The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-05-14
NORMAL CONDITIONS RESTORED ON
THE STOCK EXCHANGE.
C0RNERED SHORTS LET DOWN
Transactions at S15O-A Rally in all
fore-Not n Failure on the Exchange.
in Doubt-Its Settlement to Await
Return of j. =. Morgan-The Enor-
nous Losses.
nous Losses.

New York, May 10.-Wall street
emerged from its gloom this morning,
and, with growing confidence, ended
the day with something like buoyant
citation. Prices of stock went up with
a rush. at the last. closing at about the
top. and with the net losses left after
yesterdays session pretty largely re-
covered. There were some clouds re-
naming On the situation his morning
n some natural trepidation lest the
violent collapse of yesterday should
have left some casualties which would
not be disclosed until the clearing house
sheets of the stool exchange a been
made up. Early in the day the official
announcement was made hat the
sheets Of all the m of the stock
exchange a been cleared perfectly,
and that all their checks had been hon
ored. This relieved the last feeling of
apprehension and the feverish and
! earnest signs which were manifest in
the stock market during the first hour
disappeared. Things quoted down into
a steady condition of business, such as
has not been witnessed in Wall street
| for many weeks.
| The measures taken over night to
clear the situation left little to fear.
The agreement to allow the shorts in
| Northern Pacific to settle at $50 really
| went to the root of the crisis and wiped
u the impelling cause of yesterdays
| panic. The announcement by the
banks that yesterdays loans, which
had been provided by agreement among
the leading institutions of the street,
would not be called today, kept the sit
uation free from tension.
| With the threatening conditions re-
moved a rebound in prices was natural
and in evidence. The extent to which
it ran was. however, a surprise, n
was attributed to various causes. There
| is no doubt that among those who were
| heavy losers in yesterdays slump were
many Of ample who viewed
| the situation with a sporting instinct,
| n a determination to recoup losses by
following the market. 1t was the pop
ular belief hat some Of the western
l potentates who were admittedly forced
Ito walk sideways during a portion
| of yesterdays events. were again in
the market this afternoon in a bold at
tempt>to retrieve their losses.
The obvious leadership of the move
ment Of Union Pacific and the south
western group ave ground for
| the conjecture that it vas based
on benefits expected to accrue
to Union Pacific from a control Of
| Northern Pacific. a control which was
still stoutly claimed today, but as en-
/ phatically denied by the Hill-Morgan
partisans.
1t was remarkable that the breaking
Of the corner in Northern Pacific by
the settlement with the shorts at 150
brought almost no stock upon the mar
ket: but it is evident that contesting
parties in Northern Pacific are not yet
prepared to let go Of a single available
share of the stock, and it is probable
that only the completion of h settle
ment will reveal how much of the pur-
chases of stock made by the two parties
within the last week can be relieved.
There is a belief in the street that
] yesterdays panic was made ~unneces-
sarily violent by the excitement Of