New-York tribune., 1901-05-11
BONDS
THE DAYS OPERATIONS N STOCKS,
sEx dividend.

THE DAYS OPERATIONS n STOCKS.
! large proportion Of the loss made in Thurs
sav's market was recovered in yesterdays trans
scr3ons The advance was almost as violent as
rba preceding days decline. and in many in
stances sensational Improvement was recorded
The removal Of various unfavorable factors from
The stock market situation was responsible for
q return Of confidence in investment and specu-
la-ive circles. while the announcements made
before The opening OF business served 10 inpart
q buuish and optimistic sentiment throughout
the Street The end OF the corner" in Northern
Pacific stock was Of course. the most Influential.
factor IN determining the days course Of values
IN addition 20 this the fact that all Stock Ex-
change Clearing House settlements had been
satisfactorily arranged helped 70 add q buoyant
tone 10 speculation.
The larger lending institutions renewed ali
loans al per cent, and the highest rate in the
day for new loans was not above 20 per cent.
A large amount of money put out for
Western banks. while the local houses an
nounced that they were willing 20 lend freely on
all acceptable collateral Comparative ease in
the money market situation is likely 10 pre-
vail throughout TIE rest Of the season. The
advance on Thursday IN rates was not due 10
monetary conditions but was the result % de-
Nzlopments IN the securities market The bank
ing syndicate that loaned nearly S20pooJo al
the height Of the panic al from 70 70 GO per cent
justified the high rates on the ground that by
maintaining these figures INSCRIPTIONS specu-
lators were deferred from securing money at
chear prices 70 relend at panic quotations Ac-
cordfng 70 the. known movement of money IN the
week the banks lost only q small amount q
cash. while il IS expected that the loan account
has been materially reduced through enormous
stock market liquidation. If loans show large
6ecliue from a week ago bank reserves ought
70 be well above last Saturdays level
RecoverIes in the stock market We're stimulated
st the opening by rapid advances on the London
Stock Exchange. At the last named place there
was remarkable rise in -. Paul and Union
Pacific. while the whole American list showed
sharp advances. as compared with Thursday 5
closing quotations. II the local market foreign
houses were not active. Aggressive strength
was developed in all the stocks which showed
heavy declines on the preceding day. This was
particularly true in the case OF St. Paul, Union
Pacific Missouri Pacific. Delaware and Hudson.
Chesapeake and Ohio the Atchison shares. New
York Central Erie stocks and Texas and Pa
cihc. The decision by the Northern Pacific in
terests 10 accept a settlement Of short contracts
~ 10 was followed by an opening price at
that level for the stock. Subsequently,, how
ever. the price advanced 70 2St although al
the close the quotation was again 100 net
loss of IA points. Investment buying was noted
throughout the list and there was an excellent
demand from the larger speculative Interests
Buying of the stocks of railroads which are
controlled ty strong financial interests was a
feature of the day The character OF this buy
ing forced the belief that railway consolidation
plans had not been upset by Thursdays disas-
trous panic Indeed, in some quarters OF the
Street II was thought that the decline had served
10 increase the holdings of various important
interests who would now be able successfully
% carry through their deals.
The Industrial stocks and the local traction
shares participated in the recovery, although
he movements in most issues were somewhat
limited United States Ste-l shares furnished
large proportion Of the days dealings, but
elsewhere in the industrial list with the excep-
hon q ArnalKarnated Copper. trading was not
heavy Amalgamated Copper acFaheed =
points. while other sharp upward movement -
we're made by Sugar Refining. American TO
oacco Peoples Gas and Consolidated Jas .e
maximum gains made by the more active ran
@ay shares were - points in Union racine -
points IN Missouri Pacific. "a in -. Paul, 10 IN
ROCK Island. y IN Burlington, IN AtchlSoA:
t9 IN Pennsy lvania. in NeW-hork tehlra4 AM
10 n Delaware and Hudson. In numerous olhtI
ssues advances of from 3 70 per cent were
common. The market closed strong ana acuNe'
Say
Losses sustained by several Wall Street houses
and by individual operators IN Thursdays panic
Mere estimated yesterday al enormous nguT@s'
slt the recovery in prices served 70 strti4s
N shaky' concerns. Two roreigh DahAilIs Is
acuses said have lost millions ol
course. the advance did not restore the fortunes
d margin traders who were forced out OF @ @the
market on Thursday. In many cases, now -,
mis- class Of traders maintained a posltlon IN
he market through. the generosity Of their
Sfokers. who carried over their accounts