The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-05-17
New York stock Market

New York, May 15.-The stock mar
ket showed emphatic symptoms of re-
lief late today and ecovere 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 a declined in a
fairly sensational manner the losses
from last nights level extending from
3 to 10 points in a large number of i'm
portant stocks.
The level of net gains at the highest
is the more remarkable. considering the
acute weakness earlier in the day.
They reached in Rock Island z points,
st. Paul 81, Atchison Az, Burlington
Az, Baltimore and Ohio 3as, while the
net gains as a rule were all the way
from a fraction up to 3 points. These
gains were only slightly yielded at the
close, which was firm n active al
about the top.
This strong ~recover seems puZzling
in face Of the extreme sensitiveness of
the early market. The progress of
liquidation which caused the early
weakness was in itself an immense re-
lief to the situation. 1t gave growing
assurance Of the solvency of stock ex-
change houses who were emerging
from any dangers that may have beset
them by the rapid conversion of their
into cash assets. 1t was the
fear that this could not be safely done
which the market yesterday.
The more of 1T that was accomplished
the less remained TO do. The fact be-
gan to grow clearer also that specula-
tive accounts in the stock market itself
were all that had been affected by last
weeks slump.
There remains some holders with
borrowed funds whose loans were not
sufficient to protect their holdings by
additional security or to take them up
outright. 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 selling came at spas
modic intervals and for the greater
part of the day no effective buying was
evident. On the successive down
grades there were some buying orders
met, but they did MOI follow the market
upward until the last rally set in.
When Ii became evident that the urgent
liquidation had spent its force and that
there was a large reserve force behind
the rally, the buying orders grew In
volume and in fact were largest about
the top level.
The announcement of gold exports to
the extent Of 81, 200, 900 and the weekly
crop bulletin of the government wealth
er bureau reporting the growth of the
crops retarded by the unreasonable
weather helped the early depression:
! SO did the rather alarmist reports as TO
the outcome of payday today I'm the
London stock exchange settlement.
There was a call yesterday for the pay
ment Of 10 per cent. OF the $50. 000, 900
underwriting subscription for the Bur-
lington purchase n next Monday
| there falls due a 25 per cent. INSTALL
| ment on the Unio Pacific bond SUBJ
scription which will necessitate provfs-
ion for about $40, 000, 900; but these de-
velopments were principally sentimenS
tai, as the money market shows grow
ing ease with the progress Of the stock
market liquidation.
The prospectus Of the Russian loan
issued in Paris today m providing for
subscription by insta1lments gives some
assurance against none 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 Paciic
would in some be adjusted.
With the relaxation of the LIQUIDATION
1t was comparatively easy for friends
Of stocks to build up their prices again
without encouraging important selling
the late recovery was largely due
In Its early stages to pure manipula-
ton of this kind.
The bond market did not fully re-
cove from its early weakness. Bust
ness was moderately active. Total
sales. par value, were 81 $50. 900. Unit
ed States SIS advanced Y per cent. on
last call. The total sales of stocks
day were 1.4s3. 600 shares.