The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-05-22
STOCK MARKET LISTLESS.
Aggregate Sales Were Less Than For
Many Months.
UNION PACIFIC DOMINATED THE MARKET
Professionals Find Little Difficulty IN
Moving Prices Up or Down--Pub-
lie Holding OF.

New York. May 21.--There was sun
further decline in activity In the STOCK
market today, the aggregate sales talins
10 figure that has not been toucneu
before in many months. Even the dmin'
Ished volume Of business was largely cen
tered in few stocks. notably Union fa'
cine THAT stock was said 10 have doml-
nant influence on the whole marke- ana
the evidence that It was supported turned
the market from the early weakness W
consequence of yesterdays downwaru
movement and lifted prices Ia higher
plane, except for stock here ana there
which did not move In the late trading
The dealings were almost purely profes-
slonal and even that class % operators
showed less interest than yesterday. There
Is not much difficulty experienced by thcm
in moving prices. declines being easily
effected IN light offerings and advances
are as easily achieved by smart Dih-
ding IN process The light share of the
public in the market, however. offers no
medium to take profits and the profes-
sionals md more and more that In Gov
rrng short sales or i'll selling TO reIlLe
on purchases, prices are hnck TO Mno ~
whore they started from. The nature OF
the business Is indicated by the example
Of several stocks today. Union P9clnc
was sold Yesterday on an additional Issue
of convertible bonds 10 finance the North
crn Pacific stock purchase. Today the
fact was confirmed that the company had
applied to the stock exchange to llst Tue
additional bonds. yet Union racine rose
AT one time AZ over last night Missouri
Pacihc was weak Yesterday on the state
mcnt that the expected dividend would be
declared at once. To-day the directors
met without acting on the dividend yet
the stock rose points over the early low
points In other words, the hears Of yes
terday were covering their contracts To-
day. Tho buying by railways and capital
lists to effect changes In control or various
systems which was supposed to make up
the bulk Of the buying In the hoom mar,
ket when dealings ran between 2,0000O
and 100000 shares day is also con
spicuous. although rumors of such deal
In Union Pacific, which is credited by the
newspapers with acquiring an interest IN
st. Paul The selling of Toledo. ~ Louis
and Western stock is accompanied Nv
rumors that the huying is for Vanderbilt
people with a view TO eliminate cnmpeu-
ZION. The old stony Of consolidation or
| Southwestern roads was revived today IN
| connection with the rally in Missouri Pa
clhc. The continuation Of the Injunction
against Amalgamatcd Copper's merger pro,
iccts accounted for the early weakness "
that stock American Tuseed and Nation
al Lead were coincidentally strong: rather
strangely. since the absorption Of the Lin.
seed company bv the Union. Lead and
oil company is supposed to indicate In.
creased competition for the National Lead
company. The greater ease Of money to-
day had some influence in the recovery
of prices Banks which were below their
legal reserve by Saturdays statement APP
poreutly completed their recuperation yes.
tcrday, The payments Of an nstallment
of subscriptions on the Union Pacific bond
issue and on the purchase of the Rio
Grande Western by the Denver. which
was made Yesterday resulted in some re-
turn 10 the market today. There were
no gold engagements today. hut quaint.
~ Is expected 30 go ont before the end
of the week. The stiffness of the London
money rate lifted the sterling rate at
Paris a fraction, hut any relaxation in the
money rate finds immediate response In
declin" In the Paris sterling rate. which
means shipments of gold from New York
70 Paris for London account. This is to
say Paris money lent In London Is called
home to meet the eXigcncieS Of the Rus
sian loan unless the London rate is kept
high enough to make loan there moro
attractive.
Tho bond market was dull and Inclined
to weakness cary hut showed some We
covcry later In sympathy with stocks. To.
tai sales, par value So, 100000