The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1901-06-01
LONDON ADVANCED PRICES
new YORK MORE ACTIVE.
SOUTHERN PACIFIC UPWARD
MOVEMENT.
Bull Sentiment Was Exceedingly
Strong Throughout the
Railroad List.

SPECIAL.
New York May 31.-The London market
took advantage Of the New York holiday
to advance American prices substantially
and continued the rise to-day. The close
was nrm and at the best Of the day,
Thursdays Bank of England return was
an exceptionally strong one, and tho bank
naturally did not change its rate. The
settlement with the Northern Pacific shorts
had a favorable effect. and the tone gem
orally was more confident in all depart
ments. Consols recovered u per cent of
their recent decline at 9s7s. Paris exchange
was strong on expected shipments of gold
to London
In the local market more activity was
shown than at any time since the panic.
Bun sentiment was exceedingly strong
throughout the railroad list. and 1t was evil
dent that the large interests were working
TO stimulate a more active and wider mar
ket. Southern Pacific. after hanging fire in
the early trading. resumed its upward
movement of Wednesday, and was exceed
tngly well bought.
Union Pacific gained very considerable
ground on the day with a better public fol-
lowing when IT became evident that insiders
were giving active support to the stock. st.
raul and other granger stocks showed bet
ter strength than for a considerable time
past. Tit hard coalers were firm, although
rather neglected. but there was very good
buying In the hard coal stocks. particularly
Pennsylvania.
Wabash issues were strong and there
were corresponding advances In Missouri
tactic. Texas and Pacific and NJ. X. &
y. issues on the belief that the Gould
purchases In L~ackawanna had been sue
cessfully completed.
In the Industrial list, Steel stocks showed
most activity and more strength than in
any time since the manic They all
oought by brokers, often credited with
trading for the Morgan interest. The early
the street with the anticipated early az.
ton on the dividend, and, at any rate. IL
seems to indicate better feelings between
the two great conflicting Interests of Wall
1t is generally thought that the trouble
between the Hartman and Morgan inter-
ests Will be settled on a basis of representa-
uion OF each OF them on the boards of the
other roads and a pledge that Burlington
snail not build to compete with Union Pa
enc. The tobacco stocks are irregular.
are not in the market at present. The ac-
ton OF the copper stocks Is satisfactory
and gives color to the current reports of a
compromise in the Montana dispute.
X. X. T., among the fractions. cuts a bet
ter inquire than IT did. Insiders say that the
prospects Tor the summer earnings were
never better, while the operating expenses
are lower than they ever were. NaturaIlv-
in such a market. there is a good deal Of
professional manipulation. but at the same
time II Is clear that the public Is again trad
ing with confidence.
Commission-houses generally report an
improved outside demand, and il Is probable
mat no panic IN many years past has had
SO few evil effects as that Of the 9Th of
May. w." y"
The close was generally under the best
prices OF the day. but nearly all depart-
ments showed a gain. while the Increased
volume of trading and the larger commits
sfon-house business had an excellent erect.
All the hard coal stocks were firm, partjcu-
Iariy Delaware and Hudson. There was
fairly heavy proGt-taking in Erie, hut the
support was of a very good character.
Money continued easy all day.