The Saint Paul globe., 1900-05-17
BULL MOVE IN STOCKS
3trF
RAILROADS MADE. A DEMON
sTRATIoN or PERSISTENT
STRENGTH ALL DAY
WESTERN ROADS EASILY LED
Steel Stocks All Rebounded on Cow
erinE by Shorts and Denial
of Reports OF Shut
downs.
WESTERN ROADS. EASILY LED

NEW YORK, May 16.-Stocks of rail-
road companies made a demonstration of
persistent strength in the stock market
today. Whatever unfavorable factors de-
veloped during the day were ignored or
their influence resisted, and the resulting
declines overcome. The bear element was
so far impressed by the show of strength
that they retired from the field before
the day was over and did not repeat
yesterdays maneuVer of fierce raid on
the industrial quarter, which on that Gc-
caSion upset the market i'll the last fif-
teen minutes of the trading. The market
showed itself much less sensitive than
for some time past to depressing in
f1uenee and.the, close was distinctly iirIn
at about the best level of the day.
The stocks of Western roads were east
ly the leaders in the movement, and the
buying was attributed to Western ac-
count, as for several days past This
Western buying is believed in Wall street
to be covering an outstanding short inter-
est. prompted by the good crop weather
and the favorable conditions in the winter
wheat belt. The leadership of the move
ment shifted from Burlington to Atchi-
son pfd., which scored a clean net gain
of points. The approach of the divi-
dend meeting and the circulation of 1'u-
mors that the stock would be placed en-
5-per-cent basis was used with effect
Burlington continued aggreSsively strong
and scored an advance of IA in spite of
den1aIS of the recent rumOrs that a re-
funding plan was about to be announced.
Northern Pacific gained as much, and
the strength of these stocks affected the
other PacificS and ultimately the trunk
lines, which rose to 1SI112 points.
The steel stocks all1 rebounded sharply
on covering by shorts and official denials
OF assertions that general shut-downs
were imminent on account of prospective
demands for increase of wages The ear
ly weakness of Sugar, Peoples Gas, To-
pacco and other induStrials was met by
denials of various rumors which accom-
panied the decline. ;fSeeoveries ensued on
the demand from the bears caught short.
Besides this weakness rin the industrial
list, the market had to contend with the
announcement of gold engagements for
export tomorrow fully 81, ,0O0,000 in exc ess
of the preliminary estimate. Tomorrow S
shipments foot up fully $5,150000 for
France: The fact that's large a ship
ment should be made in face of the con-
siderable decline in discount rates in
Europe aroused some uneasiness lest the
apparent ease of money-abroad was Icti-
tious and unstable But the continued
ease of money here relieved this appre-
henSion. Call loan rates fell to ~ per
cent, and the gains by the banks from
the sub-treasury and on the interior
movement of currency will evidently ef
feet the gold export. Although the ad-
vance In stocks was generally wiped out
when the gold engagements were an
nounced, the upward movement was re-
Sumed upon further consideration of the
circumstances 1t is the conviction in Wall
street that only a small amount of any
gold can be shipped to London on Satur-
days steamers under present conditions.
Today's session was without rhe sus-
tanning factor of the recent strength in
Missouri Pacific, that stock dropping at
one time points on the request to stock
holders to authorize additional capital to
the extent of S17,000,0G0 The stock partly
recovered on the explanation that the
new issue must be reserved for retire
ment of debenture bonds.
The bond market was dull and only
partly shared in the strength of stocks.
otal sales, par value. 81 185 900. United
the IS Is in the bid price.
STOCK QUOTATIONS.
Furnished by Charles II. F. Smith &c
Co, members of the Negr York Stock ex-
change. Pioneer Press b ing. who have
Closing prices are bid: