Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-05-10
GAIN FOLLOWS STORM
Worst Of the Financial Panic In
Wall Street Thought
to Be Over.
Settlement Is Made With the
Northern Pacific Shorts
at $50.
Tremendous Losses Sustained
by Speculators.-Mo Most Stocks
Are Higher Today.

New York. May 10.-The calm that
succeeds the storm pervaded Wall street
today. Settlement with the Northern
Pacific shorts largely eliminated the
danger that by "a mysterious process
created alarm yesterday and the state
ment that the stock clearances yester-
Gay had been made without dishonoring
Il single check seemed to lay the corner
market opened in a rather feverish and
unsettled state and there was a rather
sharp decline in the prominent stocks,
but later the market steadied down and
prices recovered their earlier losses and
kegan an advance. There was keen in
terest manifested in the final result Of
the contest for supremacy in Northern.
Pacific. The leading contestants remain.
silent. and conservative opinion prefers
to wait until there has been a count.
Kuhn. Loeb & Co. declined to discuss
the situation and j. r. Morgan & Co.
Showed a similar disinclination to take
the public into their confidence. There
was a growth in the belief that the lat
ter house has succeeded In retaining
control, and somewhat OF a revulsion in
sentimental feeling that swept the
financial district yesterday Both houses
We're engaged in their settlements with
the shorts, and allst thru the morning rep
rescntatives of the latter streamed in to
arrange a reckoning. 1t was a work
that lacked in cheer. Rain fell in
drenching sheets and Broad and Wall
streets were toad-stool gardens of UNI
brelias. The strongest impression that
the observer got in the street was of ex-
lhausted. worn-out men, The machinery
of finance is human after all and the
friction tells upon it. There was al first
& period of tremendous activity that
tested the strength of the strongest and
then the two days effort that was su-
IRENE that left its victims physically
drawn and mentally dull. There is no
llonger room for doubt that the storm
lhas been weathered. The banks and
larger financial interest; are at work in
\ rebuilding confidence and stand ready
Ito further protect the market.
l The losses of yesterday were stu
| pendous. one commercial paper places
| the losses in bucket shops thruout the
country at s30OO0000 and IL the figures
| are any where near correct 1t conveys
| an idea of the losses in legitimate
places. Naturally the greater part Of
theseelosses are on paper, but they were
all sufficiently tangible TO be counted
| by owners and could at one time have
been rallied upon in cash. The other
4 side of the story is short. but 1T is full
| of tales OF Yankee enchantment. Men
! who had little dribs and drabs of North
.ern Pacific and claimed fortunes on
them We're generally the heroes of these
tales. Then there were few men vino
| we're wise enough to profit by slump
yesterday and got an opportunity TO do
so. Everywhere in the street today they
are holding post stmcrtens Some OF
THESE INQUIRIES show there are men
whom the quick recovery of the market
alone will save from ultimate bank
| ruptcy.
4 The holiday tomorrow and the fact
that Sunday follows. will be felt TO have
a tendency to further steady the mar
/ ket. The managers Of the consolidated
/ exchange also decided to suspend oper-
| ations tomorrow so there Will be great
| deal of house cleaning over Sunday.
4 some small blocks of stocI We're sold
| under the hammer on the Consolidated
I Exchange today TO meet obligation of
y
concerns which went under yesterday.
Dctnils of the Market.
New York. May lO--The feeling in
Wall street this morning was much
|calmcr and more confident. as result
of the terms of settlement offered 10
shorts in Northern Pacific and the
measures taken by the banks to insure
against dearth of loanable funds Re-
/ lcoveries in prices shown in the London
market for Americans also reflected re-
turning confidence and passing o. the
] jdemoralization The opening here was
/ nevertheless watched with anxiety, az
| an Indication Of the after results of yes
i ,erday = damaging shock. AT the open
ing prices sErged upward all around.
the only exception being Southern Rail-
way. which ran off 2l.. Northern Pacific
| sold nj $50 fo, 300 shares, compared witt
2a5 last night, as result OF the per-
fecting of terms of agreement with the
/ shorts ST Paul sold at i55Wl52. COM
pared with l4i last night. Delaware &
Hudson rose 9ts Burlington s, Ameri-
| can Tobacco s, Northwestern7, Missouri
Pacific Z. Amalgamated Copper 5is. and
such stocks as Rock Island. Southern
| Railway (preferred), Erie United
Estates Steel (preferred). Peoples Gas,
/ Chesapeake & Ohio. Louisville, Pennsyl-
/ vania Sugar. st. Louis Southwestern
(prefcrred). Wabash (preferred). Baltl-
more Il Ohio, Atchison and Brooklyn
Transit from 2 TO A.. points. Twelve
thousand shares of Union Pacific sold a.
9a to 9s,s, compared with 80 last night.
limited States Steel sold at As 10 AZ. com
pared with 4oA last night. There were
some tips again after the opening and
Illinois Central ran down 2k points
! In spite Of the better tone. however,
| the market was very feverish and price
changes after the first squirt became
vide and erratic. There was much doubt
! in the street as to whether the decision
of the holders of Northern Pacific TO he
i easy with the shorts meant more than
"A temporary truce between the conflict
ling interests. Many securities have sold
at their high record figure recently ON
the belief that they would enjoy much
benefit from one or the other of the vast
consolidation schemes for which the
different railroad managers are working
and there was some hesitation to buy,