The Montgomery advertiser., 1901-05-14
WALL STREET REVIEW
APPRECIABLEl PROGRESS TO.
 WARD LASSITUDE.
News of Settlement of the Northern Pacific Shorts in London Acted as Tonic to New York
 Market.

NEW YORK. May 13.-The stock mar het made appreciable progress toward that condition of lassitude which usu- hy ahy, Ioiiows such violent convulsion as that or last week. This was most notably shown Tn the volume of the dealings The 1everishness of the market and the wide extent of the fluctuations showed that sentiment was still much unsettled, but m tnis respect also there was not so wide sweep of the pendulum. There was a
 pretty general upward movement at the
 opening, which might be sufficiently ac-
 counted Tor by the feeling of great relief over tidings of the Stock Exchange >set-
 tiement in London. As there was known
 to exist large short interest in North ern Pacific in the London market in ad-
 dition to large declines in other Ameri- cans since the last settlement, there was much uneasiness lest heavy losses and failures should result. The news that a settlement with the shorts in Northern Pacific had been arranged which would allow them to cover at 140 was therefore an immense relief to sentiment in New
 York. which was in dread of a reflex ac-
 tion of renewed disorder in the London market. After only short time Union Pacific began to absorb pretty much all the buying, demand, and it's buoyant flight of 11A points began to arouse obvi- ous uneasiness among stock operators.
 After last weeks experience the shorts
 were aroued by any such movement as another corner Is in process of forma- ton. The most conspicuous sharers of Union Pacifics strength were St. Paul and algamated Copper. The former time some points of weakness, which had
 been moderately developed early in the day, began to spread. When Union Pa cific touched 123ls the buying demand for other stocks showed a notable decrease and were not sensibly revived for the rest of the day. The selling pressure was not severe to volume when the reac- tion set h. but very wide concessions had fO he m ad dc in order n effect GalaS nf small amounts of stocks. In Rock Island,
 which had advanced quite eagerly to 11s over Friday, there was a drop, of 3B on the sale of only 100 shares. There was wide, declines. however. dislodged very
 little stock. indicating the small new commitments for speculative account on the long side. On the other hand prices
 were bid up with apparent ease when of fers were made to support the market. The source of the buying which the early strength showed was not easy to perceive. London was a seller in this market and | there was nothing to show that there was any renewal of bull speculation on ! large scale. The mere fact of higher range of prices Is of obvious advantage | in the adjusting of indebtedness growing out of last weeks troubles by increasing
 the value of collateral on loans. There was doubtless some manipulation or 1 prices with this end in view and the ab- 1 sence of lquidating sales on the advance
 
 | market was free from disturbance and | the regular payments of loans made in l the crisis last week were reported to | have been made. The transfer of great
 sums from the interior helped this move ment. In response to the easier condition | of money there was violent rebound In
 sterling exchange, demand bills rising to
 4.sS1s, which Is near the point at which
 gold went out in April. The buying of ! stocks for New York account in London 1 had its principal effect on the rate for
 cable transfers. The preparation for the Russian loan and for the future install
 ments of the British loan were apparent
 in the foreign money markets and also ! affected the exchange market. The | strength of exchange may have had to do with the later weakness in the stock | market. which recurred after the various
 rallies, many stocks closing at the low
 est. But the general opinion is that the
 reaction Is due to the fact that the na- tural rebound after the panic has spent
 its force. -
 The bond market was generally strong
 yaiueJ. S5.oO00oO United States new ft l advanced A per cent and the 5s declined | A per cent. on the last call.