The Montgomery advertiser., 1901-05-16
IN THE FINANCIAL WORLD.
WALL STREET REVIEW
EMPHATIC SYMPTOMS OF RE.
 LIEF SHOWN.
Vigorous Recovery from Early Acute Depression, Net Gains Being Established in a Majority
 of the Stocks.

NEW YORK. May I5.-The stock mar Ket showed emphatic symptoms of relief late today and recovered vigorously iron, US early acute depression, raising strong ing substantial net gains in the ma gorfty of stocks. At one time during the day prices had declined in a fairly sensa : tionai manner. the losses from last in large number of important stocks.
 Northwestern had lost 9x. Cleveland,
 Cincinnati. Chicago and St. Louis 7%.
 Lake Erie and Western 2, Union Pacific
 Gas 6. Delaware and Hudson 51s. New
 York. Chicago and St. Louis second pre- ferred and American Tobacco 5, Amalga-
 mated Copper 5ls, Denver and Rio Grande
 Az, Louisville, Manhattan and Peoples s Gas 'Sh and many other of the standard railroad stocks as much as 3 points. The level of net gains at the highest is the more remarkable considering the acute reached in Rock Island points. St. Paul 5%, Atchison Az, Burlington 4h. Balti- more and Ohio 35s, while the net gains as a rule were all the way from a frac-
 only slightly yielded at the last, which
 was firm and active at about the top.
 This strong recovery seems puzzling in face of the extreme sensitiveness of the
 dalton which caused the early weakness
 was. in itself an immense relief to the situation. It gave growing assurance of the solvency of stock exchange houses
 have beset them by the rapid conversion of their resources into cash assets. It
 Is the fear that this could not be safely
 done which overhung the market yes terday. The more of 1t that was accom- plished the less remained to do. The fact began to grow clearer also that specula- 1 tive accounts into tfre stock market it.
 self were all that had been affected by tAr nd holders with borrowed funds whose loans
 were not sufficient to protect their hold ings by additional security or to take them up outright. The selling out of this
 and no effective support was in the mar ket to help them. The opening gains in
 sympathy with the higher prices in Lon
 don were quickly wiped out by this con spasmodic intervals and for the greater part of the day no effective buying was evident. On the successive down grade | there were some buying orders met, but
 until the last rally set in. When it be- | came evident that the urgent liquidation 1 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. 1 The announcement of gold exports to the 1 extent of $2.20O000 and the weekly crop
 bulletin representing the growth of the crops T6tdpu5u Dy uHSCdSOH1DAO "CdthCi
 helped the early depression. So did the
 rather alarmist reports as to the outcome
 of payday today in the London Stock | Exchange settlement. There was a call | yesterday for the payment of the 10 per cent of the $50OO0, 600 underwriting sub
 scription for the Burlington purchase | and next Monday there falls due a 9 per l cent. installment on the Union Pacific 1 bond subscription, which will necessitate ] provision for $10 OO0, 900. But these devel- 1 opments were principally sentimental as | the money market shows growing ease
 with the progress of the stock market | liquidation. The prospectus of the Rus
 sian loan issued in Paris To-day and pro-
 viding for subscription by installments
 gives some assurance against money mar
 ket pressure on that account. There was | a perceptible growth of confidence also | that the hostilities precipitated in the | struggle for control of Northern Pacific | would be in some manner adjusted. With
 the relaxation of the liquidation it was
 comparatively easy for friends of stocks | to bid up their prices again without en-
 countering important selling and the late ] recovery was as-largely- due in its early
 stages to pure manipulation of this kind | The bond market did not fully recover
 from its early weakness. Business was l moderately active. Total sales (paI ' value). $4,900.00O. United States 3's ad. vanced A per cent. on the last call.