The age-herald., 1901-05-22
SL LIMP OF SALES 1'IK MARKET KS Dictated the Feel in All Others ALL PROFESSIONAL ater Ease of Money Was the hief Influence in the Re- covery o. Prices
 In Stocks.
ew York. May 21.-There was a still

ew York, May 2-There was still
 ther decline in activity in the stock
 arket today, the aggregate sales falling figure that has not been touched be- ore in many months Even the diminish ed volume of business was largely center ed in few stocks, notably Union Pa cific That stock seemed to have domi- nant influence on the whole market and the evidence that 1t was supported turned the market from the early weakness in continuance of yesterdays downward movement and lifted prices to a higher plane, except for a stock here and there, which did not move in the late trading. The dealings were almost purely profess ional and even that class of operators showed less interest than yesterday. There is not much difficulty expressed by him in moving prices, declines being easi- ly affected on light offerings and ad- vances are as easily achieved by smart bidding up process. The light share of 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 ize 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 sold yesterday on reports of an additional issue of convertible bonds to finance the Northern Pacific stock pur- chase. Today the fact was confirmed that the company had applied to the stock exchange to list the additional bonds, yet Union Pacific rose at one time 4h over last night. Missouri Pacific was weak yet on the statement on the expect ed dividend would not be declared at once; today the directors met without acting on the dividend, yet the stock rose points over the early low point. In other words, the bears of yesterday were cov- ering their contracts today. The buying by railroads and capitalists to effect changes in control of various railroad sys- tens. which was supposed to make up the bulk of. the buying in the boom market when dealings ran between 100000 and 8,00O000 shares a day is also conspicuous, although rumors of such dealings con tinue to play some part, especially in Union Pacific which Is credited by the newest rumors with securing an interest in St. Paul.
 The strength of the Toledo St. Louis and Western stocks is accompanied by in- timations about the exchange that the buying is for Vanderbilt account, with a view to elimination of competition. The old story of a consolidation of southwest ern roads was revived today in connection with the rally in Missouri Pacific. Amef- ican Linseed and National Lead were considerably stronger. rather strangely, since the absorption of the. Linseed Com pany by the Union Lead and oil company supposed to indicate increased competi- tion for the National Lead Company. The greater ease of money today had some in- fiuence in the recovery in prices. Banks which were below their legal reserve by Saturdays statement apparently complet- ed their recuperaton yesterday. The pay ments of an installment of subscriptions on the Union Pacific bond issue and on the purchase of the Rio Grande Western by the Denver and Rio Grande, which were made yesterday, resulted in a return to the market today. There were no gold engagements today but a quantity is ex- pected to go out before the end of the week. The stiffness of the London market lifted the sterling rate at Paris fraction but any relations in the London money rate finds immediate response in de- cline in Paris sterling rate, which means shipments of gold from New York to Paris for London account. That is to say, Paris money lent in London Is called home to meet the exigency of the Rus sian 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, $2,790,000. United tates new As declined 4 on the last call
 New York Stock Market.
 Rv privata Wire to Mlrphv. Sk Co.