The daily morning journal and courier., 1901-05-30
Et,rancial.
THE STOCK M4RKE EFT
Additional Strength and Activity,

Die strength and variety. But tht dealings were still evidently in large part professional and the points o strength were somewhat scattered. Il was noticeable also that profit taking was going on in stocks which have re- gently advanced under cover of the new points of strength. Thus while Atchi- son, Pennsylvania, Southern Pacific and the Southern Railway stocks were nov ing upwards to-day the tobacco stocks Lackawanna, the Wabash stocks, Erie American Car were held back, although much less active than during the time or their recent advance. The strength shown during the day seemed to be largely due to special causes, but the favorable progress made in the London stock exchange settlement and the hope that it's completion will clear the way for q growth of confidence was a fa- voring factor. Something was made of the absence of Northern Pacific stock from the list of collateral for the new
 
 dicating q prospect of a settlement of the Northern Pacific dispute. This bonds issue Is supposed to provide means to pay for the Northern Pacific stock bought as well as for the South ern Pacific which IS included in the col lateral. A clause in the mortgage leaves the power unimpaired to use the proceeds of the mortgage for the North- ern Pacific purchases. Union Pacific stock did not move decisively although it recovered well from a period of ewakness without holding the entire re- covery. April net earnings were an ele- ment in the strength of a number of railroad stocks and were supplemented by other explanations, possibly to fur ther speculative movement. Atchi- soh's statement published previously was continuing influence. The ad- vance in Pennsylvania was made to ap- pear in sympathy with a revival of the old rumors of union in retaliation for the project of a Wabash trunk line out let. The halt in the upward movement of Wabash and Lackawanna 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 showings for April. There were besides rumors that announcement would soon be made of large Pennsyl- vania holdings in South Railway and that Chicago, Indianapolis and Louisville had passed to the control of Southern Railway Reports were cur rent that Union Pacific was extending its holdings of Southern Pacific so as to secure absolute control The extra div idend on Minneapolis and St. Louis &C., counts for the strength of that stock. Pacific Mails rise was in sympathy with Southern Pacific. The rise in Dem yer and Rio Grande was unexplained. The unfavorable features of the gov- ernment's weekly crop report and the unexpectedly large gold exports were ignored. Gold engagements ran up at one time to $4,65O00o. They were later reduced to $3,950,000 to comply with in- surance requirements. In view of the growing ease of the London money market and the rise in sterling ex- change at Paris the amount of the ship ment is surprise, and can hardly be explained as triangular opertion, that is from New York to Paris on account of London There was practically no effect produced by the shipment either on the money market, which continued easy, or the exchange market, which continued firm. The transaction calls renewed attention to the fact recently disclosed that New York borrowed in Paris quite extensively at the time were making by the va rious banking syndicates for the series of great consultations which inaugur- ated the boom in the stock market The present movement of gold may very be in liquidati tion of obligations incurred at that time t
 There was some irregularity in the bond market on a fair volume of deal- ings. Total sales, par value, $2,775. 900. 1
 United States bonds were unchanged on the last call.
 closing Prices. .yvf