The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-25
DEALINGS JUST BEFORE THE Ex-
CHANGE CLOSED ALI. THAT
SAVED THE DAY
PRICE TENDENCY DOWNWARD
Tobacco Stocks One; Point of In
terest i'm a Market That Was
Well Nigh Wholly
Professional.

NEW YORK, May PA final squirt of
activity and strength in the stock market
Was all that saved the day from being
the duilest- in the amount Of business
done since the November election AS
1t was, business was well down towards
the minimum, and was besides largely
congested in a few stocks. The Tobacco
stocks, American and Continental were
the feature of the market. The volume
of business in them grew as the ad-
vance progressed, ana. all of the room
traders, hungry for stock that would
move aSily tailed onto the covemenL
By bidding up prices smartly, they ascer-
tanned that very few sell -ng orders for the
stock were in the market above the pre-
VaiIing price level.
These technical conditions were reSpon-
sihle for the movements of the stocks so
far as any news that was published
would indicate. Something is made of
the fact that the new tobacco company
| which is being organized has representa-
tiVes in it who organized an opposition
company once before which was alb
sorbed III a short time by the American
company. The days gain registered for
American Tobacco was points, and for
Continental Tobacco A. The final
strength Of the market was due to this
! movement and to the late accentuatfon
of strength in other stocks which had
shown signs of steadiness earlier in the
day. The weak points We're also pulled
up so that the losses, which were at one
time very general were either wiped out
Fries, the Wabashes, Missouri Pacific
and Atchison were good points Of resist
ance all day. The story persisted that
efforts were making TO secure a trunk
line outlet for the Gould Southwestern
railroads and Wabash; that the great
! trunk line proprietors had protested
against this project, and that 1t had been
threatened that Atchison would be alb
sorbed by the Pennsylvania in retaIfa-
ton. This story and it's variations will
be found closely related to whatever
strength was shown in the days market.
The movement of Union Pacific was q
notable influence on the whole market,
its break to IS being the principal factor
in the early weakness of the market and
! Its recovery at the close relieving the
! depression. The forecast of a strong
| ton III cash by the banks of nearly S. Coo
goo, was revivifying- influence, although
there has been no lack of money to loan.
! The fact that no, 1urtheE gold was en-
gagged for export was also strengthen
| Ing factor, not only for it's imnned ate
| bearing upon the situation, but in its
| larger significance as Indicating a reiaxa-
tiCn IN the whole foreign rooney situa-
| ton. Yesterdays large purchase of new
/ Iy arrived gold in the open market in
London by the Bank of England was the
signal that the pressure for gold at con-
tlnental centerS had relaxed; that the re-
qu1rements in Paris for the Russian loan
had been satisfied and that the country
was free to recuperate its money mar
ket ana, prepare for some large future
needs. This is a notable relief to the
whole financial world; and is Incidental
ly a striking testimony to the strong po-
sition of the Bank of Franco. which has
been able to provide for. the >rssian loan
with much lighter reeour. han was
expected to the foreign credits of the
Paris money market. The cessation OF
the urgent demand for Northern Pacific
also relieved apprehensions The result
was an active and firm close In the stock
market after day of feeble and desul-
tory fluctuations
The bond market was irregular and
only moderately active. Total sales. par
value, S4,!sG, 600. United States new As
l. advanced Il per cent on the last call.
STOCKS
Furnished by Charles H. F. Smith &
Co.,, members of the New York Stool
Exchange, Pioneer Press building, whC
nave direct wires to Chicago and New
York Closing prices are bid,