The Butte inter mountain. [volume] (Butte, Mont.) 1901-1912, 1901-05-10
BLACK THURSDAY IS SUCCEEDED
BY 4 DAY Of FINANCIAL CALM
All Stocks Go Up With the News That
Northern Pacific Shorts Will Not
Be squeezed-May Settle
Their Shortage tor
$3.50 Per Share.
(By Associated Press.)

(By Associated Press.)
New York, May 1O.-Sentiment in the
financial world was much reassured to-
day by the announcement made last
night that the shorts in Northern Paci-
fic were to be settled with at $50! there
by ending the corner in the stock. Brck-
erage offices were filled with spectators
at an early hour and to some OF the
large houses admission was to be had
only by ticket. Before the New York
opening interest centered in LondOn's
quotation, and when these came much
higher than yesterdays New York close,
the better feeling became stronger AMI
the New York opening prices were wait
ed with a confidence in marked con-
trast to the complete decentralization
that has prevailed on every hand yes
terday morning. A dispatch was received
from London. saying that at las in that
city American securities were higher.
st. Paul being quoted at 20 point ad-
vance and Union Pacific showing rise
Of ~ points. The 1880 prices in London
(the figures given are the New York
equivalent) with the changes from last
nights close were as follows:
ss.. All Going UP.
Atchison 70A, advance 3h: Canadian
Pacific 9Sas, advanced IN; st. Paul 159k,
advance 1S.: Illinois Central 1873. ad
vance IN: Louisville 969t, advance M;
Union Pacific preferred 91A. advance
N; Erie 33A, advance y; United States
Steel 40N. advance IS; United States
Steel preferred 92A. advance 3A; Ana
conda 45M. advance 3M. Northern Pa
cific sold in London at price equiva-
lent to 1341a In New York.
The London 2 D. m. quotations showed
further advances. Atchison preferred
being up 6M; Baltimore and Ohio 2M:
Mexican Central 3h: Louisville IN and
Chesapeake and Ohio 2ss.
The first quotation on the ticker tape
recorded a sale of Amalgamated Cop
per at 10S, a rise of three points. This
was followed by a sale of Reading first
preferred at 71h as against 70 at yes
terday's close. As sale after sale of
various stocks showed higher prices the
traders felt that the worst was over.
Anxious for Northern Pacific
The anxiously looked for opening of
Northern Pacific was a transaction Of
300 shares at $50, and this was taken as
an indication that all all of the minor
holders of the stock had decided to set
tie with the shorts at the figures agreed
upon by J. Pierpont Morgan and COM
pany. and Kuhn, Loeb and company.
Amalgamated Copper rushed up to 1101I
and st. Paul sold at 1856; Steel preferred
at 90; Louisville at 99h; Union Pacific
at 95: Atchison preferred IS; Burlington
1873, and Missouri Pacific at 100, all of
these figures indicating substantial i'm
provements from last night.
In spite of the better tone, however,
the market was very feverish and price
changes after the first squirt became
wide and erratic. There was much doubt
in the street as to whether the decision
Of the holders of Northern Pacific to be
easy with the shorts meant more than
a temporary truce between the conflict
ing interests. Many securities have sold
at their high record figures recently or
the belief that they would enjoy much
beefit from one or the other of the vast
consolidation schemes for which differ
ent railroad managers were working
and some hesitation to buy was caused
by the fear that hostilities due to the
Northern Pacific contest may delay in
definitely or prevent altogether the plans
for extensive combinations of railroad
capital under closely centralized manage.
ment.
Cheering News.
At about 1920 the cheering news was
given out that the stock exchange had
officially announced the successful pass
Ing of all clearing sheets and the honor
ing of all checks given by exchange
effectually disposed of the rumors cur
rent yesterday that certain houses would
be unable to meet their obligations or
yesterdays contracts.
The trading became so feverish around
1890 that it was very hard to follow the
price charges, but there was notable
absence of the rush to sell which was
the distinguishing characteristic yester-
day morning. Amalgamated Copper
held firm around 110, Southern Pacific al
II. Atchison at 70, preferred at SO; Man
haitian at 1914. Brooklyn Rapid Transit
at Is and Louisville around 96A. Stee
on large transactions kept close to AZ
Rock Island fell back from the open
ing price of $50 to 147. Continental To
bacco was strong, selling at 4Sh. Penn
sylvania sold at 145 and Texas & Pacific
at II. Southern Railway recovered to 2
and Canadian Pacific touched par. Their
was a sale of 100 shares Of Northern Pa
cific at 151.
Heavy Sale Of Steel Stock.
At 1O:45 the market showed quiete
tone, with prices holding steady. The:
was heavy selling of the steel stocks
said to be for Chicago account. but
seemed to be well taken. and the prtc
fiuctuated from II to u for the common
and from 81 to 90 for the preferred
About II o'clock the general list becam
stronger, Union Pacific rising from S11
70 "a, and Missouri Pacific sold up to 10l
Continued on Page Three.)