The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-14
STOCK MARKET IS QUEER.
FEELING AMONG aSPECULAToRs
AND BROKERS, HOWEVER, Is
ONE OF UNCERTAINTY
UNION PACIFIC WAS STRONG
But With Few Exceptions the Bal
ance of the List Showed Weak
ness, Closing GeneraIIy
at the Lowest.
Closing.

-
Closing.
Monday. Saturday
Bar silver, New York. go. 5S1% 80 ST.
Call money New York.. So
NEW YORK, May 13.-The stock mar
ket made appreciate progress today
toward that condition of lassitude which
usually follows such a violent CONFUSION
as that of last week. This was most
notably shown in the volume of the
dealings. The feyerishness of the mar
ket and the wide extent of the fuctua-
lions showed that sentiment was still
much unsettled. but in this respect also
there was not so wide a sweep of the
pendulum. There was pretty general
upward movement at the opening which
might be sufficiently accounted for by
the feeling of great relief over the It'd
ing OF the stock exchange settlement N
London AS there was known to exist
Il large short interest in Northern Pacitlc
in that market, in addition to large de-
clnes in other Americans since the last
lest heavy loses and failures would re-
suit. The news that settlement with
the shorts on the Northern Pacific had
been arranged which would allow them
to cover at 40, was therefore an immense
relief to sentiment in New York which
was in dread OF reflex action OF re-
newed disorder in the London market.
After only a short time Union Pacific
began to absorb pretty near all the buv-
ing demand and its buoyant fight of l1Z
points began to arouse obvious uneasi-
ness among stock operators. After last
weeks experience the, first thought
aroused by any such movement is thai
another corner is in process of forma-
ton. The most conspicuous sharers Of
Union Pacific's strength were ST. Paul
and Amalgamated Copper. The former
rose points and the latter T. Mean
time, some points of weakness which had
been moderately developed early in the
Union Pacific touched f12312 the buying
demand for other stocks showed nota-
BILE decrease and was not sensibiy re-
viVed for the rest of the day. The sell
ing pressure was not severe as to vol
ume when the reaction set in, but very
wide concessions had to be made in or
der to effect sales OF even. small amounts
OF stocks. In Rock ISlan1 which Rad az
Vanced quite eagerly to IA over Friday,
there was a drop ofC3B -On the sale OF
only 100 shares There was similar weak
ness in other stocks trhese wide de-
clineS, however, dislof Sed very little
stock, Indicating the small Few comm t
mcnts for speculative account Oh the
long side. On the OTTER hand, prices
were bid up with app1fent ease wien
any effort was made to, support the mar
ket The source of the buying which
the early strength was not easy TO PEI
ceive. London was a seller in this mar
fet and there was nothing to show tn 1t
there was any renewal of bull specuIa
ton on a large scale. The mere fact OF
a higher range of prices is of obvious al
vantage in the adjustment of indebted
HISS u SINWlHS OlI VI last WSth lIOp-
bles by mere asing the value of collateral
on loans. There was doubtless some ma
nipulatiun OF prices with this end in NiaW
and the absence of liquidation sales on
the advance Facilitated the movement
The money market was free from dis
turb2nce and large repaymentS of loans
made in the crisis last week were re-
ported to have been made. The tr tnsfer
of great sums from the interior he ped
this moVenen In response to the cas-. er
condition of money there was a violent
rebound in sterling exchange, bills lis
ing to SISSY, which is near the point
where gold went out in April. The buy
ing of stocks for New York account IN
London had its principal effect on the
rate for cable transfers, The prepara-
t,re installments Of The British loan
were apparent in the foreign 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 REQUIRED after tho
various rallies, many stocks closing at
the lowest But the general opinion %
that the reaction is due to the fact that
the natural rebound after the panic hal
suend it's force asll .s4Aig,.
The bond market was generally ssror5
but not very active. Total sales, par
value $4,000, 0G0 United States new As
advanced a per cent and the 5s declined
Il per cent on the last call.
STOCKS.
Furnished by Charles II. f. Smith &
Co., members of the New York Stocl
Exchange, Pioneer Press building, who
have direct wires to Chicago and Ne"
YORK Closing prices are bid.