The Montgomery advertiser., 1901-05-17
WALL STREET REVIEW
A STILL FURTHER LAPSE OF @ INTEREST.
Rather Feverish Price Movement, But the Oscillations Showed Lessening Tendency-North-
 ern Pacific Dispute.

NEW YORK, May 16.-There was a stili further lapse of interest in the stock inarket iI today as shown by the decline m m the volume of dealings to below a mill
 non snares for the first time since the late boom attained force. The market also gave evidence of further progress towards normal conditions. There was s.ni q rather feverish price movement
 put the oscillations showed . lessening tendency. These are phenomena which invariably follow a panic. Usually the arst violent relapses after the first re-
 bound do not carry prices back as low as the panic level. nor does the rebound reach as nigh as the previous level. After the
 violence of the fluctuations has subsided
 there is likely to be dull period and
 tendency to lower level unless some
 new factors of strength develop to re-
 awaken outside buying demand. Today
 the speculative contingent were inclined
 to look for such a new influence to the
 promised settlement of the Northern Pa
 cihc dispute. No authentic confirmation
 cansbe had as to the terms of this agree
 ment. but 1t Is generally accepted in Wall
 Street that it will insure the safeguard
 ing of the interests which deem them
 selves threatened by the Burlington deal
 without reacting from the benefit of that
 deal to Its original projectors. The rapid
 progress reported to be making in the
 deposit of Burlington stock to be ex-
 changed for the proposed new bonds
 seemed to insure the rapid consumma tion
 of the Burlington deal itself. The effect
 of this development was most manifest
 in St. Paul and Rock Island. Northern
 Pacific, owing to the abnormal standing
 of that stock in the market was not an
 index Ito sthe situation. The process of
 stock affected 1t to some, extent in the same way. The advancing tendency In
 Union Pacific was constantly checked.
 supposedly by the surmises as to the
 Northern Pacific stock made in the com
 pany's interest. The advance in St. Paul
 over last nights level reached 7as, in Great Northern preferred 6%, Northern Rock Island <. Another active centre of speculation was Amalgamated Copper, in which the buying was large, apparently by inside interests and regarding which published during the day. The most i'm. portant was the reported intention of the vice-chancellor of New Jersey to dis solve the injunction against the absorp- Boston and Montana Company. The stock advanced one time 71k. There were various other points of special strength,
 the causes of which were not always dis closed. International Power advanced 101z, Minenapolts and St. Louis 7h on ex-
 pectations of dividend increase, Ameri- can Express 9%, Consolidated Gas 5h,
 Lake Erie and Western 5.. Iowa Central preferred and Pullman IA. The relaxa- tion of forced liquidation made compara- lively light buying orders effective in ad- vancing prices. There was undoubtedly good deal of manipulation by insiders in the interest of better prices, but there was also growth in investment demand for good dividend payers. But not less striking then the strength with which prices advanced was the ease with which they were forced down again under very light selling with which the day closed with prices all the way from to points below the best and with net changes 8 good deal mixed and for the most part | small. Reports of needed rains in the Southwest were an early encouraging feature and the growth of labor troubles caused some uneasiness. especially the | candid admission by the leading publica- ton in the interest of the iron trade
 that there may be widespread labor dis | turbances in that trade after July 1. ln | the ease in the money market was due entirely to the falling of in demand | speculators. as other causes are tending | to a steady depletion of New York bank | reserves.
 | The bond market was broad and mod | erately active and price changes were irregular. Total sales (par valuel. 2,- | S46,OO0. United States bonds were all un- l changed on the last call.