Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-14
TOWARD LASS|TOlE.
STOCK MARKET GETTING INTO THE
CONDITION THAT USUALLY FOL-
Lows UPHEAVAL.
SETTLEMENTS IN LONDON
WITHOUT ANY FURTHER SHOCK OR
DISASTER, GREATLY HELPED
CONFIDENCE.

/
NEW YORK, May 13.-The stock
market made appreciables progress to-
ward that condition of lassitude which
! usually follows such violent convulsion
as that OF last week. This was most
notably shown in the volume of the
| dealings. The feyerishness OF the mar
ket and the wide extent of the fluctua-
lions showed that sentiment was still
| much unsettled, but in this respect also
there was not so wide a sweep of the
! pendulem. There was a pretty general
| upward movement at the opening,
which might be sufficiently accounted
for by the feeling of great relief over
| the tiding over the stock exchange set
! Element in London. AS there was
known to exist a large short interest
in Northern Pacific in that market in
addition to large declines in other
Americans since the last settlement,
there was much uneasiness lest heavy
losses and failures should result. The
news that settlement with the shorts
in Northern Pacific had been arranged
which would allow them to cover at
$40 was therefore an immense relief to
sentiment in New York, which was in
dread of a reflex action of renewed dis
order in the London market. After
only a short time Union Pacific began
to absorb pretty much all the buying
demand and it's buoyant fight of liz
points began to arouse obvious uneasi-
ness among stock operators. After last
weeks experience the first thought
aroused by any such movement is that
another corner is in process of forma-
ton. The most conspicuous sharers of
Union Pacifc's strength were st. Paul
| and Amalgamated Copper. The former
rose FIVE points and the latter seven.
| Meantime, some points of weakness,
which had been moderately developed
early in the day began to grow and
spread. When Union Pacific touched
1887 the buying demand for other
stocks showed a notable decrease and
was not sensibly revived for the rest of
the day. The selling pressure was not
severe as to volume when the reaction
set in, but very wide concessions had
to be made in order to effect sales OF
even small amounts of stocks. In Rock
Island, which had advanced quite Gag
erly to ~ over Friday, there was
drop of 37s on the sale of only 100
shares There was similar weakness
in other stocks.
These wide declines, however, dis
logged very little stock, indicating the
small new commitments for speculative
, account on long side. On the other
hand prices were bid up with apparent
use when any effort was made to sup
port the market. The source of the
buying was caused the early strength
was not easy to perceive. London was
seller in this market and there was
nothing to show that there was any re-
newal of bull speculation on large
scale. The mere fact of a higher range
of prices is of obvious advantage in the
adjournment of Indebtedness growing
out of last week troubles by increas
ing the value of collateral on loans.
There was doubtless some manipulation
of prices with this end in view and the
absence of liquidating sales on the adj
vance facilitated the movement The
money market was free from disturb
ance and large payments of loans made
in the crisis last week were reported to
have been made. The transfer of great
sums from the interior helped this
movement. In response to the easier
condition of money there was violent
rebound in sterling exchange demand
bills rising to 50 sSA, which is near
the point at which gold went out in
April The buying of stocks for New
York account in London had its princi-
pal effect on the rate for cable trans
fers. The preparation for the Russian
loan and fer the future installments
of the British loan were apparent in the
foreign money markets and also affect
ed the exchange market The strength
of exchange may nave had to do with
the later weakness in the stock market,
which REQUIRED after the various rallies,
many stocks closing at the lowest But
the general opinion is that the reaction
is due to the fact that the natural re-
bound after the panic had spent its
force
The bond market was generally
strong but not very active. Total sales
par value S5,000,000.
u. 8. new IS advanced Il per cent and
the IS declined u per cent on the last
call
Atcfilson .........-s-.... .......-..-...-. ia
40 pref -. ...-...-.-.-...-........ COS