The Montgomery advertiser., 1901-05-30
WALL STREET REVIEW
THE DEALINGS EVIDENTLY
 LARGELY PROFESSIONAL.
Noticeable That Profit-taking Was 7, Going on in Stocks Which Have Recently Advanced-Bond
 Market Irregular.

NEW YORK, May 29.-There was adai- 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- cently advanced under cover of the new points Of strength. Thus, while Atchison. Southern Railway stocks were moving upward today, the Tobacco stocks, Lack awanna.' ssh stocks. Erie and Afneri- can Car were held back. although much less active than during the time of their recent advance. The strength shown du- ring the day seemed to be largely due to special causes, but the favorable progress made in the London Stock Exchange set clement and the hope that it completion will clear the way for growth of confi- dence was a favoring 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 set- clement of the Northern Pacific dispute. This bond issue Is supposed to provide means to pay for the Northern Pacific stock bought as well as for the Southern Pacific, which is included in the collat- eral. A clause in the moT tgage leaves the power unimpaired to use the proceeds of tho mortgage for the Northern Pacific purchases. Union Pacific stock did not move decidedly. although 1t recovered well from a period of weakness without holding the entire recovery. April net earnings were supplemented by other ex- plantations, possibly to further specula- published previously. was continuing influence. The advance in Pennsylvania was made to appear in sympathy With a revival of the old rumors of a union in retaliation for the project of 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 very strong statement of net earnings and Southern Railway. Union Paci1c ana St. Louis and San Francisco also made good showings for April. There were ru- mors that announcement would De maae of large Pennsylvania holdings in south ern Railway and that the Chicago, h. dianapolis and Louisville has passed to the control of the Southern Railway. he
 ports were current that Un.on Paclnc'Was extending its holdings of Southern Pacinc so as to. secure absolute control The ex- tra dividend on Minneapolis and st: Louis accounts for the strength or that stock. Pacific Malls rise was Tn sym pathy with Southern Pacific. The rise Tn Denver and Rio Grande was unexpiaineo. The favorable features of the Govern ment's' weekly crop report ana the un- expectedly large gold exports were ig- nored Gold engagementS ran up at one time to A 800 600. They were later reduced to 8. $50 000 to comply with insurance re- quirementx. Tn view of the growing ease of the London money market and the rise in sterling exchange at Paris, the amount Of the shipment is surprise and can hardly be explained as triangular operation: that is, from New York to Paris on account of London. There was practically no effect produced by the ship ment either on the money market. which continued easy. or the exchange market
 which continued firm. The transaction calls renewed attention to the fact re- gently disclosed that New York borrowed Tn Paris quite extensively at the time preparations were making by the vari- ous banking syndicates for the series of great consultations which inaugurated the boom in the stock market. The pres ent movement of gold may very probably be in token of obligations incurred at that time. so
 There was some irregularity in the bond market on a fair volume of deal ings. Total sales, par value, 0,U5,OO0 United States bonds were all unchanged on the last call