The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1901-05-11
MARKtT AGAIN BUOYANl
Concession TO Northern Pacific Shorts
the Cause.
BANKS LOANS NOT CALLED YEsTERDA,
Though Losses in The Collapse Were Estimate c
at Thirty Millions, There Were Apparently
no Casualties Among Members Of
the Stock Exchange.
(By the Associated Press

Fl 10Y Ike EEGSS.J
New York, May 1o.-Wall Street
emerged from it's gloom this morning
and with growing confidence ended the
day with something like buoyant Ella
ton. Prices of stock went up with a
rush, at the last, closing at about the
top, and with the net losses left after
covered. There We're some clouds re-
naming on the situation this morning
and 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 stock exchange had
been made up. Early in the day the
official announcement was made that
the sheets of all the members of the
exchange had been cleared perfectly,
and that all their checks rad been hon
ored. This relieved the last feeling
of apprehension and the feverish and
earnest signs which We're manifested
in the stock market during the first
hour disappeared. Things quietej
down into steady condition of business
such as has not been witnessed in Wall
Street for many weeks.
The measure taken over night to clear
the situation left little to fear The
agreement to allow the shorts in North
ern Pacific to settle at $50 really went
to the root of the crisis and wiped out
the impelling cause of yesterdays
panic. The announcement by the banks
that yesterdays loans, which had beer
provided by agreement among the Lead
ing institutions of the street would not
be called today, kept the situation free
from additional tension
With the threatening conditions re-
moved a rebound in prices was natural
and in evidence. The extent to which
il ran was however surprise, ard
was attributed to various causes. There
is no doubt that among those who Were
heavy losers in yesterdays slump, were
many OF ample resources, who viewed
the situation with sporting instinct,
and determination to recoup losses
by following the market. 1t was the
popular belief that some of the Western
potentates who were admittedly forced
ito walk sideways" during portion of
yesterdays events. were again in the
market this afternoon in a bold attempt
to retrieve their loses. The obvious
leadership of the movement of Union
Pacific and the Southwestern group
gave ground for the conjecture that i.
was based on benefits expected to ac-
crue to Union Pacific from a control
OF Northern Pacific; a control which
was still stoutly claimed today, but as
emphatieally denied by the Hill-Mor-
gan partisans. 1t was remarkable that
the breaking of the corner in Northern
Pacific by the settlement with the
shorts at Is drought almost no stock
upon the market. But it is evident
that the contesting parties in Northern
Pacific are not yet prepared to let go
of single available share Of the stock.
The settlement with the shorts pro-
crossed today at the offices both of
uhn, Loeb and Company and j. p. Nor
gan and Company and it is probable
that only the completion of the set
Element will reveal how much of the
purchases of stock made by the two
parties within the last week can be re-
lieved.
The bargain hunters were also on hand
in Wall Street today, although their OPP
erations fel away as the recovery in
prices progressed. During the morning
however, there were large number Of
transactions recorded for cash both in
stocks and bonds which is the manner in
which the bargain hunter usually pays
for his purchases. There is a belief in
the street that yesterdays panic was
made unnecessarily violent by the excite
ment of some of the newer members of
the stock exchange many of whom are
very young men. 1t is supposed some of
these made undue sacrifices in the chaotic
conditions on Thursday. There was some
buying back of stocks from these sources
and also by these who got out in time
early in the week and wanted to get
back. Tomorrows impending holiday it
was felt insured period for calm reflee-
ton which must tend to clear the situa-
ton still further. There was also some
manipulation OF prices for the benefit of
those whose borrowing power had been
largely impaired by the shrinkage in
collateral values. Some of this manipu-
lation was also with view to the benefit
of the London market where there is a
periodical settlement on Monday which is
much dreaded by the English operators in
America, owing TO the heavy declines since
the last settlement, which would have
to be made good.
Some of the more notable of the day S
advances were Union racine zz, 81. Paul
and Lackawanna 1712, Consolidated Gas
49, Burlington and Amalgamated Copper
1917, international Power liz, Baltimore
and Ohio IL, ST. Louis Southwestern pre-
ferred 1917, Sugar and Delaware and Hud-
son and General Electric TO-
This represents rapid rate of recovery
from the extreme low prices Thursday,
which had already been largely recovered
he xy;o 0f 10
on the exchange. There was an obvious
disposition to hail this as a revival OF
the boom, on the part of some of the
more sanguine of the speculative bull eIe-
ment But after the weeks experience
Of the severe pnaItis of over speculation,
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