailed on
every hand yesterday morning.
A dispatch was received from Lon
don saying that at :45 in that city all
American securities were higher, and
the London 2 p. III. quotations showed
further advances.
The anxiously looked for opening of
Northern Pacific was transaction of
BOO shares at $50, and this was taken as
an indication that all of the minor hold
ers of the stock had decided to settle
with the shorts at the figures agreed
upon by J. Pierpont Morgan g Co. and
Kuhn, Loeb & Co.
Market Feverish.
In spite of the better tone, however,
the market was very feverish and price
changes after the first squirt became
wide and cratic There was much
doubt in the street as to whether the de-
cision of the holders of Northern Pacific
to be easy with the shorts meant more
than a temporary truce between the
conflicting interests. Many securities
have sold at their highest record figures
recently on the belief that they would
enjoy benefit from one or the other
strong interests of railway managers,
and some hesitation to buy was caused
by fear that the hOstilities developed by
Northern Pacific contest might delay in
definitely or prevent altogether the
plans for extensive combinations of rail
road capital uuder closely centralized
management.
Cheering News.
At about 1920 the cheering news was
given out that the Stock Exchange had
officially announced the successful pass
ing of all clearing sheets and the honor
ing of all checks given by exchange
members yesterday. This announce
ment effectually disposed of the rumors
current yesterday that certain houses
would be unable to- meet their obiec-
tions of yesterdays contracts
The trading became so feverish around
lO:3O that 1t was very hard to follow
the price changes, but there was a no.
table absence of rush to sell which was
the distin gushing characteristic yester-
day morning.
Prices continued to fuctuate irregu-
larly but with a lessening range and
were generally higher by IL o'clock on
a small volume OF dealings, on the Off
clal announcement that all clearing
sheets have gone through the Stock Ex-
change clearing house perfectly and
that all checks were honored.
Further. Clearing of Atmosphere.
There was a further clearing of the
financial atmosphere when it was an
nounced that an order to show cause OBJ
tanned in the supreme court directing
certain persons to show cause why they
should not be restrained from trading
in Northern Pacific would not be serv-
ed, the agreement to settle at $50 hay
ing been accepted as satisfactory.
Arthur r. Linburger, who obtained
the order, said that in the light of the
settlement made with the shorts the or
der would not be served and that the
matter vould 6e allowed to drop.
Most the buying this morning was
believed to be for investment account.
as commission houses deprecated the
trading on margins for the present.
Stupendous Losses.
The losses yesterday were stupend
GUS. One commercial paper places the
loss in the bucket shops throughout the
country yesterday at $50, 900, 900, and if
the figure is anything like correct it
covers profound impression of SHRINK
age in the legitimate places. Naturally
the greater part of these were losses n
paper, but they were all sufficiently tan
g1bIe TO be counted by owners and could
at one time have been realized upo-
in cash.
The other side of the story is short,
but it is full of tales of Yankee enohant-
ment. The men who had little dribs
and drabs ofN orthern Pacific andclaimed
fortunes on them are generally the he
roes of these tales. Then there were
the few men who were wise enough to
profit by the slump of yesterday and got
the opportunity to do so. Everywhere
in the streets today they are holding
post mortems. Some of these inquiries
show that there are men whom a quick
recovery of the market alone will save
from ultimate bankruptcy.
The holiday tomorrow and the fact
that Sunday follows will, it is felt, have
a tendency to further steady the mar
ket The managers of the Consolidated
Exchange have also decided to suspend
operations tomorrow. so there will be
great deal of house cleaning over Sun
day. Some small blocks of stock were
sold under the hammer on the Consoli-
dated Exchange today to meet the obli-
cations of the concerns which were
done yesterday.