The age-herald., 1901-05-16
EMPHATIC RELIEF
 FELT IN STOCKS Market Showed Many Symp- toms of Early Recovery SELLING CAVE IN SPASMS Acute Declines Early in the Day Were Reganed Later and Prices
 Closed Easy To = Strong.

New York, May 15.-The stock market showed emphatic symptoms of relief late today and recovered vigorously from its early acute depression, rising strongly over last nights vel and establishing substantial net gain, in the majority of stocks. At one time during the day prices had declined b, fairly sensational manner, the losses from last nights level extending from to 10 points in large number of important stocks Northwest had lost 9i2 General Electric 9s4, Cleve- land, Cincinnati, Chicago and St. Louis 77s, Lake Erie and Western '. Union Pa cific and Missouri Pacific 615, Consolidated Gas 6, Delaware and Hudson 5l2, New York, Chicago and St. Louis second pre- ferred and American Tobacco 5. Amalga- mated Copper 5M, Denver and Rio Grande 4k, Louisville, Manhattan and Peoples Gas 3A and many other of the standard railroad stocks as much as points. The level of net gains at the highest is the more remarkable considering the acute weakness earlier in the day. They reached in Rock Island points, St. Paul 5%, Atchison IA, Burlington AZ, Baltimore and Ohio 53s, while the other net gains were from fraction up to points These gains were only slightly yielded at the last and the market closed active at about the best, which was firm and at about the top. This str recovery seems puzzling in face of ,..r extreme sensitiveness of the early market. The progress of the liquidation which caused the early weakness was in itself an i'm mense relief to the situation It gave growing assurance of the solfency or Stock Exchange houses who emerged from any dangers that may have beset them by the rapid conversion of their re- sources into cash assets. It Is the fear that this could not be safely done which overhung the market yesterday. The moro of 1t that was accomplished the less remained to do. The fact began to grow clearer, also, that speculative accounts into the stock market itself were all that had been affected by last weeks slump There remained some holders with bor- rowed funds whose loans were not sui ficient to protect their holdings by addt- tional security or to take them up out right The selling came at spasmodlc m teryals and foE the greater part Of the day no effective buying was done.
 On the successive down grades there were some buying orders, but they did not follow the market upward until the last
 
 that there was large reserve force pe- hind the rally, the buying orders grew III volume and in fact were largest at about the ton level The announcement Of goiu exports to the extent of 2,200,O0o and the weekly crop bulletin of the government weather bureau reporting the growth or the crop retarded with unseasonaple weather helped the early depression so did the rather alarmist reports as to the rutcome of pay day today in the London Stock Exchange settlement. There was a call yesterday for the payment or the per cent Of the $50 000,000 underwriting subscription for the Burlington purchase and next Monday there falls due a p per cent installment on the Union Pacific bond subscription, which will necessitate provision for $10,0000 900. But these deVei- opments were principally sentimental as the money market shows growing ease with the progress of the stock market liouidation The prospectus of the Rus sian loan issued in Paris today and pro yiding for subscription by miscellaneous gives some assurance against money mar ket pressure on that account There was a preceptible growth of confidence also that the hostilities precipitated in the struggle for control of Northern Pa cif1c would be in some manner adjusted first With relaxation of liquidation the market became easier for nds of stocks to bid up their favorites again without encountering important selling md the late recovery was largely que Tn it's early stages to pure manipulation of this kind.
 The bond market did not fully recover from it's early weakness. Business was moderately active. Total sales. par value s4. .Seo, ,ooo United States 3s advanced A per cent on the last call.