The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-05-11

New nork, May IO-Wall street emerged
from the gloom this afternoon and maal.
tested something like buoyant cation
Prices of stocks went up with a rush n.
the last, closing at about the top anl with
the net losses left after yesterdays Sc.
sion pretty largely recogc..d
There were some clouds remaining Oh the
situation this morning aud some natural
trepidation lest the violent collapse of ,es,
terday should have eft sonc ,.st p.tles
which would not be dsclos ID until the
clearing house sheets If the stocE cxcharqe
had been made up. Early In the day The
official announcement was made that the
sheets of all Of the members Of the cX-
change had been cleared perfectly aud that
all their checks had been honorad. This
relieved the last feeling of apprehension
and the feversh 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 for Ilany
weeks.
The measures taken over night TO clear
the situation left little to fear. The agree
ment TO allow the shorts In Northern Pa.
cihc 80 settle at 100 really went to the
roots of the crisis aud wiped out the i'm
polling cause of yesterdays panic. The
announcement by the banks that yester-
days loans, which had been provided by
agreement among the leading institutions
of the street, would not be called today
kept the situation free from additional ten
sion.
With the threatening conditions removed.
rebound in prices was natural and In
evidence. The extent to which It ran was.
however, surprise and was attributed to
varons causes. There Is no doubt that
among those who were heavy losers IN
Yesterdays slump were many of ample re
sources who viewed the situation with n
sporting instinct and a determination TO
recoup losses by following the market. 1t
was the popular belief that some OF the
Western potentates who We're admittedly
forced to 'walk sideways" during a por
ton Of yesterdays events were again up
this afternoon in bold attempt to retrieve
their losses The obvious leadership move
ments of Union Pacific and the Southwest
ern group gave ground for the conjecture
that 1t was based on Dement'S expected TO
accrue to Union Pacific from a control az
Northern Pacific; control which VAS sim
stoutly claimed today, but as empha- 'aliy
denied By the IIil-Morgan parties. 1t Was
remarkable that the breathing Of the cor
ner in Northern Pacific ~ the srti'encnr
with the shorts Mt 100 brought almost no
stock upon the market. But 1t Is evident
that tho contesting parties In Northern Pa
ct6c are not yet prepared to let go OF
single available share OF the stock inc
sctttemcnt with the shorts progressed to-
dav at the offices both of Kuhn. Loeb q
ca and j. T.. Morgan Co.. and 1t Is
nroboble that only the completion Of the
settlement will reveal how much of the pur-
cbases OF stock made by the two parties
within the last week can be delivered
rho bargain hunters were also on hand In
wall street today, although their operat'rs
fell away az the recovery in prices pro
crossed During the morning, however,
there were a large number Of transactions
recorded for cash, both in stocks and bonds,
which is a matter IN which the bargaii
hunter always pays for his purchases.
There is a belief In the street that yester-
days panic was made unnecessarily violent
by the excitement OF some OF the newer
! members of the stock exchange, many OF
whom are very young men. TOMORROW s
! intending holiday, II was felt, insured a
/ period for calm reelection which must tend
10 clear the situation still further. There
was also some manipulation of prices for
| The benefit of those whose borrowing pow
or had been largely impaired by the shrink
ope IN collateral values. Some Of this
manipulation was also with view tn the
benefit Of the London market, where there
Is periodical settlement on Monday which
is much dreaded by the English operators
in Americans, owing TO the heavy declines
since the last settlement. which would have
TO be made good.
some Of the more notable of the days al
lvances were:
| Union Pacific ..............s's' ss..'.' -
| ST. Paul and Lackawanna ............ltb
| Consolidated Gas ..................,-.i ~
burlington and Amaigamated Copper. IA
| lnternn tionnl Power ..................lll2
| Baltimore ana Ohio ............ .......ll
| St Louis Southwestern preferred ..lOla
Sugar. Delaware and Hudson aud Gen
| eral Electric .-'.'.s.'..'-.i ~
This represents a rapid rate Of recov-
cry from the extremely low prlees Thurs
day, which had been largely recovered in
| the violent rebound Of the late trading
on the exchange. There WIS an obvious
| disposition ia hail this as a revival of the
boom on the part of some Of the more
sangulne of the speculative bull element.