The Savannah morning news., 1901-05-30
STOCKS AND BONDS.
Market Closes without ANY Great
Activity.

tAOipA oCAiNiAN III INC Np~hdN anu
considerable strength and variety, but the
dealings were still evidently in large part
professional, and the points of strength
were somewhat scattered. 1t was notice.
able, also, that profit-taking was going
on in stocks which have recently advanced
under cover of the new points of strength.
Thus while Atehison, Pennsylvania
Southern Pacific and the Southern Rail-
way stocks were moving upward to-day
she tobacco stocks, Lackawanna, the
Wabash stocks, Erie and American Car
were held back. although much less ac-
tive than during the time of their recent
advance.
The strength shown during the day
seemed to be largely due 10 special
causes, but the favors Bile progress made
in the London Stock Exchange settlement
and the hope that its completion will clear
the way for a growth of confidence was
a faVoring factor. Something was made
of the absence of Northern Pacific stock
from the list of collateral for the new
Union Pacific convertible bonds, as indi-
eating a prospect. of settlement of the
Northern Pacid dispute. This bond is
sue is supposed 10 provide means to pay
for the Northern Pacific stock bought, as
well rs for the Southern Pacific, which
is included in the collateral. 4 clause
in the mortgage leaves the power unim-
paired to use the proceeds of the mortgage
for the Northern Pacific purchases. Union
Pacific stock did not move decisivey, al
though il recovered We'll from period of
weakness without holding the entire re-
covery. April net earnings were an ele-
ment in the strength of number of
stocks and We're supplemented by other
explanations, possibly to further a spec
ulative movement. Atchison's statement
published previously was a continuing in
fiuence. 40
The advance in Pennsylvania was made
to appear in sympathy with a revival of
the old rumors of union in retaliation
for the project OF d Wabash trunk line
outlet. The halt in the upward movement
of Wabash and LackaWapna may have
been significant in the same connection
Southern Pacific presented very strong
statement of net earnings and Southern
Railway, Union Pacific and St Louis
and San Francisco also made good show
ings for April. There were besides. ru-
mors that announcement, would soon be
made of large Pennsylvania holdings in
Southern Railway and that the Chicago,
Indianapolis and Louisville has passed
to- the control Of she Southern Railway.
Reports were current that Union Pacific
was extending its holdings of Southern
Pacific so to secure absolute control.
The extra dividend on Minneapolis and
St Louis accounts for the strength of
that stock. Pacific Mails rise was in
sympathy with Southern Pacific. The
rise in Denver and Rio Grande was un-
explained. The unfavorabe features of
the governments weekly crop report and
the Unexpectedly large gold exports were
ignored Gold engagements ran up at one
time to S4,6500O0. They were later re-
duced to So $4,000 to comply with insur-
ance requirements, In view of the grow
ing ease of the London market and the
rise in sterling exchange at Paris, the
amounts of the shipment is a surprise
and can hardly be explained as a triangu-
lar operation. that Isl from New York to
Paris, on account of London. There was
practicallY,no effect produced by the ship
ment either on the money market. which
continued easy, or the exchange market
which continued firm. The transaction
calls renewed attention to the fact re-
Gently disclosed that New York borrowed
in Paris. quite extensively at the time
preparations were making by the various
banking syndicates for the series of great
consultations which inaugura ted the
boom in the stock market The present
movement of gold may very probably be
in liquidation of obliga tons incurred at
the time.
There was some irregularity in the
bond market on a fair volume of deal
ings. Total sales par value, 81, 600
United States bonds were all unchanged
on the last call.
The total sales of stocks to-day were
$4,000 shares, including Atdl1ison, 1880;
Atchison preferred. 1880; Chicago In
dianapolis and Louisville. 1880; Delaware
Lackawanna and Western, $500; Erie, 29,-
100; Iowa Central $500; Louisville and
Nashville. 1900; Manhattan. 300; Mime
apois and ST. Louis, 1890; Missouri Pa
cifc, 500; New York Central, 5000; On
tario and Western, II, 800; Pennsylvania
31O0; Reading, l2,60O; St. Paul, 1430O;
Southern Pacific, % 100; Southern Railway,
1920; Southern Railway preferred, I6, 100;
Union Pacific, 1920, Wabash p 400:
Wabash preferred. 20,4O0; Amalgamated
Copper, 24O0; American Car and Foundry.
5000 American Tobacco, 26,1O0; Brooklyn
Rapid Transit. $500; Consolidated Gas,
$780, Continental Tobacco, 1890; Peoples
Gas. $500; Sugar 9,400; United States
Steel, $3.50; United States Steel pre-
ferred, $4,000
New York stock and Bond List.