The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1901-05-30
WALL STREET STOCKS
Market Active but LaCkawan-
ma Held Back
LONDON MARKET EASY
Indication of Betterment in
Northern Pacific Dispute.

New York, May 9.-There was add
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. II
was noticeable also that proht-tsking was
going or in stocks which have recently
advanced under cover OF the new points
OF strength. Thus. while Atchison, Penn
sylvania, Southern Pacific and the South
ern Railway stocks were going upward
today the Tobacco stocks. Lackawanna.
Wabash stocks, Erie and American Car
were held hack. although much less &C
tive than during the time of their recent
advance. The strength shown during the
day seemed TO be largely due 10 special
causes, but the favorable progress made
in the London stock exchange settlement
and the hope that its completion viii
clear the way for a growth of confidence
was a Savoring factor. Something was
made Of the absence OF Northern Pacific
stock from the list OF collateral for the
new Union Pacific convertible bonds as
indicating a prospect OF a settlement Of
the Northern Pacific dispute. This bond
issue is supposed 10 provide means 70
pay for the Northern Pacific stock bought
as well as for the Southern Pacific which
is included in the collateral A clause IN
the mortgage leaves the power unim-
paired 20 use the proceeds OF the mort
gage for the Northern Pacific purchases.
Union Pacific stock did not move decisive
", although It recovered well from a
period Of weakness without holding the
entire recovery. April net earnings we're
an element in the strength OF a number
of railroad stocks. and were supplement-
ed by other explanations possibly 70
further a speculative movement Atchi-
sons statement published previously was
a continuing influence. The advance In
Pennsylvania was made 10 appear in
sympathy with revival or the old ru-
mors OF 4 union in retaliation for the
project OF a Wabash trunk line outlet
The halt in the upward movement OF
Wabash and LackaWanna may have been
significant in the same connection
Southern Pacific presented a very strong
statement of net earnings. and Southern
Railway, Union Pacific and 81. Louis and
San Francisco also made good showings
for April. There also were rumOrs that
announcement soon would be made Of
large Pennsylvania holdings in Southern
Railway, and that the Chicago. Indianap-
Oils and Louisville has passed to the con-
troll Of the Southern railway. Reports
were current that Union Pacific was ex-
so as to secure absolute control. The
extra dividend on Minneapolis and st.
Louis accounts for the strength of that
stock Pacific Nails rise was in sympa-
thy with Southern Pacific. The rise in
Denver and Rio Grande was unexplain-
ed. The unfsvorable features Of the gov
ernment's weekly crop report and the
Unexpectedly large gold exports were ig-
nOred. Gold engagements ran up at one
time to 1868. 900. They were later re-
duced to s, $4,000 to comply with inslsr-
ance requirements. In view OF the grow
ing ease of the London money market
and the rise in sterling exchange at
Paris the amount Of the shipment is a
surprise and can hardly be explained as
a triangular operation that IS from New
York 10 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 recalls renewed TO the
fact recently disclosed that New York
borrowed IL Paris quite extensively at
the time preparations were making by the
various banking syndicates for the series
Of great consultations which inRugurated
the boom IN the stock market. The pres
ent movement OF gold may very proba-
bly, be in liquidation Of obligations in
CURED at that time.
There was some irregularity IN the bond
market on a fair volume Of dealings.
Total sales. par value. $2.775.oo0. United
States bonds were all unchanged on thu
last call.
Closing prices OF stocks we're as fol- /