The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1901-05-14
BUOYANCY FOLLOWS DEPRES-
SION IN WALL STREET.
ALL SHEETS ARE CLEARED
Not a Single Failure on Big Ex-
change Reported Stocks
Advance Rapidly.

NS" 1Ndy lU.-Wdll StrGG1
emerged from it's gloom this mornin
with growing confidence, followed lat
er in the day with something like
a %buoyant feeling. Prices of stocks
went up with a rush at the last. clos
ing abou the top, and quotations with
the net losses left after yesterdays
session pretty largely recovered.
There were some clouds remaining
on the situation this morning and
some natural trepidation lest the VIC
lent 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. During the day the official
announcement was made that the
sheets Of all members of the exchange
had been cleared perfectly and that all
their checks had been honored. This
relieved the last feeling of a%pprehen-
sion and the feverish signs which were
manlfst in the stock exchange dur
ing the first hour disappeared. Things
Quoted down into a steady condition
OF business, such as has not been wit
messed in Wall street for many weeks.
Inc measures taken over night to
clear h situation left little to fear.
The agreement to allow the shorts in
Northern Pacific to settle at $50 real
ly went to the root of the crisis and
wiped out the lmpelling cause of yes.
terday's panic. The announcement
by the banks that yesterdays loans
which had been provided by agree
ment would not be called today kept
the situation from additional tension.
With the threatening conditions re-
moved a rebound in prices was natur-
al and in evidence. The extent to
which it ran was, however, a surprise
and was attributed to various causes,
There is no doubt that among those
who were heavy losers in yesterdays
slump were many of ample sourc
who viewed the situation with a sport
ing instinct and a determination to re-
coup losses by following the market.
1t was the popular belief that some
OF the western p%otentates who We're
forced to the wall side
ways during a portion of yesterdays
events were again in the market this |
in a bold attempt to recover
losses. The obvious leadership
o I the movement Of Union Pacific and
the southwestern group gave ground
for the conjecture hat it was based
benefits expected to accrue to
Pacific from a control OF the
Pacific; a control which was
still stoutly claimed today, but was
emphatically denied by the Hill-Mor-
gan parties. e-.ll
1t was remarkable that the breaking
OF the corner in Northern Pacific by
the settlement with the shorts at $50
brought almost no stock upon the
market. But it is evident that the
parties in Northern Pacific
are not yet prepared to let go of a sin
gle available share of the stock. The
settlement with the shorts progressed
today at the Office both OF Kuhn, Loeb
& Co. and J. P. Morgan & Co., and it is
probable that only the completion of
he settlement will reveal how much
IF the purchases on the stock market
by the two parties within the last
a be delivered.
The bargain hunters were also on
land in Wall street today, although
heir operations fell away as the re-
;overy in prices progressed. During
morning, however, there were
4 q sc iluI1DSI u ~ldllSdCLlOuS IGcOIu-i
for cash in stocks and bonds, the
manner in which the bargain hunters
pay for their purchases.
There is a belief in the street that
yesterdays panic was made unneces-
'arily violent by the excitement of
some of the newer members of the
exchange, many Of whom are
'ery young men. 1t is supposed that
Of fhncn v,o1o ,,nI,,o corr;E1oc
n the chaotic coalitions of Thursday.
rom these sources and also by those
Who got out early in the week and
wanted to get back. Tomorrow's i'm
lending holiday, it was felt insured a
'eriod for calm, which must tend to
lear the situation still further.
There was also some manipulation
f prices for the benefit of those whose
borrowing power had been largely i'm
by the shrinkage in collateral
alues. Some of this manipulation p,
vas also with a view to the benefit of
he London market, where there is a !
sentiment on Monday, which I
much dreaded by the English oper- 4
tors in America, owing to the heavy
eclines since the last settlement, I
Which would have to be made good. I
Some of the most notable of the |
avs advances were Union Pacific, r
2; st. Paul and Lackawanna, TN;
Gas, 16; Burlington and S
lmalgamated Copper, 12h; I%nterna- '
Ional Power, liz; Baltimore & Ohio, t
l; st. Louis Southwestern preferred, y
on; Sugar, Delaware & Hudson and a
renerai Electric, 10. This represents a
rapid rate of recovery from the ex- y
'eme low prices Thursday, which had b
lready been largely recovered in the b
iolent rebound Of the late trading on Q
exchange.
There was a disposition to hail this
a revival Of the boom on the part
some of the more sanguine of the A
Deculative bull element. But after t.
lie weeks experience of the severe n
Of overspeculation a renew S
of the same was strongly depre- h
atp0 That tho wounds ooncod NV I,