The times., 1901-05-17
REACHING A NORMAL BASIS
The Stock Market Practically Re
covers From the Panic.

Prices Again Tead Upward aud an
Improvement fn Tone Noted-Uniou
Pacifc's Erratic Course - Interest
Well Diversified - Money Easy.
NEW YORK. May I6.-Today's stock
market showed a decidedly improved tone,
and, in fact, the trading Wa conducted
on the most normal basis that has pre-
vailed since the panic of week ago
today Business contracted materially in
volume. but interest was fairly well di-
versifed. and buying of substantial
character was reported throughout the
market.
While the early trading showed some
evidences of a contir alton OF the iiquida-
tion which has been in progress since
Thursday last. The effect of this selling
today was transient. The initial advances
in the market facilitated the closing cut
of weakened speculative stocks, and Il
also induced quite heavy profit realizi-
sales In consequence, the fiist hon $
dealings were characterized by consider
able irregularity, but subsequently a
much firmer tone developed throughout
the list
The leaders in the rise in the market in
the railway list were St. Paul. Rock Isl
and, the anthracite coal stocks. and no
tabIy Erie common. A number of the so
called speciaities in the railway list made
exceptional advances. conspicuous exam
pies being Lake Erie and Western, the
Nickel Plate shares. and St. Louis and
san Francisco.
There were particularly heavy dealings
in Union Pacific common, but the course
of that stock was somewhat erratic- Ii
shot up rapidly upon the opening OF bust
ness, later losing the whole of the rise
and subsequently advancing again. Deal
ings in Northern Pacific continued in
light volume but the stock was again
decidedly strong.
Reports were current today that the
purchases of Northern Pacific stock by
the Union Pacific interests were to be
financed through the issue of a bond
similar to that employed in the acquisi-
ton of the Southern Pacific stock, but
authoritative confirmation Of these state
ments could not be obtained. They seem
improbable on the whole, inasmuch as
the preferred stock is subject to retire
ment at par in January OF any year, ana
il is obviously TO the interests OF the
common stockholders to enforce tins pro-
vision of the company charter Except
from inferences drawn from the identity
OF the buyers OF st. Paul and of other
exceptionally strong stocks, nothing Nnat-
ever developed WiJE the Gay
London houses traded more actively III
this market than they have done in
week. American Railway stocks were
fairly buuyant. the advances there eN-
tending 10 per cent On balance the
purchases for foreign account footed up
fully 5000 shares Of stock. While inter
est again centred chiefly on the railway
list, a fair amount OF interest was eX-
pressed in other quarters OF the market.
Among the s1-caIiCd speciaiJies, notably
firm features were -AEnaigamated Cop
per- international Power, and Consolidat-
cd Gas. The rise in the last named SEEM
ed TO be in advance OF the forthcoming
action OF the mana cement on the quarter
~ dividend on the stock, but no special
news or gossip appeared TO attend the
movements in the other cases cited
The features OF the industrial quarter
were the United States Steel Corporation
stocks, American Tobacco, Continental
Tobacco, and Glucose Sugar Refining.
The stocks named were all decidedly
strong. american Sugar Refining was
dull and comparatively heavy.
The days routine situation showed no
important changes. The money market
continued easy for both call and demand
loans. and there were few interesting
statements Of earnings submitted. Crop
advices continued highly encouraging.
particularly in regard to the breaking of
the drought in the Southwest.
Taken as a whole, II might be said that
the market presented the most healthful
appearance It has displayed at any time
since the inception OF the corner IN North
ern Pacific common.