The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1901-05-17

Was Immediately Manifested.
New York. May 12.-Rapid progress
was made in reestablishing confidenc
in Wall street yesterday and there wa
natural rebound in prices. Larg
progress vas made toward wiping GU
the net losses which remained Thurs
day night after the recovery had al
ready set in on the exchange. On .
number q stocks which were no
acutely affected Thursday yesterday:
price arose above Wednesdays level
and in Missouri Pacific Thursdays ne
loss was recovered with three points t,
spare, the extreme advance reachinf
fifteen points. There was great dea
of trepidalion still evident yesterda,
morning owing to the vague dread tina,
there might be stock exchange house.
which would be unable to meet theil
obligations after Thursdays drastic ex.
perlence. The market was, therefore
unsettled and feverish, even after the
strong op.ning, but when the Official
announcement was made that the
clearing sleets of all the members OF
the stock exchange had gone through
the stock exchange clearing house per.
fectly and that all of their checks had
been hontred, a feeling of relief was
manifested and steadily grew through
out the day. During the latter part of
the day here was a resumption of
what looled like speculative move
ment for he rise, led by Union Pacific.
The buoancy of this stock and the
accompanying strength of the South
westerns vas
Iased Upon Rumors
and assumptions Of the benefits to ac-
crue to Ulion Pacific from change in
control ofthe Northern Pacific, which
was still soutly claimed by the Union
Pacific patty and as stoutly denied by
the Hill-Mrgan interests Undoubted-
ly there w|re very many speculative
losers of g1eat amounts in the collapse
OF ThursdY who retained their nerve
and deternd nation and set about to re-
coup themselves by new speculation in
the market Other buyers were those
who had gotten out early in Thursdays
slump and Who still saw profit in get
ting be ok a the prices ruling yester-
day. This oltcome of affairs was pref
ty well assured when the news was
learned yesterday morning of the set
tlencnt\ effected with the shorts in
Northern Pacific on the basis of $50
per shaf. This removed the over
shadowilg fear from the market and
the quotations for Northern Pacific on
the tapeat $3.50 still further allayed the
apprehension. The stock sold at 5000
q q tnY o,,5 a
the settlement with the shorts at the
offices # the conflicting interests in
Northeh Pacific prevented any further
disturb pee on that ground. The
measurb taken by the banks which
placed eavy loans in the market yes
terday nd their decision not to call
the Iona yesterday completed the
T4nqufllizinE Instances.
Inc mrket closed strong at the top,
with a eeling of relief over to-day's
holiday. The gain extended in Union
Pacific w; st. Paul and Lackawanna,
1! IL; u solidated Gas, 16; Burlington
and Amgamated Copper, 121-2; In
ternatlo1l Power, II 1-2; Baltimore &
OHIO. ii 1St. Louis Southwestern pfd.,
1O1-A; STAR, Delaware & Hudson and
General Electric, 10, and representa-
tives Of Practically all the irnnortant
groups finn to 10.
Wall reefs speculative bubble.
winch ma been in course of imitation for
weeks, "S pricked this week and the
1rfldescel hues of stock gamblers
W1nnlngsPisappe with pop in
cloud OF pray. Even SO soon as this
the fact fmerges that the vanishing
spray reIfsents principally these spec
ulat1ve MINING while the solid sub
stratum the countrys profitable in
dustnes. me high earning powers of
the rehal railroads and the
.prosperoq business and trade in all
branches IS not appreciably affected.
AS In thfase with all booms the col
lapse Wafaused by an accident. This
was the forner in Northern Pacific
which ha emerged from it's mysteries
and stani disclosed to public view in
It's prlncfl facts and bearings. The
remarkaH features of the
Collafe of Fictitious Values
is that itEas precipitated by the very
operat1on|upon which the boom was
largely bed. These We're the plans
working It for consultations of rail-
way systfs Which stimulated dreams
OF indeflne increase in values of rail-
way secuties- and furnished the great
incentive the vast speculative buy
ing. The pmpleteness of the collapse
seems to ave thoroughly cleared the
market ofhe reckless speculative hold.
ers and market quickly realized
that the liberalization of Thursday
was as fafrom representing their true
values asEere the inflated prices to,
Which theoom had carried them. The
measures ken by the banks to supply;
the needle money and the settlement
of the Ndhern Pacific shorts quieted
the acute hrs Of holders OF stocks and
greaterlegree Of confidence began
quickly t4e re-establ ished. But 4 It is
not to be ssumed that the necessary
adtustmeH Of damages resulting from
Thursday shock are to be completed
in q day. pnds shared IN the democrat
Gization Of pcks, but to q much less ex-
tent. S3 n M, .s'i
S@ sIFLT ny TURKEY,