The age-herald., 1901-05-30
MUCH ACTIVITY
 IN STOCK MARKET Outsiders Are Still Keeping Off
 the Floor PROFIT TAKING GOING ON Strength Shown Yesterday Seemed To Be Largely Due To Special Causes. Union Pacific Extending Its
 Holdings in Sou. Pacific. 
PROFIT TAKING GOING ON

New York, May 2s.-There was addi- tional 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 It was noticeable also that profit taking was going on in stocks which have re- gently advanced under cover of the new points of strength. This while Atchison, Pennsylvania. Southern Pacific and the Southern Railway stocks were moving upward today, the tobacco stocks, Lackawanna, Wabash stocks, Erie and American Car were held back, although much less active than during the time of 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 that the hope that its completion will clear the way for a growth of conf dence was a favoring factor. Some thing was made of the absence of Union Pacific stock for collateral for the new Union Pacific convertible bonds as indi- eating a prospect of a settlement of the Northern Pacific dispute. This bond is- sue is supposed to provide means to pay for the Northern Pacific bought, as well as for the Southern Pacific which Is in- cluded in the collateral. clause in the mortgage leaves the power unimpaired to use the proceeds of the mortgage for the Northern Pacific purchases. Union Pa cifie stock did not move decisively, al- though it recovered well from period of weakness without holding the entire recovery. April net earnings were supplemented by other explanations, pos sibly to further speculative movement. Atchison's statement published pre- viously was a continuing influence.
 Tho advance in Pennsylvania was made to appear in sympathy with reViVal of the old rumors of a union in retalia- tion for the project of a Wabash and Lackawanna may have been significant in the same connection. Southern Pacihc 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 are also rumors that announcement would soon be made of large Pennsylvania hold ings in Southern Railway and that the Chicago, Indianapolis and Louisville has passed to the control of the Southern Railway.
 Reports were current that Union Pacific was extending it's holdings of Southen Pacific so as to secure absolute control. The extra dividend on Minneapolis and St. Louis accounts for the strength of that stock Pacific Mails rise was in sympathy with Southern Pacific. The rise In Denver and R. G. was unexpected. The favorable feature of the governments 8 weekly crop report and the unexpectedly large gold exports were ignored. Gold engagements ran up at one time to $10,- 600000. They were later reduced to $3,- 9o0,00c to comply with insurance eerequire- ments In view of the grawing ease of the London money market and the rise in sterling exchange at Paris the amount of shipment Is a surprise and can hardly be explained as a triangular operation; that is from New York to Paris on ac- count of London. There was practically no effect produced by the shipment eith- er on the money market, which continued easy or the exchange market which con tinued firm. The transaction calls renew ed attention to the fact recently dis closed that New York borrowed in Paris quite extensively at the time prepara- tions were making by the various bank ing syndicates for the series of great con solicitations which inaugurated the boom in the stock market. The present move ment of gold may very probable be in liquidation of obligations incurred at that time. There was some irregularity in the bond market on fair volume of dealings. Total sales, par value, $2,775,000 United States bonds were all unchanged on the last call