The Montgomery advertiser., 1901-05-22
WALL STREET REVIEW
STILL FURTHER DECLINE o1 ACTIVITY IN MARKET.
Matters Were Left Exclusively to the Professionals and Even They Did Not Display Any
 Great Interest.

NEW YORK, May 21.-There was a still turner decline in activity in the stock ,ls naahet Looay. the aggregate sales falling so nsure that has not been touched be- iore in many months. Even the dimin- isned volume of business was largely cen- tered m few stocks, notably Union Pa- cinc. That stock seemed to have a domi- nant innuence on fhe whole market and the evidence that it was supported turned the market from the early weakness, in continuance of yesterdays downward move movement and lifted prices to higher plane, except for a stock here and there. which did not move in the late trading
 The dealings were almost purely pro- ressional. and even that class of operators There is not much difficulty experienced Dy them in moving prices declines being easily effected on light offerings and ad- yances are as easily achieved by smart the public in the market, however. offers no medium to take profits and the pro- fessionals find more and more that in covering short sales or in selling to real fze on purchases prices are brought back to about where they started from. The nature of the business is indicated by the example of several stocks today. Union Pacific Tas sod on rsp9sfs bonds to finance the Northern Pacific stock purchase. Today the fact was con- firmed that the company had applied to the Stock Exchange to list the additional
 
 AZ over last night. Missouri Pacific was weak on the statement that the ex- pected dividend would not be declared at onces today the directors met without acting on the dividend, yet the stock rose points over the early low point. Tn other words, the bears of yesterday were covering their contracts today. The buy ing by railroads and capitalists to ef- feet changes in control of various rail- road systems, which was supposed to make up the bulk of the buying in the boom market when dealings ran between 2O00 900 and 5000 900 shares day is also conspicuous, although rumors of such dealings continue to play some part, es- peciafly in Union Pacific, which Is cred ited by the newest rumors with securing an interest in St. Paul. The etrengtn oI Toledo, St. Louis and Western stocks IS accompanied by intimations about the ex- change that the buying Is for Vanderpilt account with view to elimination or competition. The old story of consol- idation of Southwestern roads was re- viyed today in connection with the rany in Missouri Pacific. The continuation oi the injunction against Amaigamateo Copper's merger projects accounted TOT early weakness of that stock. American Linseed and National Lead were coinci- dentally strong, rather strangely, since the absorption of the Linseed Company by the Union Lead and oil Company is supposed to indicate increased competi- ton for the National Lead Company. The greater ease of money today had some lnIuenC6 III tno TSCOtcfy Banks which were below their legal re- serve by Saturdays abatement apparently completed their recuperation yesterday. The payments Of an installment of st1b- scriptions on the Union Pacific bond is- sue and on the purchase of the Rio Grande Western by the Denver and Rio Grande. which were made yesterday. re- suited in. a return to the market today. There were no gold engagements today, but a quantity Is expected to go out be-
 fore the end of the week. The stiffness of the London market lifted the sterling rate at Paris fraction, but any relaxa- tion in the London money rate finds inn mediate response in a decline in Paris sterling rate, which means shipments of gold from New York to Paris for Lon don account. That Is to say, Paris money lent in London Is called home to meet the exigency of the Russian loan unless the London rate is kept high enough to make a loan there more attractive.
 The bond market was dull and inclined to weakness .early, but showed some re- coveries later in sympathy with stocks. Total sales (par value, 2. 790,O0O United States new As declined k on the last call.