The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1901-05-11
JUMP In PRICES
QUICK REBOUND FROM THURSDAYS
DISASTROUS COLLAPSE.
New York stock Market Quiet Yester-
day. with the Bulls aud Bears
Nursing Their Bruises.
NOT ONE FATALITY REPORTED
EVERY MEMBER OF THE EXCHANGE
ABLE TO MEET OBLIGATIONS.
shorts i'm Northern Pacific shares
Permitted to settle, as Previous
Iy Announced, at $50.
SEVERAL NOTABLE ADVANCES
UNION PACIFIC UP 22, ST. PAUL AND
LACkAwANNA II 1-2 EACH.
Bucket Shops Reported to Have Lost
100000. O.OOO-EnOrmOus Increase
I'm Bank Clearings.
SEVERAL NOTABLE ADVANCES
UNION PACIFIC UP -, ST. PAUL AND
LACKAwANNA IL 1-2 EACH.
Bucket Shops Reported to Have Lost
100000, OO,OOO-EnormOus Increase
I'm Bank CIearings.

NEW YORK. May 1O.-wan street
emerged from it's gloom this morning and,
with growing confidence in the day. mani
tested something like buoyant elation.
Prices OF stocks went UP with rush at
the last. closing at about the top. and with
the net losses left after yesterdays ses-
sion pretty largely recovered.
There were some clouds remaining on the
situation this morning and some natural
trepidation lest the violent collapse of yes
terday should have left some casualties
which would not be disclosed until the
clearing house sheets of the Stock Ex-
change bad 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 had been honored
This relieved the last feeling OF apprehen-
sion and the feverish and earnest signs
which were manifest in the stock market
during the first hour disappeared. Things
quieted down into a steady condition or
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 agree
ment to allow the shorts in Northern Pa
of the crisis and wiped out the impelling
cause of yesterdays panic. The announce
ment by the banks that yesterdays loans,
which had been provided by agreement
among the leading institutions of the
street. would not be called to-day, kept the
situation free from additional tension
With the threatening conditions removed,
rebound in prices was natural and in evil
dence. The extent TO which 1t ran was.
however. surprise, and was attributed to
various causes. There is no doubt that
among those who were heavy losers in yes
terdays slump were many OF ample re-
sources, who viewed the situation with u
sporting instinct and determination to re-
coup losses by following the market. 1t
was the popular belief that some of the
Western potentates who were admittedly
forced Ito walk sideways" during a portion
OF yesterdays events were again in the
market this afternoon in a bold attempt to
retrieve their losses.
NORTHERN PACIFIC.
The obvious leadership of the movement
OF Union Pacific and the Southwestern
group gave ground for the conjecture that
It was based on benefits expected to accrue
10 Union Pacific from a control of Northern
Pacific: a control which was still stoutly
claimed to-day, but emphatically denied
by the Hill-Morgan parties. IL was re-
markable that the breaking of the corner
IN Northern Pacific by the settlement with
the shorts at 80 brought almost no stock
the market. But it is evident that the
ccntesting parties In Northern Pacific are
not yet prepared to let go OF single avail
able share of the stock. The settlement
with the shorts progressed to-day at the
Offices, both of Kuhn, Loeb * Co and j. p.
Morgan & Co, and II is probable that only
the completion of the settlement will reveal
how much Of the purchases of stock made
by the two parties within the last week
can be delivered.
The bargain hunters also were on hand
I'm Wall street to-day, although their oper-
atoms fell 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 yester-
days panic was made unnecessarily vio-
lent by the excitement OF some of the
newer members of the Stock Exchange
many OF whom are very young men. Ii
is supposed that some OF these made I'M
due sacrifices in the chaotic concitions on
Thursday. There was some buying back
of stocks from these sources and also by
those who got out in time early in the
week. and wanted TO get back To-mor-
rows impending holiday. IL was felt, in
sured a period for calm reflection, which
must tend TO clear the situation still fur
ther.
MANIPULATION OF PRICES.
There also was some manipulation OF
prices for the benefit OF those whose bor-
rowing power had been largely impaired
By the shrinkage in collateral values.
Some Of this manipulation also was with
a view 10 the benefit Of the London mar
ket where there is periodical settlement
on Monday which is much dreaded bv the
English operators in America, owing TO
the heavy declines since the last settle
ment, which would have 10 be made good.
Some Of the more notable Of the dav's ad
vances were Union Pacific. p: St. Paul and
Laekawanna. 17is; Consolidated Gas. 10:
Burlington and Amalgamated Copper l2iL
international Power. nis: B. q O.. II: St
Louis Southwestern preferred. lOL.; Sugar.
-. 81 II. and General Electric. 10
This represents rapid rate OF recovery
from the extreme prices OF Thursday
which had already been largely recovered
IN the violent rebound Of late trading on
the exchange There was an obvious dispo-
sition 70 hail this as a revival OF the boom
on the part Of some OF the more sanguine
OF the speculative bull element. But after
the weeks experience Of the severe penal
ties OF overspeculation renewal OF the
same was strongly deprecated
That the wounds caused by such col
lapse as that OF Thursday are not to be