The age-herald., 1901-05-11
PRICES RECOVER
 IN WALL STREET Progress in Re-eStabIish- 'nhdence Goes On
 TURN IN PRICES h lbble Has Exploded al. ces Have Wrought iy Well-known
 Everywhere.

New York, May 1o.-Rapid progress was made in re-establishing confidence in Wall street today aud there was a natural re- bound in prices. That Is to say, the fact of the rebound was very natural after the extent of the declines of yesterday, but the range of the recovery was sur prising. Large progress was made to- ward wiping out the net losses which re- mained last night after the recovery had already set in on the exchange. In a number of stocks which were not acutely affected yesterday today's price rose above Wednesdays closing level and in Missouri Pacific yesterdays net loss was recovered with three points to spare, the extreme advance reaching fifteen points. There was a good deal of trepidation still over the vague dread that there might be Stock Exchange houses which would be unable to meet their obligations after yesterdays drastic experience The mar ket was therefore unsettled and feverish after the strong opening. but when the official announcement was made that the clearing sheets of all the members of the Stock Exchange had gone through the Stock Exchange clearing house perfectly
 
 ed, feeling of relief was manifested and steadily grew throughout the day. Dur . ing the latter part of the day there was a resumption of what looked like a spec ulative. movement for the rise led by Union Pacific The buoyancy of this stock and the accompanying strength of the South Westerns was based upon ru- mors and assumptions of the benefits to accrue to Union Pacific from 2 change in / control of Northern Pacific was still stout ly claimed by the Union Pacific party. Undoubtedly there were very many spec uiatfve losers of great resources in the collapse of Thursday who retained their nerve and determination, and who set about to recuperate themselves by new speculation in the market. Other buyers were those who had gotten out early in yesterdays slum, and who still saw a profit In getting back at the prices rul- ing today. The bargain hunters were also on hand in considerable force and there were many cash transactions, both in bonds and stocks representing their pur- chases. This outcome of affairs was pret- ty well assumed when the news was learned this morning of the settlement effected with the shorts in Northern Pa. cifc on the basis of $50 per share. This removed the overshadowing fear from the market and the quotations for North ern Pacific on the tape at 150 still fur ther- allayed the apprehension. The stock sold at 200 for cash afterwards, but the progress of the settlement with the shorts at the offices of the conflicting in tereStS in Northern Pacific prevented any further disturbance on that ground The measures taken by the banks which placed heavy loans in the market yester- day and their decision not to call the loans today completed the tranquilizing influence. The market closed strong at the top with a feeling of relief over to- morrow's holiday. The gain extended in Union Pacific to 22 St. Paul and Lacka- wanna, 17k; Consolidated Gas, Is; Bur lington and Amalgamated Copper, 121H; International Power. 111a; Baltimore and Ohio, and St. Louis Southwestern pre- ferred. 1N; Sugar, Hudson and General Electric and representatives of practical ly all the important groups from to TO- Bonds which were weak yesterday, showed some wide recoveries today, but few specialtes were weak Total sales par value $5,93O,O0
 United States new As declined N per cent on the last call The Wall street speculative bubble which has been in course of imitation for weeks was pricked this week and the stock gamblers win nings disappeared with pop in a cloud of spray. The remarkable feature of the collapse of fictitious values Is that it was precipitated by the very operations upon which the boom was largely based. These were the plans working out for consolida- tons of securities and furnished the great incentive to the vast speculation buying One railroad stock after another has risen in price by wonderful leaps and bounds under the influence either of &C., tual negotiations for absorption and con- solidation, or of rumors of such negotia- tions No later than last week Union Pacific was rushed up to 133 per share on the belief that 1t was to be absorbed to forma link in transcontineftal rail- road system. The similar movement which had previously occurred in North ern Pacific. Burlington and St. Paul gave the speculators the utmost confidence in following the movement which marked another of the comprehensive advances In railroad stocks which was building up fortunes for the lucky ones, who had bought the shares. The development of similar movement in Northern Pacific this week was hailed with jubiation as another step in the boom On Monday when Northern Pacific was lifted to 15s the whole list responded with an advance and the buyers of stocks were crowding to the Stock Exchange to buy stocks again A single broker bought two hun dred thousand shares of Northern Pa- cific that day and continued to buy the next day. This particular buying has been variously attributed to one cause or another. all. however, being conflicting and never confirmed satisfactorily
 Financial
 New York, May 10-Commercial- -Adver- tiser's London financial cablegram:
 London Is waiting the settlement which will be begun on Monday. The tone was dull. Mining contangos were heavy; money is being held back for the ar engagement of American accounts and mines were. being sold freely to make up the differences fin Americans.
 In the best informed quarters here they say that the talk of failures and losses here are grossly exaggerated. The panic is looked upon simply as a case of heavy profits. heavily diminished. and the ex- pectation is those with good credit can easily be tided over.
 Free Concert at East Lake, Sunday. May l2. 3 p. m.