The daily morning journal and courier., 1901-06-01
Er,ranctal.
THE STOCK MARK EFT
Develops Quite n Buoynnt Tone.

New York, May 31.-The stock mar
 ket developed quite buoyant tone to-
 day and the activity was still further
 increased, giving the market a good
 deal the appearance that it offered dur ing the boom period The strength be- came very general during the progress
 of the day. but the effect was in part symatpethic and flowed from the con
 spicuous strength of few-of prominent
 stocks, The current conjecture in the
 street pointed to the conclusion that
 the movement of the principal stocks was due to operations by the Harri-
 man-R Rockefeller-G Gould element and to l those of the Pennsylvania railroad in
 retaliation. The advances scored in the
 London market during the holiday yes-
 terday and before trading was com
 menced here to-day gave the market a
 good start at the opening and there
 were many gains ranging between and
 ? points. After the preliminary reac-
 tion due to the selling to take profits by the buyers of Wednesday, Atchison
 moved very aggressively upwards on
 an absorption of thousand share lots During the rest of the day there were successive developments of similar movements in other stocks, notably Pennsylvania, Union Pacific, Southern Pacific, Missouri Pacific and the South ern Railway stocks. The buying of Atchison came from many sources, ap- 1,, i,, origin, but the prevalent opinion was that large part of it was for Phiadel- phia account and in the interest of the Pennsylvania railroad, A large specu- lative pool was also active in the stock and helped along the advance by man. ipulation. The buying of Southern Railway was attributed to the same source and confident predictions were heard that announcements would soon be made of Pennsylvania control of the company. The advance in Atchison reached 1-S, in the preferred 5-S, Pennsylvania 1-2, and Southern Rail- way 3 3-S as result of this buying. The movement in Union Pacific, Mis- souri Pacific, Southern Pacific and the Southwesterns generally was almost | an extreme 4 7-S, Kansas and Texas preferred 7-S, Southern Pacific 3-S and Missouri Pacific IA. The street was full of we'll defined rumors that a settlement had been agreed upon be- tween the contending interests in Northern Pacific which would result in even stronger conditions in the railroad world than known at present. This was the underlying cause of the strength in the market, but the rail- roads in the southern region responded much more notably than those in the region New York Central rose 3-4 and Baltimore and Ohio IA apparently in sympathy with Pennsyl- vania. The so-called greater Missouri Pacific project retained its full force as a factor. The decided strength of the United States Steel stocks also had a influence. There was talk of an early dividend on the common stack. It advanced 3-S and the pre- ferred 5-S Amalgamated Copper rose nearly points in spite of the reported | formation of an opposition corporation. l The combina ton of the opposition was said to be preliminary to it's absorption oy the Amalgamated company The stock reacted later and closed with net gain Ce less than points. There were gains of from to 1-2 in a num- Der of other industrials, Evansville and Terre Haute rose z 1-2, Des Moines md Fort Dodge 1-2 and Twin City Rapid Transit 3 1-2. Preliminary estimates Of the bank statement indi- ate that the inflow of cash from the interior has more than offset the losses " the banks to the sub-treasury, which include the payments to the assay of ice for the gold bars exported. The market closed active and strong at a ally from late reaction and with many stocks at the top. The bond mar ret shared in the strength of the stock market or considerable volume of dealings. Total sales. par value, $4,- 15O00.
 United States refunding twos ad- anced IA per cent on the last call.
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