The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-05-22

Ear silver, New OFk... 0J3 h1sz
Call money New York;. AS Al
NEW YORK, May A.-There was a Sill
further decline in activity in the stock
market today, 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
conferred in a few stocks, notably Union
racine. That stock seemed to have a
dominant influence on the whole market
and the evidence that ii was support ed
turned the market from the early weak
ness in continuance of yesterdays down.
ward movement, ana iltted 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 professional and even that class
of operators showed less interest than
yesterday. There is not much difficulty
experienced by tn I'm i'll moving prices
declines being easily effected on light
offerings, and advances are as easily
achieved by a smart bidding up process
The light share of the public in the mar
ket, however, offers no medium to take
profits and the professionals find more
ana more than in covering short sales or
in selling to realizing on purchases they
are brought back to about where they
started from. The nature of tho business
is Indicated by the example of several
stocks today. Union Pacific was sold IL
Gay on reports Of an additional issue or
convertible bonds to finance the North
ern Pacific stock purchase. 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 AZ over last night. Missouri
Pacific was weak yesterday on the state
ment that the expected dividend would
not be declared at once; today the d.
rectors met without acting on the divi-
bends, yet the stock rose points over
the low point. In other words the bears
were covering today. The buying by
railroads and capitalists 10 effect changes
in ~
which was supposed TO make up the
bulk of the buying in the boom market,
when dealings ran between 2000.000 and
100000 shares a day is also inconspicu-
Gus, although rumofSs sof such dealing Z
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 d Western stocks are accom-
panied by irtimationseabOut the exchanges
that the buying is foFatbe Vanderbilt ac-
count With q view TO elimination of COM
petition The old story of a consolida-
ton of the Southwestern roads was re-
vived today with tfieE rally in MissoxGi
Pacific. i aCi
The continuation of the injunction
against Amalgamated Copper's merger
projects accounted for The early weak
ness of that stock. = American I4inseed
Oil and National Lead were coincidently
strong, rather strangely since the alb
sorption of The Linseed company by the
er ease of money today had some infiu-
ernce in the recovery of prices. Banks
whiche We're beloWzstheir legal reserve by
Saturdays statement apparently COM
pleted their recuperation yesterday The
payment, of an installment of subscrip-
tions on the Union Pacific bond issue
and on the purchase of the Rio Grande
Western by the Denver & Rio Grande
which was made yesterday resulted In
some return TO the market today. There
was no gold engagements today but a
quantity is expected TO go out before T ~,
end of the week. The stiffness of tho
( London money rate lifted the Sterling
rate at Paris a fraction. but any relax
alton in the London money rate, finds
immediate response in decline in the
Paris sterling rate, which means ship
nents 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 duh and inclln-
cd TO wea kneSs early, but showed recoV-
cries later in sympathy with stocks. To-
tai sales par value, 81 100000 United
States rev As declined n per cent on the
last call.
STOCKS
Furnished by Charles H F. Smith &
Co., members of the New York Stock
Exchange. Pioneer Press building. who
have direct wires to Chicago and New
York. Closing prices are bid.
TIocinC