The times., 1901-06-15
TIE RAILWAY LIST ACTIVE
Influenced by the Strength of Union
Pacific and st, Paul.
Grangcrs Firm on Favorable Crop
Reports From Kansas a BetteT
Tone in United states SteeI-Some
Heavy Buying From London.


Reports From Kansas a BETTER
Tone in United states steel-Some
Heavy Buying From London
NEW YORK. June 1.-THE stock mar
ket conditions today varied very little
from those prevailing yesterday. The pro
nounced strength Of Union Pacific and St
Paul influenced favorably practically the
entire railway list. and was the main
feature in that quarter OF the market.
Reports were current today which ap-
peared to be well substantiated that Il
very large interest in St. Paul common
stock had been disposed Of and it was
the general opinion that the stock had
been acquired in the interest Of the Union
Pacific Railroad. The special Inducements
through which the transaction was ef-
fected were not made public. and it may
be that there will be no general informa-
ton on the subject prior to the annual
meeting of the St. Paul stockholders
later on in the year Evidently, however,
some new railway combinations. far be
yond the scope Of anything which Wall
Street has heretofore conceived, are being
undertaken. and the ideas to this effect
were a material influence in shaping the
course Of prices.
Some OF the strong features of the rail-
way list We're the Atchison issues. which
advanced in connection with the eXcvp-
tionally encouraging agricultural outlook
in Kansas. Missouri Pacific. and South
ern Pacific, the advance in the lat
ter being apparently in sympathy with
the rise in Union Pacific The Reading
and Erie issues were decidedly strong on
the expected advance in the selling prices
for anthracite coal on July /. No other
80
in the railway list.
The local traction shares. after opening
strong, became rather reactionary, but no
particular gossip was current in connoc-
tion with their course.
The movements in the industrial quarter
as a rule We're limited Heavy and con-
centrated buying was noted in the United
States Steel stocks. which showed a much
stronger tone than they have done in
number OF days Apparently a much
clearer notion existed in regard to the
status of the property as likely TO be af-
fected by recent transactions in Penn
sylvania Steel. The most striking move
ments in the market took place in the
specially quarter There was further
fairly sational advance in Colorado
Fuel and Iron and sharp sympathetic ad-
Vances in Tennessee Coal and Iron and
the Republic Steel and Sloss-Sheffield is
sues. Rur1ors of a genera. combination
between these companies were revived,
probably IN connection with the strength
of the stocks. but nothing that was def
mite in confirmation OF the reports could
be ascertained.
Other substantial advances among the
specialties were noted in Western Union,
Amalgamated Copper, Consolidated Gas
and Peoples Gas The last named was
strong. presumably on account OF the
early retirement from legislative activity
of the Chicago city council.
London took an active part in todays
market. and foreign houses traded in
about 5000 shares of stock here. Selling
orders appeared 10 predominate. although
on balance the foreign dealings did not
amount to much in view Of their magni-
tude
The market was unaffected by the ap-
paTently common expectations that to-
morrow's bank statement would make an
unfavOrable showing. 1t seemed 10 be
generally recognized that the abnormal
increase in the loan account in last week 5
statement reflected nothing more than a
number Of special transactions, so the
opinion prevailed that in the event of a
similar showing this week a Ike eXpla-
nation could be applied. Railway traf-
fc returns and the weather reports from
the Western States We're alike extremely
favorable exhibits. The dealings cOntinu-
ed in fairly large volume and were well
distributed.