The daily morning journal and courier., 1901-05-16
Et,tanctat.S
THE S1OCH MARK IT.
Recovers yigoron4ly sfrom Early Acute
 Eeprtssfon.

Rccovers yigoronAly sfrom Early Acute l Eeprtssfon.
 New York May 15.r1he stock market
 showed emphatic symptoms of relief late
 today and recovered vigorously from It's early acute depression, rising strongly over l last nights level and establishing substan-
 tIal net gains in the majority of stocks
 At one time during the day prices declined I In fairly sensational manner the losses
 from last nights level extending from to
 10 points in q large number of important
 stocks. Northwest had lost 91a; General
 Electric 9N Cleveland sC., c. and St.
 Louis 77s; Lake Erie and Western | Union
 Pacific and Missouri Pacific 6a; Consoli- dated Gas G; Delaware and Hudson 5tt; I New York, Chicago and St. Louis second l preferred and American Tobacco 5; Amal
 gamated Copper 5H Denver and Rio
 Peoples Gas 3A, and many others of the
 standard railroad stocks as much as ,
 points.
 The level of net gains at the highest is
 the more remarkable, considering this acute weakness early In the day. They
 reached in Rock Island points, St. Paul 5N iAtchison A; Burlington AZ: Baltimore
 were all the way from fraction up to
 points. These gains were only slightly
 yielded at the last. which was firm and
 active at about the top. This strong re- coyery seemed to puzzle in face of the ex-
 treme senstiveness. of the early market. The progress of the liquidation which
 caused the early weakness was In itself an
 immediate relief to the situation. It gave growing assurance of the solvency of stock exchange houses, who were emerging from any dangers that may have beset them by the rapid conversion of their resources Into cash assets. It was the fear that this could not be safely done, which overhung the market yesterday. Tho moro of 1t that was accomplished the less remained to do. Tho fact began to grow clearer also that specu lative accounts in the stock market itself were all that had been affected by last weeks slump. There remained some hold. CTS with borrowed funds whose means were not sufficient to protect their holdings by additional security or to take them up out right The selling out of this class was still in evidence this morning and no effective 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 liquidation. The sell ing came at spasmodic' intervals and for the greater part of the day no effective buying was evident. On the successive down grades some buying orders were met but the did not follow the market upwards un- til the last rally set in.
 When 1t became evident that the urgent liquidation has spent Its force and that there was large reserve force behind the rally, the buying orders grew in volume and in fact were largest at about the top level The announcement of gold exports to the extent of S2,20o,o00 and the weekly crop DulIeIln or Ine government weather bureau l the growth of the crops retarded | by the unreasonable weather helped the | early depression. So did the rather alarm Ist reports as to the outcome of pay day -o-day in the London stock exchange settle l ment. There was call yesterday for the | payment of 10 per cent. of the $50. .O00, ,000 subscription for the Ruring- lon purchase and next Monday there falls | lue 25 per cent, installment on the Union | Pacific bond subscription. which will ne- | ,essitate provision for about $1O0o0, ,O0o | But these developments were principally 1 as the money market shows | growing ease with the progress of the stock | market liquidation. The prospectus of the | Russian loan issued in Paris to-day and providing for subscription by installments .ives some assurance against money mar ret pressure on that account. There was a | 'erceptible growth of confidence also that he hostilties precipitated in the struggle or control of Northern Pacific would be in | ome manner adjusted With the relaxa- ion of the liquidation it was comparatively ,asy for friends of stocks to bid up their prices again without encountering impor- l ant selling and the late recovery was nrgely due in it's early stages to pure of this kind.
 The bond market did not fully recover