New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-05-13
BONDS
High Low. Maylo May : c'h'sf. Sales.
THE WEEK IN WALL STREET.

Further interesting Wall Street history was
made last week Preceding weeks had presented
wonderful exhibitions of speculative activity and
r,rice changes but II was reserved for the week
lust closed 10 record the most extraordinary
market movements ever known in the history
of the financial community. The market was
ripe for a reaction. hut instead Of mere set
hack in values absolute and unrestrained
speculative panic developed. Causes leading up
10 the trouble are too we'll known need emu
meration but II should be borne in mind that
the factors responsible for the panic were not
significant Of any disturbance in conditions af-
fecting the actual value OF securities. 1t was
wholly a speculative panic. The great Northern
Pacific corner the most extensive speculative
transaction Of the kind ever known. precipitated
the break in values. a decline, however, was
due. and the Northern Pacific incident only
FASTENED it, In making the statement that
actual investment values viii not be hurt by the
developments OF the week. il may be well to
add however, that investment values may suf-
fer unless the war among the railroad and finan-
cial giants concerned in the Northern Pacific
fight is speedily and tremendously ended. Both
parties are warning in order TO protect what
they believe to be their own interests. In
striving for the control Of the Northern Pacific
a disastrous corner was innocently created by
men who doubtless had idea of a corner
IN mind and the trouble resulting from that
corner brought Wall Street TO realization Of
the possibilities for further trouble in the course
OF the battle of financial giants. Stock market
values enjoyed marked recoveries on Friday, but
the advance may not be maintained II the Street
Believes that Mr. Morgan and Mr.. Hartman are
still at odds.
In the break On Thursday many stocks touched
6he lowest prices Of the year. Advances covering
several months swept away in less than an
hour, although the resultant recovery carried the
entire list from 10 10 20 points above the lowest
The advance on Friday left most shares we'll
under the best prices OF the year. but in many
cases al figures well beyond actual worth The
railroad list presented bargains on Fridays
smash, but the current level. save in the case OF
the so-called cheap issues is not particularly at
tractive. Buying on Thursday and Friday came
from substantial sources. Panic birds" were in
the market. Their requirements have been filed
and the market must therefore depend this week
on support from large speculative and banking
interests and public traders. The public was so
badly crippled in the panic that heavy outside
buying should not be expected al the moment
1T is pointed out that the public's memory is
short. While this is true II should also be re
called that public losses were more severe last
week than in any preceding panic period and
mat these losses were for the account OF the
biggest speculative public that ever came into
the market. The public may forget. but it will
he forced TO work and save for some time be-
fore ii can return to speculation. There are. Of
course. many people who have been waiting for
months 10 get into the market at a satisfactory,
level but II Is doubtful whether they are numar-
Gus enough and rich enough 10 make a market
boom
heaFy buying orders were executed on Fri
Gay for the various interests that are con-
oerned in the leading railroads Of the United
states This buying created the belief that the
community OF control scheme would continue
but at the same time il was pointed out that
the work OF haTmonizing the railroad situation
mao received big black eye from the Northern
racine squabble. The underlying strength of
the stock market was reflected in the absence
OF Stock Exchange failures and the ability of
brokers 10 carry customers over the worst ne
rod OF the panic. While money ran 10 ex
oroitanI rates. every broker in the Street was
aole 10 secure accommodation and il was only,
on the consolidated Exchange that failures
took place. Several prominent Stock EXCHANGE
houses. however. were seriously damaged Inv the
Northern Pacific corner" and in the case %
two foreign firms the losses ran into the mill
ions. The law or pancs I'm the stock roarl,et
follows, as a rule, well defined course and IL
precedent is 10 be followed in the present case
II VIII be well 10 look for a further recovery,
ana then relapse. Precedents so far this wear
nave, however. been set aside Conditions in
the financial and business world are sound and
prosperous. and the only cloud in the railroad
woflo Is IN the fight for the control of the
Northern Pacific. While this fight Is on sn,a1l
traders may well remain out OF the make,