The Savannah morning news., 1901-05-22
STOCKS AND BONDS.
The Market Less Active with Sales
of 64S, 900 shares.

New York. May 21.-There was a still
further decline in activity in the stock
market to-day. the aggregate sales fall
ing to figure that has not been touched
before in many months. Even the di-
minished volume of business was largely
centered in a few stocks, notably Union
Pacific. That stock seemed to have a
and the evidence that was supported
indeed the market from the early weak
ness, In continuance of yesterdays down
ward movement and lifted prices to a
higher plane all around, except for a
stock here and there which did not move
in the late trading
The dealings were almost purely profess
sional and even that class of operators
showed less interest than yesterday.
There is not much difficulty experienced
by them in moving prices, declines being
easily effected on light offerings and adj
vances are easily achieved by a smart
the public in the market, however, offers
no medium to take profits and the pro-
fessionals find more and more that in
covering short or selling to realize on
purchases, prices are brought back to
about where they started from. The ma
ture of the business is indica ted by the
example of several stocks to-day
Union Pacific was sold yesterday on re-
ports of an additional issue of converti-
Bile bonds to finance the Northern Pacific
stock purchase. To-day the fact was
confirmed that the company had applied
to the Stock Exchange to list the addi-
OF lint De 81 40 al
one time to AZ over last night, Missouri
Pacific was weak yesterday on the state
ment that the expected dividend would
not be declared at once; to-day the d.
rectors met without acting on the divi-
dend, 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 cap
italists to effect changes in control of
various railroad systems, which was sup
posed to make up the bulk of the buying
in the boom market, when dealings ran
between 100000 and 100000 shares a
day, is also inconspicuous. although ru-
mors of such dealings continue 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 init
nations about the exchange that the buy
ing is for Vanderbilt account, with a view
TO elimination of competition.
The old story of a consolidation of
Southwestern roads was revived to-day in
connection with the rally In Missouri Pa
cific. The continuation of the injunction
against Amalgamated Copper merger pro-
jects accounted for the early weakness OF
that stock. American Linseed and Ma
tional Lead were coincidently strong,
rather strangely. since the absorption of
the Linseed Company by the Union Lead
and OIL Company is supposed to indicate
increased competition for the National
Lead Company.
The greater ease Of money to-day had
some influence in the recovery of prices.
Banks which were below their legal re-
serve by Saturdays statement apparent
ly completed their recuperation yesterday.
The payments Of an installment OF sub
scriptions on the Union Pacific bond is
sue and on the purchase of the Rio
Grande Western by the Denver and Rio
Grande, which were made yesterday. re-
suited in some return to the market
to-day. There were no gold engagements
to-day but a quantity liz expected TO go
out before the end of the week. The
stiffness Of the London money rate lifted
the sterling rate at Paris fraction, but
by the relaxation in the London money
rate finds immediate response in a de-
cline in the Paris sterling rate, which
means shipments Of gold from New York