The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1901-05-14

l
New York, May 13.--The stock market
made appreciate progress to-day towards
| that condition of lassitude which usually
| follows such violent CONFUSION as that OF
last week. This was most notably shown
| In the volume Of the dealings The fever
ishness OF the market and the wide extent
of the fluctuations showed that sentiment
was still much unsettled. But In this re-
| spect also there was not so wide sweep
OF the pendulum. There was a. pretty gem
which might be sufficiently accounted for
| BY the feeling of great relief over the It'd
! Ing over Of the stock exchange settlement
| in London. AS there was known to exist a
large short interest IN Northern Pacific In
| that market In addition to large declines
| In other Americans. since the last settle
ment there was much uneaslness lest heavy
| losses and failures should result The news
that a large settlement with the shorts In
| Northern Pacific had been arranged which
would allow them to cover at 14O, was
therefore an immense. relief In New York,
which was In dread of disorder In the Lon
| don market. After only short time Union
Pacific began to absorb pretty much all the
| buying demand and Its buoyant flight of
11A points began to arouse obvious uneasi-
ness amongst stock operators. After last
weeks experience the first thought aroused
by any such movement Is that another cor
ncr y n process Of formation. The most
strength were st. Paul and Amalgamated
Copper. The former rose points and the
latter l. Meantime, some points Of weak.
ness, which had been moderately developed
spread. When Union Pacific touched 123Ia
the buying demand for other stocks showed
a notable decrease and was not sensiby re.
vived for the rest of the day. The selling
the reaction set in, but very wide con-
cesslons had to be made In order to effect
sales of even small amounts Of stocks. In
Rock Island, which had advanced quite
vi 10 atn t1nx, fhar xxyno
drop Of 81 on the sale Of only 100 shares
There was similar weakness in other
stocks. But these wide declines dislodged
very little stock indicating the small new
long side. On the other hand, prices were
bid up with apparent ease when any effort
was made to support the market. The
source Of the buying which aroused the
London was Il seller in this market and
there was nothing to show that there was
any renewal Of null speculation on a large
scale. The mere. fact of higher range Of
prices is of Obvious advantage In the ad-
justment of Indebtedness growing out of
last weeks troubles by increasing the value
Of collateral on loans ans There was doubt,
end in view and the absence of liauidating
sales ON the advance facilitated the move
ment. The money market was free from
disturbance and large reDnyments of loans
made in the crisis last week We're reported
to have been made. The transfer of great
sums from the Interior helped this move
ment. In response to the easier condition
of money, there was violent rebound in
sterling exchange, demand bills rising to
ASA which is near the point at which
gold went out In April The buying of
stocks for New York account in London had
It's principal effect on the rate of cable
transfers. The preparation for the Russian
loan and for the future instalments of the
British loan were apparent in the foreign
money markets, and also affected the ex-
change market. The strength of exchange
may have had to do with the later weak
ness in the stock market which required
after tn various rallies, many stocks clos
ing at the lowest. But the general opinion
is that the fecation is due to the fact that
the natural rebound after the panic had
spent it's force.
The bond market was generally strong
but not very active. Total sales par value
S5.0000000. s48
United States new tours advanced u per
cent. and the tives declined Il per cent. on
the last call.