Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-11
EMERGED FROM IT'S GLOON.
PRICES UP WITH A RUSH.
LAST FEELING OF APPREHENSION
DISPELLED EARLY BY AN
OFFICIAL ANNOUNCEMENT.

WV 1OHA, May lU.-Wau street
| emerged from its gloom this morning
and with growing confidence in the day
! with something like buoyant -elation.
Prices OF stocks went up with a rush
, at the last, closing at about the top
and with the net losses left after yes
| terday's session pretty largely recov-
cred. There were some clouds remain
| ing on the situation this morning and
some natural trepidation lest the VIC
lent collapse of yesterday should have
| left some casualties which would not be
disclosed until the clearing house sheets
of the stock exchange had been made
up. Early in the day the official an
| nouncement was made that the sheets
of all the members had been cleared
perfectly and that all their checks had
been honored. This relieved the last
feeling of apprehension and the fever
ish and earnest signs which were man.
ifest in the stock market during the
first hour disappeared. Things Quieted
down into steady condition of bust
ness such as has not been witnessed
in Wall street for many weeks.
The measures taken over night to
clear the situation left little to fear.
The agreement to allow the shorts in
Northern Pacific to settle at $50 really
went to the root of the crisis and wip-
ed out the impelling cause of yester-
days panic. The announcement by
banks that yesterdays loans which had
been provided by agreement among the
leading institutions of the street would
not be called to-day kept the situation
free from additional tension.
With the threatening conditions re-
moved, rebound in prices was natur-,
al and in evidence The extent to
which 1T ran was, however, a surprise
and was attributed to various 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 a sport
ing instinct, and determination to re-
coup losses by following the market.
1T was the popular belief that some OF
the western potentates who were admit
teddy forced ito walk sideways" during
a portion of yesterdays events, were
again in the market this Afternoon in
bold attempt to retrieve their losses.
The obvious leadership. of the move
ment of Union Pacific and the south
estern group gave ground for the con-
lecture that 1T was based on benefits
expected to accrue to Union Pacific
from a control of Northern Pacific, O
control with was still stoutly clalmeu
to-day but as emphatioally' denied by
the Hill-Morgan parties.
1t was remarkable that the breaking
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 single avail
able share of the stock. The settlement
with the shorts progressed to-day at the
Offices both of Kuhn, Loeb & Co. and
J. P Morgan & Co., and it is probable
that only the completion of the settle
ment will reveal how much of the pur-
chase of stock made by the two parties
within the last week can be delivered
The bargain hunters were also On
hand in Wall street to-day. although
their operations fell away as the reeov-
cry in prices progressed. During the
morning, however, there We're a large
number Of transactions received for
cash both in stocks and bonds which is
a matter in which the bargain hunter
usually pays for his purchase There is
a belief in the street that yesterdays
panic was made unnecessarily violent
by the excitement OF some Of the newer
members of the stock exchange, many
of whom are very young men 1t is
supposed that some Of these made IN
due sacrifices in the chaotic conditions
on Thursday.
There was some buying back of
stocks from sources and also by those
who got out in time early in the week
and wanted to get back. To-morrow's
impending holiday. it was felt, insured
a period for calm reflection which must
tend to clear the situation still further
There was also some manipulation of
prices for the benefit of those whose
borrowing power had been largely i'm
paired by the shrinkage in collateral
values. Some of the manipulation was
also with view to the benefit OF the
London market, where there is a peri
odical settlement on Monday, which is
much dreaded by the English operators
in America, owing to the heavy de-
clines since the last settlement, which
would have to be made good. Some of
the most notable of the days advances
were: Union Pacific %, St. Paul and
Lackawanna 173a, Consolidated Gas IS,
Burlington and Amalgamated Copper
1917, International Power 11R, B. C o.
Il, st. Louis Southwestern preferred
10A, Sugar, Delaware & Hudson and
General Electric TO-
This represents a rapid rate OF re-
covery from the extreme low prices of
Thursday, which had already been
largely recovered in the violent re-
bound of the late trading on the ex-
change. There was an obvious dispo-
sition to hail this as revival OF the
boom on the part of some of the more
sanguine OF the speculative bull ele-
ment. But after the weeks experience
of the severe penalties of over -specula-
ton a renewal of the same was strong
~ deprecated. That the wounds caused
by such a collapse as that of Thursday
are not to be healed in day is patent.
The condition OF the banks after yes
terdayfs emergency measures will want
to be gagged before adequate judgment
can be passed upon the outlook.
1t is a remarkable fact that the un-
precedented violence of Thursdays up
set should have resulted in not a SIN
yf 80 ifzra ar he