The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-22
WALL STREET STOCKS
Aggregate Sales Fall Short of
Usual Amount
UNION PACIFIC SALES
Show a Large Falling Off on
the Market
HON PACIFIC SALES

new YORK May A--Inere was SIiu rCrs
Their decline IN activity in the stock
market today. the aggregate sales falling
to figure that has not been touched be-
fore in many months Even the dimin-
ished volume OF business was largely
centereo in a few stocks notable Union
Pacific. That stock seemed to have a
dominant influence on the whole market
and the evidence that it was supported
turned the market from the early weak
| ness in continuance OF yesterdays down
ward movement and lifted prices to
higher plane except for stocks here and
there, which cid not move in the late
trading. The dealings were almost purely
professional and even that class OF oper-
ators showed less interest than yester-
day. There is not much difficulty ex-
perienced by them in moving prices. de-
clines being easily effected on light offer
ings and advances are as easily achieved
by a smart bidding up process. The light
share of the public IN the market. how
ever. offers no medium 10 take profits
and the professionals hnd more and more
that in covering short sales or in selling
to realize on uphrcases prices are brought
back TO about where they started from.
The nature Of the business IS indicated
by the example Of several stocks today
Union Pacific was sold yesterday on re-
ports OF naddiuonal issue Of convertible
bonds to finance the Northern Pacific
confirmed that the company had applied
onaI bonds, yet Union Pacific rose ar
one time IL over last night
Missouri Pacific was weak yesterday
on the statement that the expected divi-
dend would not be declared at once; to-
day the directors met without acting on
the dividend. yet the stock rose four
points over the early low point. IN other
words. the bears OF yesterday were COW
ering ther contracts today. The buying
by railroads and capitalists 10 effect
changes in control Of various railroad sys-
TENS which was supposed 10 make up the
bulk OF the buying in the boom market
when dealings ran between 10000 and
10000 shares a day, is also inconspicuous
although rumors OF such dealings con-
tinue to play some part especially in
Union Pacific, which is credited by the
newest runors with securing an interest
in St Paul The strength OF the Toledo.
ST. Louis and Western stocks is accom-
panied by limitations about the exchange
that the buying Is for Vanderbilt ac-
count with a view 70 eliminate comped-
ton. The old story OF a consolidation
of southwestern roads was revived today
IN connection with the rally In Missouri
Pacific. The continuation OF the injunc-
ton against Amalgamated Copper merger
projects accounted for the early weakness
Of that stock American Linseed and Ma
tional Lead were strong. rather strangely,
since the absorption OF the Linseed COM
pany BY the Union Lead & oil company
is supposed to indicate increased compe-
tition for the National Lead company.
The greater ease OF money today had
some influence in the recovery Of prices.
Banks which were below their legal re-
serve by Saturdays statement apparent
" completed their recuperation yester-
day. The payments Of an installment Of
subscriptions on the Union Pacific bond
issue and on the purchase OF the RIO
Grande Western by the Denver & Rio
Grande, which were made yesterday, re-
suited in some return to the market to-
day. There were no gold engagements
today. but a quantity is expected % 10
out before the end OF the week. The
stiffness OF the London money rate nfted
the sterling rate at Paris a fraction but
any relaxation in the London meney rate
finds immediate response = decline in the
Paris sterling rate which means ship
neuts OF gold from New York 20 Paris
for London account That is to ray. Paris
money lent IN London IS called home 10
meet the exigency Of the Russian loan.
unless the London rate IS kept high
enough 20 make a Iona there more at
tractive.
Closing prices OF stocks we're as fol-
lows