Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1901-05-11
IN WALL STREET.
A Happy Recovery from the
Depression Of Thursday.
Every Member Of the Stock Exchange
Survives the Exciting Battle.
Northern Pacific Shorts Settle al $50 and
Game Goes Mcrri'y on.

and with growing confidence in the
day, VITA something like buoyant Ella
ti"n. Prices OF stocks went UP with a
rush Ut the last. closing ut about the
top. with tic net los:cs left after yes
tcrday's session. pretty largely rccov-
cicd. There are some clouds remaining
on the situation. this morning, and
some natural ticp' dation lest the vio-
lent collapse of yesterday should have
left some casualties which would not
be disclosed until the Clearing House
sheets Of the Stock Excha nge had been
made up. Early in the day the official
announcement Was made that the
sheets OF all the members Of the Ex-
change had been cleared perfectly and
that all their checks had been hon
orcd. This relieved the last feeling of
app, chension and the fcverish and ear
nest signs which were manifest in the
stock market during the first hour dis
appeared. Thing1 quoted down to a
steady condition of business such as
has not lecn witnessed in Wall street
for many weeks.
Tho measures taken out over night
to clear the situation eft lit G 10 fear.
Tho agreement TO allow the shorts in
Northern Pacific to settle at $50 really
went to tho root az TIE crisis and wip-
ed out the inpclling cause of ycstcr-
days panic. The announcement by the
banks that yesterdays loans which
had been provided by agreement
among the leading institutions of the
street would not hc called, today, thus
keeping the situation free from addi-
t!onll tension. During the day it was
announced by some Of the banks that
| leans which had been placed III yes
tcrlay's excitement had been volun-
tariiy paid of by the borrowers. today,
| and the collateral taken up and de-
| livcries made with it.
With the threatening conditions re-
moved d rebound in prices was nat
ural and in evidence. The extent to
| which it ran was however. a surprise.
| and was attributed to various causes.
| There Is no doubt that amongst the
heavy losers in yesterdays slump We're
| many OF ample resources VINO viewed
| the situation with a sporting instinct
and determination to recoup losses
| by following the market 1t was the
popular belief that some of the West
ern potentiaries who were admittedly
portion of yesterday, were again in the
market, this afternoon. in a bold at
| tempt to retrieve their losses.
The obvious leadership Of the move
mcnt OF Union Pacific and the South
western group gave ground for the
| conjecture that it was based on bene-
| fits expected to accrue To Union Pacific
| from a control of Northern Pacific. Il
control which was still stoutly claimed,
| today. but as emphatcally denied by
| the Hill Morgan parties. 1t was re
ni1rkabIn that the breaking of the
| corner in Northern Pacific by the set
! tlcment with the shorts at $50 brought
| almost no stock upon the market, as is
| the rule after the combination of a
corner.
There is scramble to set out usually
| on the part of the longs after the set
| tlcmcnt comes. But il is evident that
the Conte sting parties in Northern Pa
cific are not yet prepared to let go Of
a single available share of the stock.
The settlement with the shorts pro-
grcSscd. today. at the Office both of
Kuhn, Loeb & 90. and ]. +. Morgan &
Co.. and it is probable that only the
completion of the settlement will re-
veal how much of the purchases of
stock made by the two parties within
the last week can be delivered.
During the morning there were a
large number of transactions recorded
for cash both in stocks and bonds
which is matter in which the bargain
hunter usually pays for his purchases.
IL, in hn 81, hpf
yesterdays panic was made unneccs-
sarily violent by the excitement of
some of the new members of the Stock
Exchange. many of whom are very
young men. 1t is supposed that some
of these made undue sacrifices in the
chaotic conditions. Thursday. There
were 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. Tomorrows i'm
pending holiday. it was felt, insured
period for calm reflection which must
tend to still further clear the situation.
Some of the more notable of the
DAYS advances were Union Pacific. D;
st. Paul and Lackawanna. 17,4: Con-
solidatcd Gas. 16: Burlington and
Amalgamatcd Copper. 121a: Internal
tional Power. 111a: Baltimore & Ohio,
II: St Louis Southwestern. preferred.
1917 Sugar Delaware g. Hudson and
General Electric. 10. This represents a
rapid rate of recovery from the ex-
trcmc low prices of Thursday.
A Wall street news agency made this
statement in the afternoon:
1T is authoritatiVcly stated that the
principal matters in dispute regarding
the affairs and policy of the Northern
Pacific Railroad Co. arc ct dead
lock from which . change is hardly to
he expected before the arrival here of
J. p. Morgan. The agreement of last
night appears to have becr prompted
wholly to relieve the actual short in
terest unwllingly and Unwittingly cor
nered. From un9uthoritative sources
claims of control have been heard
in favor of both sides. Parties who
frequently speak on matters concern
ing J. p Morgan & Co, insist witt,
vehemence that the control of the road
rests absolutely with them"
CONTINUED on page 81