The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-11

Bar silver. New York; !. J59K ,59lS
Call money, New York Y3-2O t6)
NEW YORK, May 1O.7Rapid proere q
was made in establishing Confidence in
| Wall street today and there was q nat
ural rebound in prices. That is to say.
the factthat the rebound was very naI-
ural after the extent of The declines cf
yesterday, but the range OF the recovery
was surprising, large progress was made
toward wiping out the net losses which
remained last night after the recovery
had already set IN on the exchange
| ON number of stocks. which We're not
acutely affected yesterday, today's price
! arose above Wednesdays closing level
and in Missouri Pacific yesterdays net
l-ioss was recovered with 3 points to
l'spare. the extreme advance reaching Is
points. There was a good deal of trent
datiOn still evident this morning owing
To the vague dread that there might be
stock exchange houses which wsuld lie
unable to meet their obligations after
yesterdays drastic experience The mar
ket was therefore uns tiled and feverlsn
even after the strong opening, but when
me o1icial annonneement was made that
the clearing sheets of all the members OF
the stock exchange had gone throu N
the stock exchange clearing house per-
fectly and that all their, checks had bet n
honored, q feeling Of relief was mani
Tested and steadily grew throughout the
day. During the latter part of the daY
there was a resumption Of what look q
like speculative movement for the fise
this stock and the accompa nyine
strength of the Southwesterns was based
upon rumors and assumptions of the ben
etits to accrue to Union Pacific from a
change in the control of the Northern
Pacific, which was still stoutly claimed
by the Union Pacific party. Undoubted-
~ there We're very many speculative los
ers of great amounts in the collapse Of
Thursday who retained their nerve and
determination and set about to recor1
themselves by new speculation in he
alY xAf hAe MA
lad gotten out early in yesterdays slump
and who still saw a profit in getting
back at the prices ruling today. The
bargain hunters We're also on hand in
cash transactions, but in bonds and
stocks. representing their purchases.
This outcome of affairs was pretty well
assured when the news was learned this
morning Of the settlement effected with
the shorts in Northern Pacific on tile ba-
sis of $3.50 per share. This removed the
oVershadoWing fear from the market and
the quotations for Northern Pacific on
the tape at 1850 still further allayed tile APP
prehension. The stock lsDtd at 200 for cash
afterWafd, and the pEosIess Of the set
tlement with the shorts at the Offices Of
the conflicting interests III Northern Pa
ciie prevented any further disturbance
on that ground. The measures taken by
the banks which placed heavy loans in
not to call the loans today completed
the tranquilizing influences. The market
closed strong at the top with a feeling
of relief over tomorr0wis holiday. TIE
gain extended in Union Pacific to %, ST.
Paul and LaekawannA liz Consolidated
Gas is, Burlington and Amalgamated
Copper 121s International Power llk,
Baltimore & Ohio 11,HSt. Louis South
western preferred l01a, Sugar, Delaware
& Hudson and General Electric 10, and
representatives of practically all the inn
portant groups from 5 to 10
Bonds, which We're weak yesterday,
showed some wide recOVeTieS hut others
were weak. Total sales, par value, s5, $780,
COO United States new IS declined Il per
cent on the last cali ~ I4t r-.r
STOCKS.
Furnished by Charles II. T.. Smith &c
Co., members of the New York Stock
Exchange, Pioneer Press building, who
have direct wires to Chicago and New
York. Closing prices are bid.
Closing.