Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-16
substantial MT GAINS
SHAWN BY THE STOCK MARKET
FOR A MAJORITY OF THE
STOCKS.
MUCH EARLY LIQUIDATION
CAUSED ALARM But THE DAY
CLOSED WITH AN ENCOUR-
AGING OUTLOOK.
fBy Associated Press !


market Showed emphatic symptoms of
relief late to-day and recovered vigor-
ously 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
fairly sensational manner, the losses
from last nights level extending from
3 to 10 points in large number of i'm
portant stocks. Northwest had lost
91a; General Electric 50; Cleveland,
Cincinnati, Chicago & St. Louis rs;
L. e. G w. 7;,Union Pacific 61a; Con-
solidated Gas 6; Delaware & Hudson
53a; New York, Chicago e st. Louis
second preferred and American Tobacco
.; <Amalgamated Copper SIS; Denver &
Rio Grande Az; Louisville, Manhattan
and Peoples Gas 3A, and many other
OF the standard railroad stocks as much
as points. The level of net gains at
the highest is the more remarkable
considering the acute weakness earlier
IN the day. They reached in Rock ISL
and points; st. Paul 5%; Atchison
4A; burlington ~; B. & O. 35s, while
Inc net gains as rule were all the way
from fraction up to 5 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 ...e extreme sensi-
tlveness OF the early market. The pro-
gress OF the liquidation which caused
the early weakness was in itself an i'm
mense relief to the situation. 1t gave
growing assurance of the solvency of
STOCK exchange houses who were emery
ing from any dangers that may have
Jeset them - the rapid conversion OF
their resources into cash assets. 1t was
the fear that this could not be safely
done which overhung the market yes
terday. The more of it that was &C
complished the less remained to do.
Inc fact began to grow clearer also
that speculative accounts in the stock
market itself were all that had been
affected by last weeks slump. There
remained some holders with borrowed
funds whose loans were not sufficient
to protect their holdings by additional
security or to take them up outright.
me 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 quick
ly wiped out by this continued liquida-
ton. The selling came at spasmodic
intervals and for the greater part of the
day no effective buying was. evident
On the successive down grades there
was some buying orders made, but they
did not follow the market upward I'M
TIL the last rally set in. When it be-
came evident that the urgent liquida-
ton had spent its force and that there
was large reserve force behind the
rally, the buying orders grew in vol
ume in fact was largest at about the
top level The announcement of gold
exports to the extent of $2,200,000 and
the weekly crop bulletin of the govern
ment weather bureau rising the growth
of the crops retarded by the unseasona-
BILE weather helped the early depression.
SO did the rather alarmist reports az
to the outcome of pay day to-day in the
London stock exchange settlement.
There was call yesterday for the pay
ment of 10 per cent. of the 500, 600, 900
underwriting subscription for the Bur-
lington purchase and next Monday
there falls due % per cent. install
ment on the Union Pacific bond SUBJ
scription which will necessitate provis-
ion Tor about $10,000,000. But these
developments were principally senti-
mental as the money market shows
growing ease with the progress of the
stock market liquidation. The pros
pectus of the Russian loan issued in
Paris to-day and providing for sub
scription by installments gives some
assurance against money market pres
sure on that account. There was a per-
ceptible growth of confidence also that
the hostilities precipitated in the strug
gle for control of Northern Pacific
would be in some manner adjusted.
With the relaxa,lon Of the liquidation
it was comparatively easy for friends
of stocks to bid UP their prices again
without encountering important sell
ing and the late recovery was largely
due in its early stages to pure manipu-
lation of this kind. The bond market
did not fully recover from it's early
weakness. Business was moderately
active Total sales par value $4,S90,0o0.
u. S. IS advanced n per cent on last
call.