The times., 1901-06-01
AN INCREASE In ACTIVITY
The Stock Market Becomes Buoy
ant in Many Instances.

A Demand for Americans in London
the Cue for the New York Dealings
-The AtchIsen Issue Conspicuous
Strength in the Industri"ls'
NEW YORK, May 31--There was ma
terial increase in respect of activity in to-
dav,s market in comparison with those of
the last fortnight and a firm tone was
common The dealings in many stocks,
indeed. reached a pitch which might be
described as buoyant-
Superficially the market derived its cue
from London. where American stocks
were shown at pronounced advances over
the holiday. the gains in several cases
being in excess Of two points above parity
with Wednesdays final figures. The deal
ings in American stocks in London, fur
thermore. were in unusually large volume
with active buying reported both from
this side and the Continent With the
course of the morning foreign houses
dealt heavily in the local market, and on
balance were purchasers OF upward OF
50,Oe0 shares
Cable advices set forth that the chief
cause for the tendencies displayed in the
American quarter OF the London market
was the conviction based uDon intima'
BILE settlement Of the controversy grow
ing out Of the Northern Pacific matter
was in process Of arrangement with every
hope Of success. Reports of she same
kind were likewise current. and with
similar effect in the local market. There
was otherwise substantially nothing that
was new to engage attention
Notwithstanding the weeks exports of
gold, the preliminary estimates of the
known movements of money during the
week indicated that the associated banks
had more than held their own in the
meantime, hence it was generally ex-
pected that there would be another
strong bank return tomorrow. Few inn
portant statements of railway traffic
were submitted. Sterling exchange con-
tinued firm, but no further engagements
of gold for export were undertaken.
Trading was not only on a more active
scale than it has been for some time, but
interest was unusually well diversified,
although still centring in the main on
the railway list. The conspicuous features
there were the Atchison issues, Penn
sylvania, Missouri Pacific, the Wabash
securities, Southern Railway common
and preferred and the Fries. The par
ticularly extensive advance in Atchison
was again. attended by reports that the
control OF the road is being sought in
the interest of the Pennsylvania, but it
was pointed out, on the other hand. that
the now virtually assured prospects for
an enormous cSop along the companys
lines guaranteed q further protTacted
period of prosperity for the Atchison
system.
The strength of Pennsylvania, how
ever, was accepted in the street as giving
some color of truth to the rumors in
question No other news or gossip at
tended the pronounced strength in the
Southern Railway shares or the other
stocks cited.
The industrial quarter was generally
strong, the United States Steel issues
being the feature. The common and pre-
ferred advanced rapidly on very heavy
dealings, but there was nothing, apart
from dividend expectations, to be cited
in connection with the movements in
these securities. Other strong features
were American Smelling. the Tobacco
stocks. Glucose Sugar Refining, and IN
ternational Paper preferred
The so-called specialties showed some
activity, notably in General Electric
Anlalgamated Copper, Tennessee Coal
and Iron and Colorado Fuel and Iron.
Consolidated Gas was steady, although
only the regular dividend was declared
at tOday's meeting of the directors. and
Peoples Gas continued firm. The local
traction issues were again rather in
active but were firm in sympathy with
the general market