Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1901-05-11

closed today. There was practically
nothing doing in Wall street. Lon
don prices for American stocks gen.
orally show advances. the extreme
rise being IS in Northern Pacific.
New York. May 11.-Rapid progress
was made in re-establishing confidence
in Wall street yesterday, and there
was a natural rebound in prices. Large
progress was made yesterday toward
wIping out the net losses which re-
mained Thursday night after the re-
covery had already set in on the eX-
change. When the official announce
ment was made that the clearing
sheets of all the members of the stock
exchange had gone through the stock
exchange clearing house perfectly. and
that all their checks had been honored,
feeling oil relief was manifested and
steadily grew throughout the day.
Not "A Single Failure On Change.
This outcome of affairs was pretty
Wei assured when il was learned
yesterday morning of the settlement
effected with the shorts in Northern
Pacific on the basis OF $50 per share.
This removed the overShadowing fear
from the market, and the quotations
for Northern Pacific on the tape at 100
still further allayed the apprehension.
The stock sold at 200 for cash after
ward. 1t is remarkable fact that
the he-unprecedented violence of Thurs
days upset should have resulted in
not single failure on the stock eX-
change. The commission houses gen
orally were averse to accepting much
new business yesterday. About one
third of the commission houses would
only take buying orders from custom
crS who could pay for them in full. and
others required so excessive margins
Us to restrict trading greatly.
No Real Damage Was Done.
The true inwardness of the panic is
that Wall streets speculative bubble,
which had bene in course of imitation
for weeks. was pricked this week and
the irIideScent hues of stock gamblers
winnings disappeared with a pop in II
cloud of spray. Even so soon as this
the fact emerges that the vanishing
spray represents principally these
Speculative winnings. while the solid
sub-stratum of the country's profitable
Industries. the high earning powers
of the rehabilitated railroads and the
prosperous business and trade in all
branches is not appreciably affected.
Trouble Caused by nn Accident.
collapse wsIs caused by an accident.
This was the corner in Northern Pa
cific, which has emerged from its mys-
terieS and stands disclosed to public
view in its principal facts and bear
ings. A single broker bought 100000
shares of Northern Pacific one day, and
continued to buy the next day. This
particular buying has been variOusly
attributed to one of the contending
parties for the control of Northern Pa
cific and to a SpeculatOr who intention
ally sought to corner the stock and
squeeze the shorts. In any event. the
stock was cornered and the shorts
were thrown into alarm and their un-
aYailing efforts to find resources to
meet their obligations served as the
shock which toppled over the airy fab
ric of stock market prices, reared on
Insufficient credit. which, therefore,
came crashing down.
Chicago Got Those 81 900 Shares.
The 300 shares of Northern Pacific
common which sold Thursday at $1,000
q share are said to have been for Il
Chicago house which is supposed to
have bought them for a prominent
OnPratOr of that titV