Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1901-05-22
STILL FURTHER DECLINE.
AGGnEGATE SALES ON THE STOCK
MARKET FALL TO FIGURES NOT
TOUCHED IN MONTHS.
UNION PACIFIC DOMINANT.
NEARLY ALL DEALING WAS PRO-
FEsSIONAL AND LACKING IN
INTEREST.

NEW YORK, May 21.-There was a
still further decline in activity in the
stock market to-day, the aggregate
sales falling to a figure that has not
been touched before in many months.
Even the diminished volume OF business
was largely centered In a few stocks,
notably Union Pacific. That stock SEEM
ed to have a dominant influence on the
whole market, and the evidence that it
was supported turned the market from
the early weakness in continuance OF
yesterdays downward movement and
lifted prices to q higher plane all around
except for a stock here and there which
did not move in the late trading. The
operators showed less interest than yes
terday. There is not much difficulty
experienced by them in moving prices,
declines being easily effected on light
offerings, and advances are as easily
achieved by a smart bidding up process.
The light share of the public in the
market, however, offers no medium to
take profits, and the professionals find
more and more that in covering short
sales or in selling to realize on pur-
chases prices are brought back to about
where they started from.
The nature of the business in indicat-
ed by the example of several stocks to-
cay. Union Pacific was sold yesterday
on reports of IN additional issue of con-
vertible bonds to finance the Northern
Pacific stock purchase. To-day the fact
was confirmed that the company had
applied to the stock exchange to list
the additional bonds, yet Union Pacific
was weak yesterday on the statement
that the expected dividend would not be
declared atonce; to-day the directors met
without acting or the dividend, yet the
stock rose 4 points over the early low
points. In ether words, the bears of
yesterday were covering their contracts
to-day. The buying by railroads and
NdpItdliSbb W CllCSI CHdlSOo III SOnIlol
OF various railroad systems, which was
supposed to make up the bulk of the
buying in the boom market, when deal
ings ran between 1000, 900 and 5000, 900
shares a day, is also inconspicuous, al
though rumors of such dealings con
t.nue to play some part, especially in
Union Pacific, which is credited by the
newest rumors with securing an interest
in the South. The strength of the To-
ledo, st. Louis & Western stocks is ac-
~companied by intimations about the ex-
change that the buying is for Wander
bilt account with a view to elimination
OF competition. The old story of a
consolidation of Southwestern roads
was revived to-day in connection with
the rally in Missouri Pacific. The con-
~tinuation Of the injunction against
A~malgamated copper merger projects
accounted for the early weakness o fthat
stock. American Linseed and National
Lead were coincidently strong, rather
strangely, since the absorption of the
Linseed company by the Union Lead
and Oil Company is supposed to indi-
cate increased competition for the Ma
tional Lead Company.
The greater ease of money to-day had
some influence in the recovery of prices.
Banks which were below their legal re-
serve by Saturdays statement, appar-
emily completed their recuperation yes
terday. The payments of an instalment
of subscriptions on the Union Pacific
bond issue, and on the purchase of the
Rio Grande Western by the Denver &
Rio Grande, which were made yesterday.
resulted in some return to the market
to-day. There were no gold engage
ments to-day, but a quantity is expect
cd to go out before the end of the week.
The stiffness of the London money rate
Lifted the sterling rate at Paris a frac-
ton, but any relaxation in the London
money rate finds immediate response in
d QCCllu6 III IuC i 1919 AaNSt
which means shipments of gold from
New York to Paris for London ac-
count. That is to say, Paris money
lent in London is called home to meet
the exigency Of the Russian loan IN
less the London rate is kept high
enough to make a loan there more at
tractive.
The bond market was dull and in
clined to weakness early, but showed
some ~recoveries later in sympathy with
stocks. Total sales par value $780,
Geo.
U. S. new As declined n per cent. on
the last call.
Quotations closed bid:
Atchison ......... Tsl North. Pacific ..1eo
do pref ......... eSas do pref ...-.... 80
Bait. & Ohio.....105 Ont. & Vest. S2.s
! Can. Pacific 81. .102izl Penna -. .....-14o7s
Can. South ...... SIS Reading ......... 4i7s
| Ches. & Ohio. 4s1al do LIST pref. 1915
xCb; ID O. n Th1Lt do Ord nref E24