The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-30
Stocks ARE MORE ICT|VE
THE PROFESSIONAL a ELEMENT,
HOWEVER, is sTuA PREDoM-
INFANT IN THE DEALINGS
NORTHERN PACING STATUS
Progress of SettIemeHrsdn London
Furnished Market All Element of
Strength-SOme Isfofit TAX.
ing In Evtdepee.
Closing.

Bar silver, New York IL MsA 81
Call money, New York ..21z-3h S-3h
NEW YORK, May 29.-Thare was ad III
tlenal activity in the market today and
considerable strength and variety, but
part professional and the points OF
strength We're somewhat scattered. 1t
was noticeable, also. that proft-taking
was going on in stocks which have re-
Gently advanced under cover of the nsw
points of strength. Thus, while AtchI-
son, Pennsylvania, Southern Pacific and
"a 4SDUthern Railway stocks were NOV
I ing upward today, the Tobacco stocks.
Lackawanna. Wabash stocks, Erie AMI
American Car We're held back, although
much less active than during the time OF
their recent advance. The strength
shown during the day seemed to De
largely due to special causes, but the IA
YorabIe progress made in the London
stock exchange settlement and the hope
that its completior Will clear the way
Tor growth of confidence was IA
voring 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 prospect of a settlement OF uhc
Northern Pacific dispute. This bond is
sue Is supposed to provide -meaEs to pay
for the Northern Pacific stock bought as
WtH as Cor the Southern Pacific, which is
included in the collateral A clause IN
the mortgage leaves the lower unimpair-
cd to use the proceeds of the mortgage
for. the Northern Pacific purchases.
Union Pacific stock did not move de-
cisiveiy although it recovered well from
a period of weakness without holding
the entire recovery. Appeal to the earn
iEgs were an element of strength IN
number of railroad stocks and were sup
plemented by other explanations, pos
Stbly to further a speculative movement.
Atchison'S statement, published previous
ly was a continuing influence. The ad-
vance in Pennsylvania was made to ap-
pear in sympathy with revival of the
ola rumors of a union IN, retaliation Tor
the project Of a Wabash trunk line OUT
let. The halt in the upward movement
of Wabash and Lacl<a wanna may have
been significant in the same connection.
Southern Pacific presented. very strong
statement of net earnings and Southern
Railway. Union Pacific &nBeSt. Louis *.
San Francisco also made good shoWings
for April. There also We're Tumors that
announcement soon would be made OF
large Pennsylvania holdings in Southern
railway and that the Chicago. Indian
apolis e Louisville has passed to the
control of the Southern Railway. Re-
ports were current thatr Union Pacific
was extending its holdings OF Southern
Pacific so as to secure absolute control.
The extra dividend in Minneapolis Il ST.
Louis accounts for the strength OF that
stock. Pacific Mails rise was in sym
PATTY With Southern Pacific. The rise
in Denver 81 Rio Grande-Was uneXpla1n-
ed The unfavorable features of the gov
ernments weekly crop report and the
unexpectedly large gold exports We're ig-
1cIeu: Godd engagements ran up at ono
time to $4,650,G]a They were later reduce
cd TO S3'S50,O00 to comply with insurance
requirements. In, view of the growing
ease Of the London money market and
the rise in sterling exchange at Paris,
the amount of the shipment is a sur
Prise and can hardly be explained, as
triangular operation 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 ex-
change market which continued firm
bond market on a fair volume of dealings.
fetal sales, par value, $2,775,O0O United
States bonds were all unchanged on tho
last call
STOCKS.
Furnished by Charles II. r. Smith &
Co., members of the New York Stock
Exchange, Pioneer Press building who
have direct wires to Chicago and New
York. Closing prices are bid.