The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-16


NEW YORK, May 15.AThe stock mar
ket showed emphatic symptoms of relief
today and recovered vigorously from its
early acute depression, rising str0nelx
over last nights level and estab.isnins
substantial net gains in the TnajorSy OF
stocks. At one time during the day
prices had declined in a fairly sensational
manner. the losses from last nights Level
extending from 3 to 10 points in, a large
number OF important stocks. Northwest
had lost 9I2. General Electric 3d. Cieve-
land, Cincinnati, Chicago Il st. Louis tn,
Lake Erie q Western Z Union Pacific anu
Missouri Pacific S32, Consolidated Gas +.
Delaware e Hu(szvn 515, New York Cn1s
cago < st. Louis I'd pfd and American
Tobacco >. Amalgamated copper SIS, Dan
yer & Rio Grande Az. Louisville, Manhat-
tan and Peoples Gas 81. and many
other standard railroad stock as much
as three points. The level of net gains
at the highest Is the more remarkable
considering the acute weakness earlier III
the DAY They reached IN Rock Island
!! points, ST. Paul 5A. Atchison AZ, Bur
Jington Az. Baltimore & Ohio, 99s. while
the net gains as a rule were all the way
from a fraction up to three points. These
gains were only slightly yielded at the
last which was firm and active at abort
the top. This strong recovery seems puz-
cling in the face of the extreme sensitive,
ness of the early market The progress
of the liquidation which caused the early
weakness was In itself an Immense relief
to the situation 1t gave growing assur-
ance of the selvency of stock exchange
houses, who were emerging from any
dangers that may have beset them by tn,
rapid conversion of their resources into
cash assets 1t was the fear that this
could not be safely done which over hung
the market yesterday The more Of IL
that was accomplished the less remain
ed to do. The fact began to grow clearer
also that speculative accounts in tho
stock market itself were all that had
been affected by last week 8 slump. There
remained some holders with borrowed
! funds whose losses were not sufficient tn
protect their holdings by additional Sc
curity, or to take them UP outright The
selling out of this class was still in EVIL
dence this morning, and no effective sup,
port was in the market til help thcIii
! The opening gains in sympathy with the
higher prices in Lon,ton were quickly
wiped out by this continued liquidation
| The selling came at spasp1odic Intervals
and for the greater part Of the day ra,
effective buying was evident. On the
successive down grades there were some
buying orders met. but they did not fol-
low the market upward until the last
rally set in. When IT became evident
that the urgent liquidation had spent its
force, and that there was ~ large reserve
force behind the rally, the buying orders
grew in volume, and In fact were largest
at about the top level. rho announcement
of gold exports to the extant of 81. 2O0. COO.
government weather bureau, reporting
the growth o. crops retarded by the un.
seascnable weather. helped the early de-
| preston. So d!G4thel rather alaprnist re-
| ports as to the outcome of pay day today
| IN the LondonGStocS exchange set TIE nleffec
There was call yesterday for the pay,
ment- Of 10 per- ceapo of the $4,000 600 ffrf-
| derWriting subscription for the Burlington
| purchase; ua!rd pnexre Monday there falls
due q Is per cent installntent on the Union
Pacific bond subscription, which will ne
ccssitate provision for about $4,000 coo.
| But, these developments were purely sen.
| timental, as the money market shows
| growing ease with the progress Of stock
market liquidation. The prospectus OF
| the Russian loan, issued yipF Paris today,
| and providing for subscription by install
| mentS, gives some assurance against
! money market pressure on, that account
| There was perceptible growth of confi-
! dence also that the hostilities precipitated
! in the struggle for control of Northern
| Pacific would be in some manner adjust
! ed. With the relaxation of the -iiQuida-
! ton it was comparatively easy for friends
| of stocks to bid up their prices again
| without. encounteripg. important selling,
| and the late recovery was largely due III
| its early stages to pure manipulation OF
| this kind.
| The bond market did not fully recover
| from its early weakness Business was
moderately active. Total gales, par value.
! 81. $4,000. United States 3s advanced n
| per cent on the last call. ~ ,,r
STOCKS.
| Furnished by Charles H F. Smith &
| Co. members of the New York Stoci
! Exchange, Pioneer Press building. who
have direct wires to Chicago and New
YORK. Closing prices are bid.