The daily morning journal and courier., 1901-05-22

around, except for a stock here and
 there which did not move in the late
 trading.
 The dealings were almost purely pro-
 fessional, and even that class of opera
 tors showed less interest than yester-
 day. There is not much difficulty ex-
 perienced by them in moving prices,
 declines being easily effected on light
 offerings and advances as easily achiev-
 ed by smart bldding-up process. But
 the light share of the public in the
 market offers no medium to take prof.
 it's, and the professionals find more and more that in covering short sales or in
 selling to realize on purchases prices
 are brought back to about where they started from.
 The nature of the business is indieat-
 ed by the example of several stocks to-
 day. Union Pacific was sold yesterday
 on reports of an identical issue of con-
 vertible bonds to finance the Northern
 Pacific purchase. To-day the fact was
 confirmed that the company had ap-
 piled to the stock exchange to list the | additional bonds. Yet Union Pacific i rose at one time AZ points over last night. Missouri Pacific was weak yes {, terday on the statement that the eX- | pected dividend would not be declared i at once. day the directors met with out acting on the dividend, yet the stock rose points over the early low point. In other words, the bears of yesterday were covering their contracts to-day The buying by railroads and capitalists to effect changes in control of various railroad systems, which was supposed to make up the bulk of the buying in the boom market, when daal- ings ran between 100000 and 3,000,000 shares a day, is also inconspicuous, ai- though rumors of such dealings con- tinue to play some part, especially in Union Pacific, which is credited by the newest rumors with securing an inter- I est in St. Paul. The strength of the Toledo, St. Louis and Western stocks is accompanied by intimations that the | buying was for Vanderbilt account with ] view to the elimination of competi- i ton.
 The old story of a consoida tion of | Southwestern roads was revived to-day | in connection with the rally in Mis- souri Pacific. The continuation of the | injunction against Amalgamated Cop per's merger projects accounted for the early weakness of that stock. Ameri can 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 indicate in- creased competition for the National Lead company.
 V1,Ioo ntrrp pf fy%7ny fc.I Inx hoI I ! some influence in the recovery in prices. Banks which were below their legal re- serve by Saturdays statement appar- ently completed their recuperation yes terday. The payments of an install ment of subscriptions on the Union Pa cific bond issue and on the purchase of the Rio Grande Western by the Denver and Rio Grande, which were made yes- terday, resulted in sofne return to the market to-day. There were no gold en- agreements to-day, but further amounts are expected to go out before the end of the week. The stiffness of the Lon- don money rate lifted the sterling rate at Paris fraction, but any relaxation in the London money rate finds imme- date response in a decline in the Paris sterling rate, which means such impor- tatons 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 q loan there more attractive.
 The bond market was dull and inclin- ed to weakness early but showed some later in sympathy with the stocks. The total sales par value were { s2. .79O OO0.
 United States new fours declined 4 per cent. on the last call.
 Closing Prices,
 Following arc the closing prices reported y Prince & Whtely. Bankers and Brokers, 2 Broadway. New York, and 15 Center st., . New Haven, Bid. Asked.