The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1901-05-31

New York. May 2a.-There was addi-
tionally activity in the market today
and considerable strength and variety.
but the dealings were still evidently in
large part professional and the points
OF strength were somewhat scattered.
1t was noticeable. also. that proit-tak-
ing was going on in stocks which have
recently advanced under cover OF the
new points Of strength. Thus. while
Atchison. Pennsylvania, Southern Pa
cific and the Southern railway stocks
were moving upward today, the To-
bacco stocks, Lackawana. the Wabash
stocks, Erie and American Car We're
held back. although much less active
tina during the time OF their recent
advance. The strength shown during
he day seemed to be largely due u
special causes, but the favorable pro-
gress made in the London stock ex-
change settlement and the hope that
its completion will clear the way for
a growth OF confidence was q favortng
factor.
Something was made of the absence
70 Northern Pacific stock from the list
Of collateral for the new Union Pacific
convertible bonds. as indicating n PROS
pect OF a settlement of the Northern
Pacific dispute. This bond issue Is sup
posed to provide means to pay for the
Northern Pacific stock bought as well
as for the Southern Pacific, which Is in
cluded in the collateral. A clause I'm the
mortgage leaves the power unimpaired
to use the proceeds OF the mortgage for
the Northern Pacific purchase.
Union Pacific stock did not move de-
cisively, although 1t recovered we'll from
a period of withou holding
the entire recovery.
April net earnings were an element
in h fran fb 1F N -
stocks and were supplemented by other
explanations possibly to further a
speculative movement. Atchison's
statement, published previously. was a
continuing influence. The~advance in
Pennsylvania was made to appear in
sympathy with a revival OF the old ru-
mors of the union in retaliation for the
project of a wabash trunk line outlet.
The halt in the upward movement OF
Wabas and Lackawana may have
been significant III the same connection.
Southern Pacific presented q very
strong statement of net earnings and
Southern railway, Union Pacific and
st. Louis n a Francisco, also. made
good showings for April. There were
besides rumors that announcemsnt
would Don be made of large Penn&1-
vania holdings in Southern railway
and that the Chicago. Indianapolis
n Louisville has passed to the control
of the Southern railway.
Reports were current that Union Pa
cific was extending its holdings of
Southern Pacific so as to secure abso-
lutte control.
The extra dividend on Minneapolis
and st. Louis accounts for the strength
Of that stock. Pacific Malls rise was
in sympathy with Southern Pacific. The
rise in Denver and Rio Grande was un-
explained.
rI4
ernments weekly crop report and the
Unexpectedly large gold exports were
ignored. Gold engagements ran up at
one time to "a. $50, 900. They were. later.
reduced 20 So. $50. 600 to comply with in
surance requirements. In view Of the
growing ease Of the London money mar
ket and the rise in sterling exchange at
Paris the amount OF the shipment is a
surprise and can hardly be explained az
a triangular operation-that =. from
New York to Paris on eof Lon
don. There was particularly no effect
produced by the shipment OF money
on the exchange which continued firm.
The transaction calls renewed attention
to the fact recently disclosed that
New York borrowed IN Paris quite ex-
tensively at the time preparations were
making by the various banking syndi-
Gates for he series OF great eonsoiida-
tons which inaugurated the boom In
the stock market The present move
ment Of gold may very probably be In
liquidation Of obligations incurred at
that time.
There was some irregularity In
the bond market on q fair volume Of
dealings Total sales. par value. were
81. 775. 900. United States bonds were
all unchanged on he last call The TO
tai sales Of stocks today were ses, $500
shares.