The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-16
STOCKS AND BONDS.

New York. May 15.-The stock market
showed emphatic symptoms of relief late
today and recovered vigorously 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 a fairly sensational
manner. the losses from last nights level
extending from 10 10 points in a large
number Of important stocks. Northwest
had lost 81 General Electric 93f, Cleve-
land, Cincinnati, Chicago and st. Louis
rs; Lake Erie and Western z; Union Pa
ci7c and Missouri Pacific 614: Consolidated
Gas, 8; Delaware and Hudson 81. New
York. Chicago and st. Louis second pre-
ferred and American Tobacco 5; Anal
gamated Copper SIS. Denver and Rio
Grande ~, Louisville, Manhattan and
Peoples Gas ga and many other Of the
standard railroad stocks as much as
points. The level net gains at the high
est is the more remarkable considering
the acute weakness, earlier in the day
They reached IN Rock Island points, St
Paul 524c, Atchison AZ, Burlington AZ
Baltimore and Ohio 35sc while the net
gains as a rule were all the way from
fraction up 10 points. These gains
were only slightly yielded at the last,
which was firm and active at about the
top. The strong recovery sees puzzling
the early market. The progress of the
liquidation which amused the early weak
ness was in itself an immense relief to
the situation. It gave growing assur-
ance Of the sOlvency Of the stock eX-
change 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 over
hung the market yesterday. The more Of
il that was accomplished the less remain
ed tc do. The fact began TO grow clearer
also that speculative accounts in the
stock market itself were all that had been
affixed by last weeks slump. There re-
NAMED some holders with borrowed
funds whose loans were not sufficient 10
protect their holdings by additional Sc
curities or TO take them up outright. The
selling out OF this class was still in evi-
dence this morning and no effective sup
port was I'm the market to help them. The
opening gains in sympathy with the high
er prices in London were quickly wiped
ont by this continued liquidation The
selling came at spasmodic intervals and
for the greater part Of the day no effec-
tive buving was evident. on the sue
cessive down grades there were some buy
ing orders met but they did not follow
up till the last rally set in. When Il be-
came evident that the urgent liquidation
nlt spent us FORCES there was "A lcAl tt re-
serve force behind the rally. the buying
orders grew In volume and in fact were
LARGEST at about the top level. The an
Of gold exports 70 the extent
of 200 90 and the weekly crop bulletin
Of the government weather bureau re-
ported early depression. So did the rather
alarrnist reports IS TO the outcome Of pay
day today in the London stock exchange /
settlement There was a call yesterday
for the payment Of ID per cent Of the 80
9o0 o30 underwriting subscription for the
purchase and next Monday
there fails due - per cent fnstalinent
on the Union Pacific bond subscription, /
which VIII necessitate provisions for
about sl0.o1loo But these Developments !
were principally sentimental as the mon
ey market shows growing ease with che
progress of the stock market liCuidations.
The prospecrus Of the Russian loan issued |
IN Paris today and providing Tor sub
scription by installments gives some as
surancs against money market pressure !
on that account Shere was a perceptiele !
growth Of confidence also that the hostil- |
ties precipitatcd IN the struggle for con
troll OF Northern Pacific would be 81 some !
manner adjusted. With the relaxation OF I
The liquidation K was comparatively easy /
for friends Of stocks 10 bid M their prices (
aeain without encountering important I
selling and the late recovery was largely 4
due in its early stages 10 pure manipula- I
ton Of this kind.
The bond market did not fully recover /
from its early weakness Business was 4
active. Total sales par value (
&. 81 0lo.