The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-05-10
BROKERS MORE CONFIDENT
Wall Street Recovering From the
Effects of the Panic.

ENtttS OI 4IIc 1dII1c-
Cessation Of the War Between Con-
tending Northern Pacific Inter
ests Followed by Strong Open
ing III the Market This Morning.
NEW YORK May I0.-There was a
generally more confident feeling in
Wall Street today. brought about by the
agreement between the contending
Northern Pacific interests not To press
the shorts for delivery and by the cas-
Ter money conditions following the ac-
tion Of the banks yesterday. The re
suit was a strong opening.
The Street was full Of red-eyed men
who heard with great relief that the
Northern Pacific corner was over and
that the outstanding shorts could set
tie their contracts on q basis OF $3.50
share. The most important news of
the morning was the following state
ment authorized by Kuhn, Loeb & Co.:
The settlement price in Northern
Pacific. ii SO far as it may relate TO
contracts with US, win be $3.50"
No one at the office of J. P. Morgan &
Co. would make a formal statement. al
though it is understood that the same
notice will be issued:
With a definite statement regarding
Northern Pacific all turned their eyes
10 the Stock Exchange clearing house
TO ascertain if all engagements had
teen met. All clearing sheets were en-
tered last night in perfect order and
the balances were thereupon made out
and the tickets delivered.
There was a great feeling of relief
at 1905 o'clock when it was officially
stated that all clearing house sheets
had gone through without friction But
there was still the Northern Pacific
situation 10 contend with. Yesterday
the Stock Exchange clearing house an
nounced that it would suspend clear
ances of Northern Pacific until further
notice This meant that differences on
contracts would not be paid in the usual
way. but that tire brokers would have
TO return to the old method of making
daily deliveries Of Northern Pacific
stock The announcement of q $50 set
tIement price undoubtedly means that
( half dozen Stock Exchange firms VIII
zot be declared insoIvent
J. P Morgan & Co gave notice dur
iDg the morning that all ~loans made
by them yesterday would be renewed
az per cent. It was also understood
z IT the bankers would make renewals
gt that rate, although Mr. Tappan,
President Of the Gallatin National
Bank, said that the bankers syndicate
was formed for yesterday only AS
loans made today carry over until
Monday, it is not expected that there
viii be much demand for money at high
rates.
\ story was current this morning
that the Illinois Trust Company. of
Chicago, has shipped 81, ,0oo coo to this
city to be loaned on call.
The first quotation on Northern Pa
ci11c this morning was at $50 on a sale
Of goo shares. st Paul. on sales OF 4,000
shares, opened from 80 TO I5Z. It closed
last night at III In the first hours
trading today it fuctuated between I55
and 80
Chicago, Burlington and Quincy was
one of the features at the start II
closed yesterday at 1S0 The first sale
today was at 1S8. It held strong in
later trading between 1862, the lowest
price, and lSS.
Its strength was attributed to renew
ed confidence, Of q settlement Of the
Union Paciic-Northern Pacific war,
and the closing Of the Northern Pa
cifc-B Burlington deal
The London advices to Wall street
before the opening of the market show
ed sharp recoveTies in American
stocks St Paul was the feature there
with a rise Of IS - points to 159 IL
Northern Pacific tumbIed in London to
134%, q decline Of 1904 points.
According to a London despatch to
a New York news bureau, J. P Nor
gan is buying Erie shares in large
amounts here and he evinces desire
TO help the general market.