The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-05-16
STOCKS AND BONDS.
After Midday Dip Prices Rally
Throughout the List.


New York, May 15-The stock market
showed emphatic symptoms of relief late
to-day and recovered vigorously from its
early acute depression, rising strongly
over last nights level and establishing
substantial net gains in the majority of
stocks. At one time during the day prices
had declined in a fairly sensational man.
ner, the losses from last nights level ex-
tending from to 10 points in a large
number of important stocks.
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%, Atchson AZ, Burlington "a, Balti-
more and Ohio 35s, while the net gains
as rule were all the way from a frac-
ton up to points. These gains were 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 early
market. The progress of the liquidation.
which caused the early weakness, was in
itslf an immense relief to the situation.
1t gave growing assurance of the solven-
cy OF the Stock Exchange houses who
were emerging from any dangers that
may have beset them by the rapid con-
version of their resources into cash as
sets. 1t was the fear that this could
not be safely done which overhung the
market yesterday. The more of 1t that
was accomplished the less remained to
do. The fact began to grow clearer also
that speculative accounts in the stock
market itself were all that had been af-
fected by last weeks slump.
There remained some holders with bor-
rowed funds whose loans were not suffi-
cient to protect their holdings by addf-
tional security or to take them up out
right, The selling out of this class was
still in evidence this morning, and eff
fective support was In the market to help
them. The opening gains in sympathy
with the higher prices in London were
quickly wiped out by this continued liqui-
dalton. The selling came at spasmodic
intervals and for the greater part of the
day no effective buyingswas evident. On
the successive down grades there were
some buying orders met, but they did not
follow the market upward until the last
rally set in. When 1t became evident
that the urgent liquidation had spent it's
force and that there was a large reserve
force behind the rally. the buying orders
grew in volume and. In fact, were larg-
est at about the top level
The announcement OF gold exports 10
the extent Of s220O.000 and the weekly
crop bulletin OF the government Weather
Bureau, reporting the growth of the crops
retarded by the unreasonable weather,
helped the early depression. So did the
rather alarmist reports M TO the outcome
of pay day to-day in the London Stock
Exchange settlement. There was a call
yesterday for the payment OF 10 per cent.
of the $50. 900 underwriting subscrip-
ton for the Burlington purchase and
next Monday there falls due a 25 per
cent. installment on the Union Pacific
bond subscription, which will necessitate
provision for about s10,000,000 But these
Developments were principally sentiment
tall as the money market shows grow
ing ease with the progress OF the stock
market liquidation. The prospectus of
the Russian loan. issued in Paris to-day,
and providing subscription by instruments
gives some assurance against money mar
ket pressure on that account. There was
perceptible growth Of confidence also
that the hostilities precipitated I'm the
struggle for control Of Northern Pacific
would be in some manner adjusted. With
the relaxation of the liquidation II was
comparatively easy for friends of stocks
to bid up their prices again without en-
countering important selling. and the
late recovery was 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
moderately active. Total sales, par
value, A.s90000. United States 3s adj
vanced 4 per cent. on the last call
The total sales OF stocks to-day were
!, 463 600 shares. including: Atchison, H.
200; do preferred. 1920: Baltimore and
Ohio, 800; Canadian Pacific, 1000; Ches-
apeske and Ohio, 1900; Chicago, Burling-
ton and Quincy. 1910; Chicago, Indian
apolls and Louisville 1000; Rock Island,
9, 400; Colorado Southern. 400: Delaware
and Hudson. $500: Erie. 800: do first
preferred, 500: Louisville and Nashville,
1880: Manhattan, 22,1Oo; Metropolitan
Street Railway, q. 400; Missouri Pacific,
81 900: Missouri. Kansas and Texas pre-
ferrod & 500. New York Central 10 600.