The times., 1901-05-14
STRONG ON HEAVY BUYING
The General Tendencies of the
Market, However, Irregular.

Effects of the General Liquidation
Following on the Pnnie Plainly
Evident The Movements in the
Railway List Largely ReactiORary.
NEW YORK, May 13.-EXceedingly ir-
regular tendencies were displayed in to-
days dealings in the stock market kc-
tive manipulation and heavy concentrated
buying were noted in several directions,
and whenever they appeared exceptional
strength was evident in the securities di-
rectIy concerned. For the most part,
however, the market showed the effects
OF the general liquidation which is the
almost inevitable sequel to every stock
market panic.
1t may be noted in this respect that
fully so per cent of the commission houses
of the street We're exceedingly backward
in their accounts, and, indeed Saturday S
suspension of business was arranged for
the purpose OF allowing brokers' ledgers
to be written Up to date. Beyond ques-
tion this last process revealed the fact
that a great many accounts had been
seriously impaired IN Thursdays violent
decline and. indeed, many specific in
stances of the liquidation of weak and
exhausted margined accounts might be
cited In today's market.
The better perspective which could be
had today of Thursdays dealings nat
urally revived discussion of that note
worthy day in the stock market. Wall
Street appeared to appreciate fully for
the first time the perilous position in
which it was placed on Thursday prior to
the announcement that immediate deliv-
cry of Northern Pacific contracts would
not be enforced.
1t was recognized also that the rebound
on Friday was a familiar sequel to every
similar disturbance in the stock market,
hence conjecture was active, as. indeed,
it was over Saturday and Sunday, as to
whether other stock market precedents
would be followed upon this occasion. The
current stock market has smashed so
many Drecedents that it appeared to be
the general opinion that it was useless to
apply the classical rules to the present
situation. II has, however, been the near
~ invariable rule of stock market panics
that they are followed Immediately by
rapid recovery which in turn has been
succeeded by a protracted sagging away
in prices which eventually brought the
general average of the market back 10
or below the panic level.
Such movements of prices, however,
took place when the arrangement in mar
ket conditions was the result of general
and more or less permanent cause In the
present instance, the panic was preclpi-
tated by novel, and ii is to be hoped,
transitory causes. The broad foundations
OF which the market has rested Tor the
last SIX months are absolutely unshaken,
ana, aside from the personal animosity
and the individual losses engendered -by
and growing out of the great corner in
Northern Pacific. there is no change in the
conditions which prevailed fortnight
ago.
The reports bearing on the state of the
country's : trade and its agricultural pros
poets, published since the close OF busl-
ness on Friday. were indeed remarkably
encouraging 1t is TO such matters that
one should look in order to derive the
most accurate conclusions as TO the Iu-
ture Of the stock market The quarreis
between great capitalists may appear TO oe
irreconcilable but after all. Il is not to
be supposed that individuals with such
interests at stake as have the present dis
putants are likely to permit thelr ahi-
mosities to prevail 10 a point where their
financial resources should be threatened,
and IL may be assumed that II VIII not
be long before they will realize fuzzy the
position in which they stand before the
country at large, and more particularly
before the Wall Street community.
The Northern Pacific situation was ma
tcrially clarified over the holiday by the
exceedingly frank statements made in the
meantime by James J. Hill, and by
others who have been acting on behaf
of him and his associates. The other
parties TO the contest maintained what
they are doubtless pleased to style dig
nified silerc &C. The actual status OF the
control of the property remains IN the
necessarily in some doubt
the best opinion IS sui strong
~ 10 the effect that the actual ownership
OF the road has not been changed through
recent transactions in the stock.
The dealing in Northern Pacific today
came virtually to a standstil, although
such transactions in II as were conducted
were al q higher level than Friday
prices. Today's market opened with no
important additions to the situation other
than the clearer notions regarding North
eran Pacific affairs. There were some ap-
that the settlement on the
London Stock Exchange might prove dis
turbing TO the local market. but the
prompt measures taken by the London
Stock Exchange Committee obviated any
danger in this respect.
The early cable quotations showed some
sharp advances in American stocks in
London, notably in St. Paul and Union
Pacific, but the transactions here for
foreign account were in insignificant pro-
portions.
In the local dealings the price changes,
as already noted, were exceedingly ir-
regular. Particularly strong features Of
the market were Canadian Pacific, Union
Pacific, ST. Paul, and Delaware and Hud-
son. The movements elsewhere in the
railway list were irregular and for the
most part reactionary. The Atchison
shares, New York Central and st. Paul
all advanced rapidly in the early dealings,
but subsequently sagged back to or below
fridays final prices.
The strongest features of the industrial
quarter We're American Tobacco. Cont
mental Tobacco and Glucose Sugar Re
hning. American Sugar Refining en-
joyed an early advance, as did the United
States Steel stocks. but they also partici-
pated in the retrograde movement which
set in after the opening of business.
The so-called specialties were all firm,
with substantial advances appearing in
Amalganaated Copper, Consolidated Gas,
General Electric and International Pow
er, but the gains in these stocks also
were more OF less shaded with the course
OF the day.