The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-14
STOCKS AND BONDS.

New York. May 13.-The stock market
made appreciate progress today toward
that condition Of lassitude which usually
follows such a violent convuision as that
OF last week This was most notably
shown in the volume of the dealings. The
feverishness of the market and the wide
exten OF the fluctuations showed the sen
! timent was still much unsettled, but IL
this respect also there was not so wide
a sweep Of the pendulum There was a
/ pretty general upward movement at the
opening which might be sufficiently ac-
counted for by the feeling Of great relief
over the tiding over OF the stock ex-
change settlement in London As there
was known 10 exist & large short interest
| in Northern Pacific in that market in ad-
ditiOn TO large declines in other Ameri-
cans since the last settlement, there was
much uneasiness lest heavy losses and
failures should result News that a set
Element with the shorts in Northern Pa
cific had ben arranged which would al
low them 70 cover at 40 was therefore
an immense relief to sentiment in New
York which was in dread OF a reflex &C
ton of renewed disorder in the London
market. After only a short time Union
Pacific began to absorb pretty much all
the buying demand. and its buoysnt
fight Of 1l2< points began to arouse OBJ
vious uneasiness among stock operators.
After last weeks experience the FIRST
thought aroused by any such movement
is that another corner is in process of
formation. The most conspicuous shares
OF Union Pacidcs strength We're st. Paul
and Amalgamated copper. The former
rose five points and the latter seven.
Meantime, some points OF weakness.
which had been moderately developed
early in the day, began to grow and
spread. When Union Pacific touched 1854
the buying demand for other stocks
showed a notable decrease and was not
sensibly revived for the rest Of the day.
The selling pressure was not severe as &c
volume when the reaction set in. but
very wide concessions had to be made IN
order TO effect sales of even small
amounts Of stocks. In Rock Island.
which had advanced quite eagerly TO IL
over Friday. there was a drop OF 80 on
the sale Of only LOO shares. There was
a similar weakness IN other stocks These
wide declines, however dfslodged very
little stock indicating the small commit
ments for speculative account on the
long side On the other hand. prices were
bid up with apparent ease when any ef-
fort was made to support the market
The source OF the buying which the early
strength was not easy to perceive. Lon
don was a seller in this market and there
was nothing to show that there was any
renewal of bull speculation on large
scale. The meer fact Of a higher range
Of prices is of obvious advantage in the
adjusting OF Indebtedness growing out Of
last weeks troubles by increasing the
value Of collateral on loans. There was
doubtless some manipulation Of prices
with this end in view ana the absence
Of liquidating sales on the advance facil-
itated the movement. The money mar
ket was free from disturbance and large
repayments OF loans made in the crisis
last week were reported to have been
made. The transfer of great sums from
the interiors helped this movement In
response TO the easier coalition OF money
there was a violent rebound in sterling
exchange, demand bills rising to $4SSiL.
which is near the point at which gold
went oUt in April The buying OF stocks
for New York account IN London had its
effect on cable transfers. The prepara-
ton for the loan and for the future in
stalments Of British loan viii be aDpar-
ent in the foreign money markets and
also effected the exchange market The
strength OF exchange may have had TO
do with the later weakness in the stock
market which REQUIRED after the various
rallies, many stocks closing al the low
est. But the general opinion is that the
reaction is due to the fact that the nat
ural rebound after the panic had spent
its force.
q. s. new Is. advanced 4 per cent and
the IS declined = per cent on the last call.
The closing Of stocks were as follows: