The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-21

NEW York, May 20AFFhe late upward
movement Of stocks last week failed to
continue today. although there was some
resistance at times in the way CT strength
for individual stocks. There was a pro-
gressive decline in the influence of those
special movements. and the day closed
with the market quite active and de-
cidedly at about the lowest of the day
all round. There were one OF Wo I'M
favorable new features during the DAY
but there were also some developments
which had a favorable Interpretation.
The market was not very manifeStly in
HuenCed by the news of the day but
seemed rather to move as the result of
technical causes. Taking of profits on
last week S late rise was the primo pal of
these causes. The market gave growing
evidence Of its abandonment to the class
of professional operators, some Of them
of large means and broad methods, but
with the public evidently not a factor in
the market and diSinclined to respond TO
the temptation of price movements. The
maxim of the professional operator TO
sell stocks in a show of strength and TO
buy them in a decline comes in to in
terrupt the movement of prices before it
has extended far in either direction and
to bring the market constantly nearer
to a state of equilibrium The mar
ket opened irregular and then yielded
all around to. the realizing, but recovered
quite strongly in response to a move
strength also among the Southwesterns
apparently on the score of published re-
ports of a projected new steamship line
from Mexican port to the orient. The
obvious fact that the struggle for control
Of the transportation of future trade pro-
C1-ctS 20 the Orient lies at the root of most
of the movements working out in the
tranScontinental railroad territory gives
any suggestion in thisyl.ne an influence
The movement in ire coalers was ap-
Darentiy speculative. The strength in St
Paul was not explained by any news,
but the buying was called good The
stock yielded. however IN the late weak
ness and closed at a net loss. The weak
ness of Union Pacific was an effective
factor in upset. ng the market Allega-
tons of a further issue Of convertible
bonds to finance the purchases OF North
ern Pacific stock were the prime factor
in the stocks weakness 1t closed at
par. seven points below Saturdays close
and at the lowest of the day Other
notable weak stocks were Atchison
which lost 412c, ConSnlida ted Gas as
much: Sugar 81: Maphattan ga: Rock
Island & METROPOLITAN Street Railway
8: Louisville, 2%i; Amaigamated Copper
l to 2 A number of the minor industrials
showed notable strength although their
best prices were reduced by the late
weakness Among them were the In
ternatIonal PAPER stocks. American Lin
seed stocks United States Rubber stock
National Lead stocks and the Rubber
Goods stocks In American LfnSeed stock s.
and Rubber preferred the gains had
reached about 5 points. There was
large buying of Burlington for cash,
which was apparently connec ed with the
fact OF the proposition for the burlington
deal being cond tioned upon the depos' t
OF at least two-thirds of the capitaI stock
on or before Nav 20. The beginning Of
ne machfrfsts strike and fears of a. sprea /
or the labor troubles was the depressing
influence. and the advance in sterling ex-
cnanGe rates with decline OF sterling at
Parls. indicating further shipments of
COLO from here. asaweIt as the heavy re-
celits or the treasury. which are unsur-
passeft for May. discoura ped the borrow
Ing ing Of If money for speculative purpose
The bond market finally was full and fr-
regular with some Yielding in the late
trading In sympathv with stocks. Total
safes par value SO $4,000 United States
bonds were all unchanged on the Iasf
call ga ZIG 's9'
~ STOCKS. ,..a.t
Furnished by Charles H. f. Smith 3
Co., members of the New York STOCK
b a1a disec+ Pioneer Press building who
YORK. e Closing prices are bid. -