The age-herald., 1901-05-14
STOCK MARKET
 HAS GROWN DULL Decided Calm After Last Weeks
 Disastrous Storm SENTIMENT IS UNSETTLED Jews That Settlement Had Been Ar ranged With the Northern Pacific Shorts Caused Immense Relief
 Throughout Wall Street.
SENTIMENT IS UNSETTLED

New York, May 13.-The stock market nade appreciable progress toward that ondition of lasstude which usually fol- ows such a violent convulsion as that If last week. This was most notably hown in the volume of the dealings. The everishness of the market and the wide xtent of the fluctuations showed that entiment was still much unsettled, but n this respect also there was not such ! wide sweep of the pendulum. There was pretty general upward movement at the lpening, which might be sufficiently ac- Iountcd for by the feeling of great feel ng over the tidings of the great stock &change settlement in London. As there vas known to exist large short inter lst in Northern Pacific in the market in Addition to large declines in other Amer cans since the last settlement, there vas much uneasiness lest heavy losses md failures should result.
 The news that settlement with the horts in Northern Pacific had been ar .anged which would allow to cover at 40 was therefore an immense relief 10 continent in New York, which was in Tread of a reflex action of renewed dls" ,rder in the London market After only hort time Union Pacific began to ap- lorb pretty much all the buying demand md its buoyant flight of 11% points began to arouse obvious uneasness Lmong stock operators.
 After last weeks experience the nrst hought aroused by any such movement s that another corner is in process or formation. The most conspicuous sharers If Union Pacific's strength were St. faul md Amalgamated Copper. The former ,ose points and the latter '. Meantime pome points of weakness, which had been moderately developed early in the day began to spread. When Union Pacinc touched 12311 the buying demand for oth- IT stocks showed a notable decrease ana was not sensibly revived for the rest If the day The selling pressure was not ,evere as to volume when the reaction let in, but very wide concessions had to Ie made in order to effect sales or even mall amounts of stocks. In Rock Island. which had advanced quite eagerly l12 : ,yer Friday, there was a drop of 3s on ihe sale of only 100 shares. There was dmilar weakness in other stocks
 These wide declines, however, dislodged tery little stock, indicating the small new commitments for speculative account on he long side. On the other hand prices gere bid up with apparent ease when or ers were made to support the market. ,he source of the buying which the early
 
 london was a seller in this market and here was nothing to show that there was my renewal of bull speculation on large cale. The mere fact of a niger range or ,rices is of obvious advantage in the aq- usting of indebtedness growing out or ast weeks troubles by increasing the val ,e of collateral on loans. There was loubtless some manipulation of prices with this end in view and the absence Of louidating sales on the advance facilitat- id the movement
 J2le money market was free from ois- urbance and the regular payments of pans made in the crisis last week were eported to have been made. The trans er of great sums from the interior helped his movement. In response to the easier condition of money there was violent ebound in sterling exchange, demand fills rising to 4SS1a, which is near the ,oint at which gold went out in April The buying of stocks for New York ac- lount in London had it's principal effect In the rate for cable transfers. The prep lration for the Russian loan and for the hture installments of the British loan were apparent in the foreign money mar tets and also affected the exchange mar let. The strength of exchange may have lad something to do with the latter weak less in the stock market, which recurred liter the various rallies, many stocks losing at the lowest. But the general ,pinion is that the reaction is due to the act that the natural rebound after the ,anic has spent it's force.
 The bond market was generally strong, hut not very active. Total sales par val ,e. $5,OO0,OOO U. S. new As advanced A Yer cent and the 5s declined A per cent. m the last call.